Property prices up 12.5% in Ireland in 12 months to January 2018

Residential property prices in Ireland increased by 12.5% in the year to January 2018, much higher than the 8.8% recorded in the same month in 2017, the latest official figures show. In Dublin prices increased by 12.1% overall with house prices up 11.4% and apartment prices up 15%, according to the data published by the Central Statistics Office. The highest house price growth in Dublin was in Fingal at 14.2% while the lowest growth was 9% year on year in Dun Laoghaire-Rathdown. In the rest of Ireland prices were up 13% with house prices rising by 13.5% and apartments up by 9.9%. The West region recorded the biggest growth at 17.2% while the lowest was in the South-East region at 9.9%. Overall, the national index is 22.3% lower than its highest level in 2007 with prices in Dublin some 23.6% lower than their February 2007 peak, while prices in the rest of Ireland are 28% lower than their May 2007 peak. It means that from the trough in early 2013, prices nationally have increased by 73.4% with values in Dublin up 89.2% from their February 2012 low and prices in the rest of Ireland are 65.7% higher than the trough in May 2013. The data also shows that in the 12 months to January, the median price paid was €229,000. The highest median was €350,000 in Dublin. Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown had the highest median price at €525,000 and Fingal the lowest median price at €314,981. Outside Dublin, the highest median prices were in Wicklow at €305,000 and Kildare at €275,000 while the lowest median prices were in Longford at €86,250 and Leitrim at €90,000. A lack of supply is pushing up prices, according to Austin Hughes, chief economist at KBC Bank. ‘Momentum in Irish property prices is extremely strong and, even if there were no further increases in the remaining months of the year, the average property price in 2018 would be 6.7% above that in 2017,’ he pointed out.