In the year to August, residential property prices at national level increased by 7.2%. This compares with an increase of 6.7% in the year to July and an increase of 5.5% in the twelve months to August 2015.
In Dublin, all residential property prices increased by 4.5% in the year to August. Dublin house prices increased 4.8%. Whereas apartments increased 6.4% in the same period . The highest house growth was in Dublin City and Fingal, with house prices in both increasing by 5.9%. In contrast, the lowest growth was in Dun Laoghaire-Rathdown, with house prices rising just 1.5%.
The index for all residential property prices in the Rest of Ireland (i.e. excluding Dublin) increased by 11.4% in the year to August. House prices in the Rest of Ireland increased 11.5% over the period. Apartment prices in the Rest of Ireland increased 9.9% in the same period. The South-West region showed the greatest price growth, with house prices increasing 14.8%. Conversely, the Mid-East region showed the least price growth, with house prices increasing 5.0%.
Overall Decline
Overall, the national index is 33.7% lower than its highest level in 2007. Dublin residential property prices are 34.2% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 38.1% lower than their May 2007 peak.
Recovery
From the trough in early 2013, prices nationally have increased by 45.6%. In the same period, Dublin residential properties have recovered 60.9% of their value whilst residential properties in the Rest of Ireland index recovered 42.5% of their value.