Irish residential property prices up 12.2 pct in year to August

Source: Xinhua| 2017-10-12 23:52:12|Editor: yan
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DUBLIN, Oct. 12 (Xinhua) -- Irish residential property prices at a national level increased by 12.2 percent in the year to August, according to new official figures on Thursday.

The figures from the Central Statistics Office (CSO) showed residential property prices in Dublin increased by 11.9 percent in the year to August while residential property prices in the rest of Ireland were 12.6 percent higher in the same period.

Overall, the national index is still 25 percent lower than its highest level in 2007, the CSO said.

Dublin residential property prices are 25.9 percent lower than their February 2007 peak, while residential property prices in the rest of Ireland are 30.8 percent lower than their May 2007 peak.

From the trough in early 2013, prices nationally have increased by 67.5 percent, according to the CSO figures.

In the same period, Dublin residential property prices have risen 83.5 percent, while residential properties in the rest of Ireland index increased 59.3 percent from their lowest point.

Alan McQuaid, chief economist with the Dublin-headquartered Merrion Stockbrokers, said housing has now overtaken health as the main political "hot potato", adding that residential property prices will continue to rise.

"We see house price growth staying in positive territory on a year-on-year basis for the foreseeable future, with the annual rate of increase now looking like it's set to remain in double-digits for the remainder of 2017 and well into 2018," he said.