Prices are rising faster outside of Dublin. Alamy Stock Photo
residential property

Property prices jump 14% with regional areas still rising faster than Dublin

It’s the 13th consecutive month of rising property prices.

RESIDENTIAL PROPERTY PRICES rose by 14% nationally in the 12 months to November 2021, the 13th consecutive month of growth in the market.

The Residential Property Price Index for November 2021, which was published today, shows that home prices outside Dublin were 15% higher in the year to November, while prices in the capital rose by 12.8%.

The new data released by the Central Statistics Office (CSO) shows that Dublin house prices increased by 13.5% while apartment prices rose 9.7%.

Outside Dublin, house prices rose 14.8% and apartment prices increased by 17.5%.

The region outside of Dublin that saw the largest rise in prices was the Border, where a 23% jump was recorded. At the lower end of the scale, the Mid-East and the Mid-West saw a 12.6% rise.

The statistics show that the median price of a home purchased in the 12 months to November 2021 was €276,000.

The lowest median price for a house was €129,000 in Longford, while the highest median price was €590,00 in Dún Laoghaire-Rathdown.

The month saw 4,566 dwelling purchases filed with Revenue, an increase of 7.8% compared to November 2020. Existing dwellings accounted for 83% of the purchases filed, the rest were new homes.

Property prices nationally have increased by 112% from their trough in early 2013.

Dublin prices have risen 118% from their low in February 2012. Prices in the rest of the country are 114% higher than their low-point, which came in May 2013.

The national index remains 5.1% lower than its highest level in 2007. Dublin prices are 12% lower while the rest of Ireland is 6.9% lower.

The Institute of Professional Auctioneers & Valuers (IPAV), said one-off houses combined with work from home changes are driving the increasing prices.

“Many areas of the country that would not previously have been seen as ideal locations for urban workforces, have now taken on that status, arising from blended work opportunities,” IPAV’s Pat Davitt said.

“I would anticipate that at year end price increases for the year will have tapered to a little over 10% or thereabouts,” Davitt added.

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