Property news discovers that Ireland residential property prices are soaring across the country.
Latest statistics show that the prices went up by 11.9% in the year to May 2017, which was led by house price growth outside of Dublin. In accordance with the Central Statistical Office (CSO), this compares with a rise of 10% in the year to April and an increase of 5.4% in the 12 months to May 2016.
All across Ireland, the prices have been going up, which highlights that the Irish property market is in demand at the moment and has been throughout this year.
In Dublin, prices went up by 11.2% year on year with house prices up 11.5%, apartment prices up by 8%, so it hasn’t mattered about the ‘type’ of property, all ‘types’ of residential property are going up in value. The highest house price growth was in South Dublin, by 12.4%, and the lowest in Fingal, at a 6.8% rise.
Throughout the rest of Ireland residential property prices that have been picked up on, all other locations went up by approximately 12.8% year on year, with house values up by 12.2% and apartment prices by 20.6%.
In all, the national index is 29.5% lower than during the highest level in 2007 Since the ditch in early 2013, prices across the country have gone up by 54.8% and at the same time, Dublin prices went up by 72.5% and throughout the rest of Ireland, the prices are 50.2% higher.
In the 12 months to May this year, the average market price paid was €249,358 while in Dublin it was €401,600. There are parts of Dublin where the average price paid was more, for example in Dún Laoghaire-Rathdown at €564,036 and South Dublin came in as the least expensive, with an average price of €318,833. It is interesting to see that in the same place, in the capital, Ireland residential property prices can vary so dramatically.
Carrying out extensive property research is essential to making the right property choices and deciding on which location is best for you.
Written by Gemma Smith