Irish property prices decreased in October

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Irish Property Prices Decreased In October
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James Cox

Irish residential property prices (houses and apartments) decreased by 0.4 per cent nationally in the year to October.

This compares to a decrease of 0.8 per cent in the year to September and an increase of one per cent in the 12 months to October 2019, according to the latest figures from the Central Statistics Office (CSO).

In Dublin, residential property prices saw a decline of 1.2 per cent in the year to October, while property prices outside Dublin were 0.4 per cent higher. (See Figure 1.1).

In Dublin, house prices decreased by 1.5 per cent and apartment prices increased by one per cent. The highest house price growth in Dublin was in Fingal at 2.5 per cent, while Dublin City saw a decline of 4.4 per cent.

Outside Dublin, house prices were up by 0.5 per cent and apartment prices up by 0.6 per cent. The region outside of Dublin that saw the largest rise in house prices was the South West at 3.3 per cent - at the other end of the scale, the Mid-West saw a four per cent decline. (See Figure 1.2).

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Overall Decline

Overall, the national index is 17.2 per cent lower than its highest level in 2007. Dublin residential property prices are 22.3 per cent lower than their February 2007 peak, while residential property prices in the rest of Ireland are 19.6 per cent lower than their May 2007 peak.

Recovery

Property prices nationally have increased by 84.6 per cent from their low point in early 2013. Dublin residential property prices have risen 92.5 per cent from their February 2012 low, whilst residential property prices in the rest of Ireland are 84.9 per cent higher than their low point, which was in May 2013. (See Figure 1.3).

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