Residential property prices continue to soar, jumping 12.4pc in year to May

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Residential property prices continue to soar, jumping 12.4pc in year to May


The figures show a slowdown in residential property prices in Dublin Stock image
The figures show a slowdown in residential property prices in Dublin Stock image

Property prices have continued to shoot up at double-digit rates.

Prices at national level increased by 12.4pc in May over the last year.

This compares with an increase of 13.5pc in the year to April, according to the Central Statistics Office.

The figures show a slowdown in residential property prices in Dublin.

In the year to May they were up 10.7pc, compared with a rise of 13pc in April.

Prices in the Rest of Ireland, once Dublin is excluded, were 14.1pc higher in the year to May.

The mid-west region showed the greatest price growth, with house prices increasing at almost double the national average of 22.1pc.

The border region showed the least price growth, with house prices increasing 3.7pc.

Overall, the national index is 20.4pc lower than its highest level in 2007.

Dublin residential property prices are 22.5pc lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 25.5pc lower than their May 2007 peak.

Rachel McGovern, Director of Financial Services at Brokers Ireland said the Dublin figures seem to show that supply is moderating the rate of increase.

“Dublin has seen the greatest level of supply. However, overall there is huge pent-up demand, with levels estimated to be of the order of 40,000 per year.

“The CSO’s new data shows a mere 14,446 new dwellings were completed in 2017.

“On that basis last year’s supply level would need to increase by well over 176pc to satisfy current yearly demand,” she said.

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