Cost of hous­ing in Dublin up 87% since 2013

The Irish Times - Business - - BUSINESS NEWS - CONOR POPE

The cost of buy­ing a home in Dublin has climbed by 87 per cent since the bot­tom of the prop­erty mar­ket in the post-crash pe­riod was recorded in 2013, new data re­veals.

The rate at which house prices are climb­ing has ac­cel­er­ated and rose by 12.8 per cent in the year to the end of Septem­ber, ac­cord­ing to new fig­ures from the Cen­tral Sta­tis­tics Of­fice (CSO).

The fresh fig­ures com­pare with an in­crease of 11.8 per cent in the year to the end of Au­gust and growth of 8 per cent in the 12 months to Septem­ber 2016.

In Dublin, res­i­den­tial prop­erty prices in­creased by 12.2 per cent in the year to Septem­ber with house prices climb­ing by 12.4 per cent and the cost of apart­ments go­ing up by 11.4 per cent.

The high­est house price growth in the cap­i­tal was recorded in Dublin City, where price climbed by 13.9 per cent. In con­trast, the low­est growth was in Dún Laoghaire-Rath­down, with house prices ris­ing 9.9 per cent.

Res­i­den­tial prop­erty prices out­side Dublin were 13.2 per cent higher in the year to Septem­ber. House prices in­creased 12.8 per cent over the pe­riod.

The west re­gion showed the great­est price growth, with house prices in­creas­ing 16.5 per cent. The mid­west re­gion showed the least price growth, with house prices in­creas­ing 9.8 per cent.

May 2007 peak

Apart­ment prices out­side Dublin went up by 15.5 per cent in the pe­riod.

Over­all, the na­tional in­dex is 23.7 per cent lower than its high­est level in 2007.

Dublin res­i­den­tial prop­erty prices are 24.5 per cent lower than their Fe­bru­ary 2007 peak, while res­i­den­tial prop­erty prices in the rest of Ire­land are 29.9 per cent lower than their May 2007 peak.

From the trough in early 2013, prices na­tion­ally have in­creased by 70.2 per cent. In the same pe­riod, Dublin res­i­den­tial prop­erty prices have in­creased 87 per cent while res­i­den­tial prop­erty prices ex­clud­ing Dublin are 61.4 per cent higher.

Diar­muid Kelly, chief ex­ec­u­tive of Bro­kers Ire­land, which rep­re­sents 1,300 bro­ker firms, de­scribed “the de­te­ri­o­rat­ing si­t­u­a­tion” as “very wor­ry­ing”.

“We’re now very close to a decade on from the fi­nan­cial cri­sis. Thou­sands upon thou­sands of peo­ple who would nor­mally have planned to buy a home in the in­ter­ven­ing pe­riod have not been able to achieve that as­pi­ra­tion,” he said.

Mr Kelly said the State had pri­ori­tised the ef­fects of the hous­ing short­age rather than the cause – a lack of sup­ply of new homes.

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.