Property prices rise at strongest rate in six years

December 15, 2021 MyHome.ie by MyHome.ie
Property prices rise at strongest rate in six years

Residential property prices increased by 13.5% nationally in the year to October, according to the latest figures from the Central Statistics Office (CSO).

This compares to an increase of 12.5% in the year to September and a decrease of 0.5% in the 12 months to October 2020.

This is the strongest rise recorded in six years.

In Dublin, residential property prices saw an increase of 12.3% in the year to October, while property prices outside Dublin were 14.6% higher.

In Dublin, house prices increased by 13.3% and apartment prices increased by 8.1%. The highest house price growth in Dublin was in Dublin City at 15.5%, while Fingal saw a rise of 9.6%.

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Outside Dublin, house prices were up by 14.7% and apartment prices up by 13.4%. The region outside of Dublin that saw the largest rise in house prices was the Border at 24.1% - at the other end of the scale, the Mid-East saw an 11.5% rise.

Overall, the national index is 6% lower than its highest level in 2007. Dublin residential property prices are 12.8% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 8% lower than their May 2007 peak.

Property prices nationally have increased by 109.5% from their trough in early 2013. Dublin residential property prices have risen 116% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 111.7% higher than at the trough, which was in May 2013.

Existing dwellings accounted for 3,687 (85.1%) of the dwelling purchases filed with the Revenue Commissioners in October 2021, the balance of 648 (14.9%) were new dwellings.

Households paid a median price of €275,000 for a residential property in the 12 months to October 2021. The lowest median price paid for a dwelling was €129,000 in Longford, while the highest was €580,00 in Dún Laoghaire-Rathdown.

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