The average cost of a home in the Republic increased by just under 8 per cent between January 2016 and January 2017 according to the new figures from the Central Statistics Office (CSO). The year-on-year rate of increase was more than 2 percentage points higher than the rise between the end of January 2015 – end of January 2016. The highest house price growth was in South Dublin where they went up by 6.8 per cent. The lowest growth was recorded in Fingal, North Dublin, where house prices climbed by 2.9 per cent.
Buying a home outside Dublin was 11.3% more expensive in the year to January 2017. The greatest growth was in the West, the Mid-East region had the lowest price growth. Since early 2013, when property values were at their post-crash lowest, house prices have increased by approximately 50% per cent. Dublin home prices have increased by 65.2 per cent, with those outside the capital climbing by 45.9 per cent.
Residential house prices are increasing, particularly in South Dublin, and in fact have increased by 2% more than they did at the end of 2016. Perhaps we are now witnessing the effects of Simon Coveney’s new rental legislation where Landlords are more fearful and no longer feel that they will get a sufficient return from their rental property and thus are considering the option of selling. If you are undecided which route to take, Clare Connolly Property Consultant’s would be delighted to answer any questions or queries you may have around this area.