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THE LATEST FIGURES on property prices from the Central Statistics Office show a rise in the national level of 6.4 per cent in the year to December 2013, though this is mostly driven by increased prices in the capital.

This national figure compares to a drop of 4.5 per cent in 2012. Over the month of December, residential prices increased by 0.3 per cent nationally with Dublin house prices 15.3 per cent higher than a year ago and apartment prices in the capital more than 20 per cent higher.

As the chart above shows, when Dublin is excluded, there is an overall decline in prices. Nationally, excluding Dublin, prices are 0.4 per cent lower than they were last year.

Estate agents Savills said that the rapid price growth in Dublin’s market is likely to continue until more supply comes on stream and these figures “signal the need for redevelopment”.

Read: House prices in the euro area are still on the rise>

Read: Rise in Dublin house prices masks fall in every other part of the country>

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