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Property prices nationwide rose 2.6% in the year through January, according to the latest figures from the Central Statistical Office, their fastest growth rate since May 2019.
This represented an increase of 2.2% registered in the year to December.
Property prices in Dublin rose 1.1%, to mark only the fourth time they have risen annually since July 2019.
Meanwhile, the CSO said residential property prices in the rest of the country rose 4%.
In Dublin, the price of houses rose 0.6% while apartments rose 3%. Outside of Dublin, houses were up 3.8% while apartments were up 7.5%.
Overall, nationally, residential property prices have risen 88% from their lowest point in 2013. Prices are 15.7% below their 2007 peak.
The price of new homes, measured on a quarterly basis, was 2% higher in the last three months of 2020 compared to the same period in 2019. Existing homes were 0.2% higher.
But the volume of homes sold remains low. There were 3,484 home purchases recorded in Income in January, 5.6% less than in January of last year.
It also marked a 30.2% reduction in the number of purchases registered in December.
Current CSO figures show that existing homes accounted for 81% of purchases. First-time buyers represented 33.4% of buyers, movers 53.1% and investors 13.5%.
They also reveal that the average or average price paid for a property was € 261,000 nationwide. In Dublin, it was € 385,000.
The postal code with the highest average price was A94 Blackrock, in the south of Dublin County, with 622,500 euros.
Outside of Dublin, it was A63 Greystones in Co Wicklow at € 450,000.
The cheapest average price was recorded at F45 Castlerea, in Co Roscommon, with 80,000 euros.
Commenting on today’s figures, Goodbody economist Dermot O’Leary said they provide some preliminary evidence of the impact of working from home on location preferences.
Dermot O’Leary said Dublin transactions have fallen the most domestically over the past three months, falling 15% annually compared to 2% declines nationally.
He noted that the best performing regions have been the Southeast, Midlands and West, where prices are substantially lower.
“Clearly, the increasing prevalence of the WFH has made it possible for many to live in these places,” he said.
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