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Dublin: 16°C Thursday 23 September 2021

The price of property across the country continues to go one way

The price of houses in the South East has gone up almost 10% in the last three months, alone.

THE LATEST FIGURES on the price of property in Ireland show that the average cost of houses and apartments across the country has risen 7.1% compared to the same period last year.

The Central Statistics Office’s Property Price Index for October 2016 shows an increase of property prices in Dublin up 5.5% on the same period last year, with prices for the rest of the country 10.2% higher than 2015.

chart Chart showing property price index from January 2005 to October 2016 Source: CSO

Across the board, prices have risen with the lowest annual increase of 3.4% found in Fingal in Dublin.

While the average price of houses in Dublin has risen 6.1%, the price of apartments has gone up 4.9%.

While prices are up all over Dublin, it is outside the capital where the biggest increases have been recorded.

File Photo: 13/12/2016. Minister for Housing, Planning and Local Government Simon Coveney TD has announced the government new rental strategy under Rebuilding Ireland in Government Buildings. The reaction from social organisations and political parties ha Source: Eamonn Farrell/Rollingnews.ie

The average cost of a house in the midlands is 16.6% higher than last year. In the west and south-west, the average price of a house is well over 10% higher than it was in October 2015.

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In the last three months, alone, the average cost of a house in the south-east has gone up almost 10%.

While property prices plateaued in 2007 and went downhill from there, a consistent rise in prices have occurred since January 2013.

The index figure of 88.6 from October 2016 is still 32.4% down on its 2007 peak.

Read: Simon Coveney rules out reducing rent cap limit from 4% to 2%

Read: The Central Bank’s mortgage rules were keeping a lid on Dublin’s house prices….not any more

About the author:

Sean Murray

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