Property prices outside of Dublin rose in February - CSO

Wednesday 26 March 2014 22.57
Nationally, property prices remain 46.7% lower than at their peak in early 2007
Nationally, property prices remain 46.7% lower than at their peak in early 2007

Residential property prices in Dublin fell in February while prices in the rest of the country rose, according to new figures from the Central Statistics Office.

Dublin property prices were 0.6% lower last month, according to the data, while prices in the rest of the country were 0.9% higher.

Nationally, property prices were 0.1% higher in February, compared to a 0.7% fall in January.

Prices rose by 8.1% in the year to February, driven largely by activity in the Dublin market during 2013. This was the fastest pace of growth in prices since June 2007, the figures show.

Despite falling in the first two months of this year, Dublin prices were 13.3% higher in the year to February.

Prices outside of Dublin were 4.3% by the end of last month when compared to February 2013.

While the past year has seen some growth in property prices, they still remain significantly lower than the peak recorded in early 2007.

Nationally, property prices are 46.7% lower than at their highest level seven years ago. Prices in Dublin were 50% lower by the end of last month, while prices in the rest of the country were around 46.4% lower, according to the CSO.

Davy analyst David McNamara said the figures showed a broadening in the market's recovery to areas outside of Dublin.

He said prices in urban areas continued to be underpinned by a limited supply of properties.

Mr McNamara said this should begin to ease later in the year, however, due to "a rise in repossessions and an improved pipeline of new builds" in the coming months.