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Property prices jump in Ireland as housing market recovers

Rupert Jones
The median price for a home in Dublin is now €340,000. Photograph: Gianliguori/Getty Images/iStockphoto

Ireland’s official house price index has leapt to an eight-year high – almost since the on-set of the financial crisis – with prices in Dublin up by 87% since 2013.

The data from the Central Statistics Office (CSO) also shows that the country’s annual rate of property price inflation has increased to almost 13%.

The findings will be seen by some as fresh evidence that the Celtic Tiger is roaring again. The figures indicate a dramatic recovery in the country’s housing market following the banking crisis and property price crash of a decade ago. As recently as January 2013, residential prices in Dublin were 56% down on the highs they hit in early 2007.

According to the CSO, the residential property price index has climbed to its highest level since April 2009. In the year to September, property prices at a national level increased by 12.8%. This compares with a rise of 11.8% in the year to August and is the highest annual figure since May 2015.

The annual rate of price growth in Dublin was 12.4% for houses and 11.4% for flats. The west region saw the biggest annual increase at 16.5%.

The CSO said prices nationally had increased by 70% since the post-banking crisis low point of early 2013. “In the same period, Dublin residential property prices have increased 87%, while residential property prices in the rest of Ireland are 61.4% higher,” it added.

During the period in question, the median price paid for a home was €219,999 [£194,500], though the figure for Dublin was considerably higher, at €340,000, and in one part of the Dublin region – Dún Laoghaire-Rathdown – the median price paid was €510,000.