Residential property prices in Dublin increase by 90% since 2012 low

Residential property prices in Dublin have increased by over 90 per cent since their low point in February 2012.

Properties in the capital rose by 91.4 per cent since 2013, with a national increase of 83.5 per cent.

However, in the 12-month period ending July 2020, residential property prices decreased by 0.5 per cent nationally.

There was no change in the year to June and an increase of 2.2% in the twelve months to July 2019.

Prices declines by 1.3 per cent in Dublin, with house prices falling by 1.2 per cent while apartment prices increased by 0.4 per cent.

Dun Laoighaire-Rathdown recorded the highest increase in the year, jumping by 1.3 per cent, while prices in Dublin City fell by 2.7 per cent.

In the rest of the country, the biggest increase in residential property prices was recorded in the South-West, rising by 4.3 per cent, while the South-East noted a 1.6 per cent decline.

Compared to the peak levels of 2007, the national index is now 17.7 per cent lower, with residential properties in Dublin priced 22.7 per cent lower and properties in the remainder of the country 20.2 per cent lower than 13 years ago.

Since 2013, property prices have increased by 83.5 per cent across the county, with Dublin unsurprisingly noting the largest increase (91.4 per cent) in that period.

Commenting on the figures, Chari of the Association of Irish Mortgage Advisors, Trevor Grant said: “The latest property price index has revealed a relatively robust property market which does not appear, at this time, to be heading for the big drop that some predicted.

“There continues to be a significant shortage of homes in Ireland and there is no sign of this abating.

“There is still a cohort of potential homeowners that have remained fully employed throughout Covid, who are actively looking for a home and who are successfully applying for and securing mortgages.”

Mr Grant added that a significant portion of first-time buyers traditionally come from sectors, such as finance and IT, which have remained strong despite the pandemic

Meanwhile, Minister for Finance Paschal Donohoe has again deferred the revaluation date for the local property tax (LPT), meaning that anyone who bought a new build since 2013 will remain outside of the LPT net for at least another year.

Properties were due to be revalued for this tax in November, which would have led to changed payments next year. Mr Donohoe has decided to defer the valuation date until November 1st 2021, meaning homeowners that do pay LPT will not be faced with increased bills next year as a result.