CSO PROPERTY REPORT
DUBLIN PROPERTY PRICES
OCTOBER 2015 STATISTICS
The latest property price survey released in late October 2015 by the Central Statisics Office
indicates, along with the recent Daft.ie and MyHome.ie Q3 reports, that Dublin property price
increases are currently lower than they have
been for the last 24 months.
During September, Dublin property prices increased by an average of 0.9 %, and are now 6.5 % higher than they were in September last year.
House prices rose on average by 1.1 % and apartment prices in the capital and greater Dublin region fell by 0.4 %.
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: