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Irish property prices up 7.2 pct in year to August

Xinhua, October 22, 2016 Adjust font size:

Ireland's residential property prices nationwide increased by 7.2 percent in the year to August, the fastest increase in more than a year, according to the latest figures released from the Central Statistics Office (CSO) on Friday.

This compares with an increase of 6.7 percent in the year to July and an increase of 5.5 percent in the 12 months to August 2015, the CSO said.

It said that on a monthly basis, property prices nationwide rose by 1.6 percent in August.

In Dublin, all residential property prices increased by 4.5 percent in the year to August. Dublin house prices increased by 4.8 percent in August while apartments rose by 6.4 percent.

The index for all residential property prices in the rest of Ireland increased by 11.4 percent in the year to August. House prices in the rest of Ireland rose by 11.5 percent over the period while apartment prices increased by 9.9 percent.

Overall, the national index is 33.7 percent lower than its highest level in 2007, according to the CSO figures.

Dublin residential property prices are 34.2 percent lower than their February 2007 peak, while residential property prices in the rest of Ireland are 38.1 percent lower than their May 2007 peak.

From the trough in early 2013, prices nationally have increased by 45.6 percent, the CSO said. Endit