herald

Friday 25 July 2014

As house prices rise, so do hopes of a new dawn

HOUSE prices in Dublin and nationally are showing signs of a slight recovery.

Data from the Central Statistics Office (CSO) put the increase at 1.1pc but also noted the market was down almost 10pc in the previous 12 months.

In the capital, residential prices, which includes both houses and apartments, grew by 2.4pc in November but were still 3.5pc lower than a year ago.

House prices in the city, meanwhile, increased by 2.7pc in the month, but were 3pc lower compared to a year earlier. However, Dublin apartment prices were 13pc lower when compared with the same month in 2011, the CSO Residential Property Price Index showed.







Highest

While the Dublin price increase was being seen as positive, house prices in the city are still 54pc lower than at their highest level in early 2007, at the height of the housing boom.

Apartments in Dublin have not kept their value either and are 64pc lower than they were in February 2007.

Residential property prices overall in Dublin are 55pc lower than at their highest level in the same month five years ago.

At a national level, residential properties have fallen by 5.7pc in the year to November, the CSO figures show. This compared to an annual rate of decline of 8.1pc in October and a drop of 15.6pc recorded in the 12 months to November 2011.

However, residential property prices nationally grew by 1.1pc in the month of November.

This compared with a decline of 0.6pc recorded in October and a decline of 1.5pc in November of last year. Rises and falls in specific areas outside Dublin are not easy to calculate accurately due to the lack of sales.

There was a total of 2,752 property transactions recorded in November, although not all of these represent full market value. The "year-to-date" figures are likely to identify early signs of recovery across the market.

"The good news has to start at some stage and it does take its time to work its way through these (other) indicators," a CSO spokesman said.

hnews@herald.ie

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