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Residential property prices are up almost 7% compared to a year ago

Property prices in Dublin 4.8% higher but still 32.8% lower than in early 2007

THERE HAS BEEN a 6.9% rise in the price of residential properties in the year to the end of May, according to new figures published by the CSO.

The data shows that the rate of increase is slowing down – prices were up 0.2% last month compared to a 0.3% rise in April and an increase of 0.5% recorded in May of last year.

In Dublin, property prices were 4.8% higher than a year ago and increased by 0.1% in May. Dublin house prices increased by 0.4% in the month and were 5.7% higher compared to a year earlier.

Outside of Dublin, the price of residential properties increased by 0.1% in May compared with an increase of 1.1% in May of last year. Prices were 8.5% higher than in May 2015.

Dublin apartment prices were 1.1% lower when compared with the same month of 2015 and are 42.5% lower than they were in February 2007.

The Central Statistics Office also noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.

Residential property prices in Dublin are 35.2% lower than at their highest level in February 2007, while outside of Dublin, residential properties are 35.7% lower than their highest level in September 2007.

Overall, the national index is 33.2% lower than its highest level in 2007.

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