THE COST OF houses and apartments increased by 3% nationally in the year to February, according to the latest CSO data.
This compares to an increase of 2.6% in the year to January and an increase of 1.0% in the twelve months to February 2020.
The CSO Residential Property Price Index for February showed that in Dublin, residential property prices saw an increase of 1.2% in the year to February, while property prices outside Dublin were 4.7% higher.
Outside Dublin, house prices were up by 4.3% and apartment prices up by 9.6%.
The region outside of Dublin that saw the largest rise in house prices was the South East at 6.6% – at the other end of the scale, the Border saw a 0.8% decline.
In Dublin, house prices increased by 1.2% and apartment prices increased by 0.9%.
The highest house price growth in Dublin was in South Dublin at 2.8%, while Fingal saw a decline of 1.2%.
Overall, the national index is 15.5% lower than its highest level in 2007.
Dublin residential property prices are 21.2% lower than their February 2007 peak, while residential property prices in the rest of Ireland are 17.5% lower than their May 2007 peak.
Commenting on today’s CSO Residential Property Price Index for February, the Institute of Professional Auctioneers & Valuers (IPAV), said the imbalance of demand over supply that auctioneers are currently seeing in the market is evident in the price increases in today’s index.
Pat Davitt, IPAV CEO said many agents are reporting prices to date up close to 10%.
“This is attributable to vendors not putting properties on the market because they can only be viewed online and that simply is not working.
“It is causing a great shortfall of new instructions and for buyers’ property prices are only going one way while this remains the case.”
He said Agents need to immediately get back to showing properties safely.
He said the strong increase in prices outside of Dublin also indicates something of a new demand for non-urban properties, arising from new working arrangements emerging from the pandemic.
“This is evident in areas like the South-East with growth of 6.6% , and in the West with an increase of 5.7%,” he said.