House prices up by 6% countrywide in past year; Dublin sees 15% increase

House prices up by 6% countrywide in past year; Dublin sees 15% increase

Property prices are up more than 6% over the last year with continued evidence that demand in Dublin is driving the revival.

In October, the value of homes nationwide increased 1.8%, the same as in September, while the popularity of some areas in Dublin and a lack of supply pushed prices up there by 2.3%.

According to the Central Statistics Office (CSO), the property market in the capital is up 15% over the last year with house prices jumping 2% last month.

Over the last 12 months apartment prices have seen some of the strongest revivals, up 18%, although experts warned there have only been low volumes of sales in the sector and figures are subject to volatility.

The residential property price index found that house prices in Dublin are 48% cheaper than the peak in early 2007 and outside the capital the market is down 47%.

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