herald

Friday 18 August 2017

Apartment prices up by 35pc on last year

House prices in the city rose by around 2pc last month and were 22pc higher compared to a year earlier.
House prices in the city rose by around 2pc last month and were 22pc higher compared to a year earlier.

Apartments in Dublin city have soared in price over the past year.

Prices were 35pc higher in September when compared with the same month of 2013, according to the Central Statistics Office (CSO).

Its figures show that residential property prices grew by 2.5pc in September in the city, and were 23pc higher than a year ago.

House prices in the city rose by around 2pc last month and were 22pc higher compared to a year earlier.

The CSO figures revealed that residential property prices were up 15pc across the country in the year to September.

They rose by 1.8pc in the month of September, compared with an increase of 2.3pc recorded in August.

Outside of Dublin, prices rose by just over 1pc.

However, house prices in Dublin are nearly 38pc lower than at their highest level in early 2007.

Meanwhile, apartments in Dublin are 44pc lower than they were in boom times in February 2007.

And the price of residential properties outside of Dublin is 44pc lower than their highest level seven years ago.

Slow

However, a slow-down in the rate of house price growth in Dublin may represent the beginning of a new phase of what could be more moderate growth, according to property experts Savills. Price growth is slowing in Dublin, but accelerating outside of the capital.

With Dublin prices rising and incomes remaining more-or-less flat, "affordability constraints are causing demand to be displaced more and more into the commuter counties of Wicklow, Kildare and Meath", said Dr John McCartney, director of research at Savills Ireland. There is also strong demand in Cork and Galway.

fdillon@herald.ie

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