Irish house prices up almost 8% in year to January

The average cost of a home in the Republic climbed by just under 8 per cent in the 12 months to the end of January according to new figures from the Central Statistics Office (CSO).

The year-on-year rate of increase was the same as that recorded in December and more than 2 percentage points higher than the rise of 5.6 per cent which the CSO reported in the 12 months to the end of January 2016. In January, prices rose by 0.6 per cent.

In Dublin, residential property prices climbed by 5.3 per cent in the year to the end of January 2017.

A breakdown of the numbers shows Dublin house prices increased by 4.9 per cent while apartments rose by 9.1 per cent over the same period.

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The highest house price growth was in South Dublin where they went up by 6.8 per cent. In contrast, the lowest growth was in Fingal, North Dublin, where house prices climbed by 2.9 per cent.

Outside Dublin

Buying a home outside Dublin became 11.3 per cent more expensive in the year to January. The greatest growth was in the West, where prices climbed by 18.8 per cent year on year. The Mid-East region had the lowest price growth, with a rise of 8.9 per cent.

Since early 2013, when property values were at their post-crash lowest, house prices have increased by 49.6 per cent. Dublin home prices have increased by 65.2 per cent, with those outside the capital climbing by 45.9 per cent.

Despite the recent dramatic price increase, the national index is still 31.8 per cent lower than at its peak in 2007.

Dublin property prices are 32.4 per cent lower than their February 2007 peak, while prices elsewhere across the Republic are 36.6 per cent lower than the peak in May 2007.