Residential property prices in Ireland increased by 0.9% across the country in July compared to the previous month but values in Dublin price growth is slowing, the latest official figures show.On an annual basis prices are 9.4% higher nationwide but in Dublin they are 9% higher than a year ago. It is the first time since the middle of 2013 that prices in the capital city have risen by less than 10% year on year.
A breakdown of the data from the Central Statistical Office shows that Dublin house prices rose by 0.6% in July whilst apartment prices increased by 2.7%. However, a CSO spokesman said that it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.
Outside of Dublin residential property prices rose by 1.2% in July and prices were up 9.6% compared with July 2014. So prices outside of Dublin are now rising faster on an annual basis.
At national level residential property prices were 36.9% lower than their peak level in 2007. Dublin house prices were 36.3% lower than their peak, Dublin apartment prices were 40.6% lower than their peak and Dublin residential property prices overall were 37.9% lower than their highest level. Outside of Dublin residential property prices were 39.8% lower than their highest level in 2007.
According to Dermot OLeary, chief economist with Goodbody Stockbrokers, it had been expected that prices outside Dublin would rise at a faster pace because new mortgage rules were having a bigger impact in Dublin.
We expect further moderation over the coming months, with the slowdown in price inflation to be particularly felt in the capital, he said, adding that house price inflation continued to be supported by ongoing supply shortages.
Experts are now predicting that residential property prices are likely to slow towards 5% by the end of the year.
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