DUBLIN: The Central Statistics Office reveals that residential property prices in Ireland have increased by 95.4% in eight years. The jump was recorded from the lowest point in 2013. The report shows that house prices have risen, regardless of whether they are old or new.
According to the CSO, the price of houses and apartments increased by 6.9% in the year to June, up from 5.4% in May. Statistics show that other counties have seen higher prices than Dublin. It rose 6.4% in Dublin and 7.4% outside.
House prices in Dublin increased by 7.4%, while apartment costs rose by 2.1%. Outside of Dublin, home prices increased by 6.8% and apartment prices rose by 15.2%.The only best part is that, when viewed nationally, the price is still 12.3% cheaper than the 2007 high!
New – existing dwellings
The CSO also published a report on price trends between new and existing dwellings. In the second quarter of 2021, the price of new homes increased by 2.2% compared to the same period in 2020. And in the first quarter of this year, an increase of 2.5% was recorded.
There has been a significant increase in the price of existing dwellings compared to the same period last year. It increased by 6.7%, a huge rise from the 3.2% reported in the first quarter.
3,473 transactions in June
Residential property sales also rose in June. Revenue recorded 3,473 transactions worth a total of €1.1 billion. This was a 53.1% more than in June last year. There were 8.3% more transactions in June than in May. It is estimated that 85% of the transactions in May were existing dwellings. First-time buyers accounted for 32.2% of sales in the year to June. Former owner-occupiers made up 53.6% of the total, while investors and public bodies made up 14.2%.
Property prices inside and outside Dublin
The national median price was €265,000. In Dublin, it was €395,000. The median price in Dublin ranged from €555,000 in Dún Laoghaire-Rathdown, to €360,000 in Fingal. Outside of Dublin, the median price ranged from €365,000 in Wicklow to €120,000 in Leitrim and Longford.
Five most expensive locations are in Dublin
When measured by Eircode, five of the most expensive areas in Ireland were in Dublin. A94 Blackrock remains the most expensive, with a median property price of €635,095. D10 Dublin 10 recorded a rate that was lower than the national average of €240,000.
A63 Greystones was the most expensive Eircode outside of Dublin, with a median price of €495,000. F45 Castlerea in Co. Roscommon was the least expensive, with a median price of €87,000.
According to Rachel McGovern, Director of Financial Services at Brokers Ireland, the market need a far greater supply of new properties and at affordable prices.
Brokers Ireland has recommended the Central Bank to amend macroprudential mortgage rules to make them fairer, to support home ownership, and to bring them more in line with European norms.
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