December House Prices Increase

The Central Statistics Office have released their monthly House Prices Index. The Index shows continued growth in the Irish property sector, but they are 34 to 40% lower than their highest levels in 2007. The national monthly change in December 2015 was 0.5%, but they were up 6.6% from December 2014.

In the year to December, residential property prices at a national level, increased by 6.6%. This compares with an increase of 6.5% in November and an increase of 16.3% recorded in the twelve months to December 2014.

Residential property prices increased by 0.5% in the month of December. This compares with a decrease of 0.5% recorded in November and an increase of 0.4% recorded in December of last year. See Table 1.

In Dublin residential property prices decreased by 0.5% in December and were 2.6% higher than a year ago. Dublin house prices decreased by 0.5% in the month and were 2.1% higher compared to a year earlier. Dublin apartment prices were 7.8% higher when compared with the same month of 2014.

House prices in Dublin are 34.2% lower than at their highest level in early 2007. Apartments in Dublin are 40.6% lower than they were in February 2007. Residential property prices in Dublin are 36.1% lower than at their highest level in February 2007. The price of residential properties in the Rest of Ireland is 35.4% lower than their highest level in September 2007. Overall, the national index is 33.5% lower than its highest level in 2007.