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Residential property prices in Ireland increased by 16.2% year on year in the 12 months to the end of November 2014, the latest official figures show. This compares with an increase of 16.3% in October and an increase of 5.6% recorded in the 12 months to November 2013, according to the data from the Central Statistics Office. But growth could be slowing slightly as prices rose by 0.5% in the month of November compared with an increase of 2.9% recorded in October and an increase of 0.6% recorded in November of last year. In Dublin residential property prices fell by 0.1% in November and were 22.4% higher than a year ago. Dublin house prices fell by 0.1% in the month and were 22.2% higher compared to a year earlier. Dublin apartment prices were 26.8% higher when compared with the same month of 2013. However, a CSO spokesman said 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 1.2% in November compared with no change in November of last year. Prices were 9.6% higher than in November 2013. Despite the recovery house prices in Dublin are still 35.8% lower than at their highest level in early 2007. Apartments in Dublin are 44.3% lower than they were in February 2007 while house price in the city are 37.8% lower than at their highest level in February 2007. The price of residential properties in the rest of Ireland is 41.8% lower than their highest level in September 2007. Overall, the national index is 37.9% lower than its highest level in 2007. Continue reading →
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