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Residential property prices in Ireland increased by 15% in the 12 months to September, up slightly year on year from the previous month. The data from the Central Statistics office shows this compared with a 14.9% annual rise in August and is much higher than the year on year rise of 3.6% recorded in the 12 months to September 2013. On a monthly basis residential property prices rose by 1.8% in September, down slightly from the increase of 2.3% recorded in August and the same as the increase of 1.8% recorded in September of last year. A breakdown of the figures show that in Dublin residential property prices grew by 2.5% in September and were 23.4% higher than a year ago. Dublin house prices rose by 2.4% in the month and were 22.6% higher compared to a year earlier while Dublin apartment prices were 35.2% higher when compared with the same month of 2013. However, the ONS said that it should be noted that the sub-indices 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 rose by 1.1% in September compared with a decrease of 0.1% in September of last year. Prices were 7.0% higher than in September 2013. The latest figures mean that house prices in Dublin are 37.7% lower than at their highest level in early 2007 while apartments in Dublin are 44.2% lower than they were in February 2007 at their peak. Overall residential property prices in Dublin are 39.6% lower than at their highest level in February 2007. The price of residential properties in the rest of Ireland is 44% lower than their highest level in September 2007 and overall, the national index is 39.9% lower than its highest level in 2007. Continue reading →
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