Dublin House Prices Rose By 15.7% In 2013

According to the Central Statistics Office (CSO), house prices in Ireland have risen by a massive 6.4% on a national level, in 2013, compared to a 4.5% decrease recorded in the twelve months leading up to December 2012.

Residential property prices grew by 0.3% in the month of December 2013 alone, compared to a decrease of 0.5% in the same month of the previous year. Dublin, in particular, enjoyed a growth of 0.3% in December, with prices 15.7% higher than a year ago.

House prices, in Dublin, grew by 0.1% in the month of December, and were 15.3% higher than the previous year, while apartment prices were 20.8% higher than they were a year previous.

Though this is a hugely positive development, it must be noted that the sub-indices, on which apartment prices are based, are on low volumes of observed transactions. Therefore, they suffer from greater volatility as a result.

In spite of this significant rise, overall house prices in Dublin are 47.4% lower than they were at their highest level, mid-boom in 2007. Apartments are 54.5% lower than in February of that year, while residential prices in general are 49.1% lower.

Overall, the national index is 46.4% lower than it was at its highest level in 2007.

To date, overall property transactions on the register in 2013 amounted to a staggering €5.8bn, as opposed to €4.9bn in 2012, with cash buyers accounting for more than half of this total.