Irish property prices continue to climb

Dublin, Ireland, where property prices are booming Photo: Infomatique

The latest figures from the Central Statistics Office show that in the year to February, residential property prices at a national level increased by 8.1 per cent. This follows an increase of 6.3 per cent in January, taking the country's housing market growth to nine consecutive months, an indicator that recovery is beginning to take hold. Indeed, in February 2013, prices dropped 2.6 per cent year-on-year, indicating the significant market turnaround that has taken place.

Residential property prices rose by 0.1 per cent month-on-month in February, compared to a decrease of 0.7 per cent recorded in January and a decrease of 1.5 per cent recorded in February of last year.

Dublin continues to lead the overall increase, with prices dipping 0.6 per cent in February but climbing 13.3 per cent over the 12 months to February. The price of residential properties in the Rest of Ireland (excluding Dublin) rose by a much lower 4.2 per cent year-on-year, edging up 0.9 per cent month-on-month.

While some may fear a bubble, though, the CSO notes that residential property prices in Dublin are 50 per cent lower than at their highest level in February 2007, while the fall in the price of residential properties in the Rest of Ireland is somewhat lower at 46.4 per cent.