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Property prices continue to rise in September

However CSO data shows house prices in the capital are 55 per cent lower than at the peak of the boom in 2007.

RESIDENTIAL PROPERTY PRICES rose for the third month in a row in September with an increase of 0.9 per cent compared to a decline of 1.5 per cent in the same month last year.

Figures from the Central Statistics Office (CSO) today revealed that property prices at a national level fell by 9.6 per cent in the year to September which compares to a decline of 14.3 percent in September 2011.

In Dublin there was an increase of 2.4 per cent with house prices in the capital 2.6 per cent higher than the previous month. House prices in Dublinl are 55 per cent lower than at their highest level at the peak of the boom in early 2007.

Dublin apartments prices were 8.8 per cent lower when compared with the same month last year.

The fall in the prices of residential properties in the rest of Ireland is somewhat lower at 46 per cent.

Commenting on the figures today, Senior Dealer at Danske Markets Owen Callan said the data gave “the best monthly figures since the onset of the crisis”.

“While the data doesn’t quite point to a complete ‘bottoming out’ of property prices, it clearly reinforces the suggestion that the market is stabilising bit by bit.”

Callan said international investors will be looking for increased stabilisation in the months ahead, although domestic investors may remain wary given the likely arrival of a property tax in 2013.

“However, if the current trend of flat or slightly positive monthly prices remains, we expect that year-on-year figures in early 2013 should be neutral or mildly positive,” he said.

Read: Ex-pat executives returning to invest in property market>
63 per cent of first time buyers will buy in the next 12 months>

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