In the rest of Ireland, September property prices rose by an average of 1.3 % and have undergone an 8.9 % increase from their September 2014 values.
It's still too early to judge if the new, and more restrictive, Central Bank rules are having the dampening effect on house prices that they were orginally designed to have. Only time will tell how this idea works out, say by July 2016, and if they are at least in part responsible for the inflation slowdown.
Another factor, especially with regard to certain sections of the property sector, is the termination of the waiver of capital gains tax on property transactions.
The Central Bank has stated that they have noted some evidence that the new rules have reduced the amount of speculative buying in the Irish, and especially Dublin, property market.
It's probably of purely historical interest only at this stage, but the CSO noted that, in relation to the peak prices achieved during the summer 2007 boom end period, residential property prices are now 34.6 % lower on a national level. This figure is split between Dublin house prices recording a 33.7 % decrease and Dublin apartments a 40.7 % decrease
Two caveats to these results should be noted however:
- The CSO figures are based on mortgage drawdowns rather that the totality of cash buyers plus new mortgages.
- The number of apartments sold in the Dublin region is too small to be completely confident that the average price in the report reflects the true reality of the current prices in the Dublin housing market.
The information provided above, based on the October 2015 Central Statistics Office property price report, is liable to change at any time. All information supplied by IrishHouses.ie is subject to errors & omissions and does not constitute legal,mortgage, investment or any other form of advice. Always obtain independent professional advice for your own particular situation.
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