Ireland’s house prices rise again after a slight drop during the Covid-19 lockdown

RESIDENTIAL PROPERTY PRICES have fallen year-on-year for the second month in a row, according to figures from the Central Statistical Office (CSO).

New data from the statistics agency shows that the price of a home fell 0.6% in the year to August, following a 0.6% year-on-year drop in July.

However, the figures also showed that property prices rose 0.3% month-over-month in August, following a monthly increase of 0.2% in July and 0.1% in June.

That followed average monthly declines of 0.1% in both March and April, as economic activity fell as a result of the Covid-19 pandemic.

CSO figures show that across the country, house prices rose 0.4% in the year to August, while apartment prices fell 0.7% year-on-year.

In Dublin, property prices experienced a 1.6% drop in the year to August, with house prices declining 1.4% and apartment prices increasing 0.1%.

The strongest growth in house prices in Dublin was recorded in Fingal, where prices rose 1.7% year-on-year. By contrast, the city of Dublin experienced a 3.4% year-on-year price drop.

The region outside Dublin that saw the largest increase in house prices was the Southwest at 5.2% yoy, while the border saw the largest decline with a 2.7% drop in the year through August.

Overall, house prices are still 17.6% lower than at their peak in 2007.

In Dublin, house prices are 22.6% below their February 2007 peak, while in the rest of Ireland, house prices are 20.1% below their May peak 2007.