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Property prices up by 8.5% on last year, but still down on peak prices

Prices in Dublin lead the way, being up 17.7% on last year.

THE COST OF property in Ireland rose by 1.4 per cent in April, after a slowdown in March.

In the year to April, new figures from the CSO show residential property prices nationally increased by 8.5 per cent, up from the 7.8 per cent year-on-year increase in March.

March had seen a month-on-month drop of 0.7 per cent, after a 0.1 per cent rise in February.

However, prices in the capital are massively outperforming the rest of the country.

In Dublin, residential property prices grew by 3.1 per cent in April and were 17.7 per cent higher than a year ago.

Dublin apartment prices were 17.5 per cent higher when compared with the same month of 2013. However, the CSO says that figures for apartments are based on “low volumes of observed transactions and consequently suffer from greater volatility than other series”.

The price of residential properties in the Rest of Ireland fell by 0.3 per cent in April compared with a increase of 1.2 per cent in April of last year. Prices were 1.3% higher than in April 2013.

Despite the recovery, residential property prices in Dublin are 48.5% lower than their highest level in early 2007.

House prices in Dublin are 46.7 per cent lower than their peak in April 2007, with apartment prices 54.2 per cent lower than their peak in February 2007.

In the Rest of Ireland, residential property prices are 47.4 per cent lower than their highest level in September 2007.

Overall, the national index is 46.3 per cent lower than its highest level in 2007.

Read: NAMA promises “the sight of cranes returning to Dublin’s Docklands”

Read: Warning over ‘microwave’ housing market

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