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Property Prices Up Nearly 1% in March

Date: 29.04.2015

Residential property prices increased by just under 1% in the month of March, new Central Statistics Office figures show.

According to the CSO, the increase in property prices nationally was of the order of 0.9% in the month, while in the year to the end of March prices were 16.8% higher.

In Dublin, property prices recorded a 1.1% increase in the month, partially reversing the declines recorded in the first two months of the year.

Prices in the year to March were 22.8% higher in the capital.

In the rest of the country, property prices rose by 0.7% in the month and were up by 10.7% compared with March 2014.

Nationally, property prices are 38.2% lower than their peak level in 2007 while Dublin prices are 38.7% down on their peak.

Commenting on today's CSO figures, Goodbody economist Juliet Tennent said that the weakness in house prices in the first two months of the year, particularly in Dublin, was likely as a result of uncertainty surrounding the new Central Bank mortgage rules.

"We expect the market to strengthen over the coming months, as those with mortgage approvals granted ahead of the implementation of the rules rush to avail of them, before slowing as the new Central Bank rules are implemented," the economist said.

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