Property prices in Ireland: Prices are now rising at an average rate of 13.5%

Real estate prices have gone up again, making owning a home more than anything else.

It rose 13.5% in October, according to the Central Statistics Agency (CSO).

It’s the strongest rally in six years, and it’s showing signs of an overheated market.

The annual rise of 13.5 per cent followed a 1.4 per cent rise in October.

Border area prices have jumped by a whopping 24 percent.

Dublin prices saw a 12.3 percent increase in the year to October.

Outside of Dublin, house prices increased by 14.7% and apartment prices increased by 13.4%.

The area outside Dublin that saw the biggest rise in house prices was the border area at 24.1%, while at the other end of the scale, the Middle East saw an 11.5% rise.

Real estate in the Southeast is up 18.6% in the past year.

The price hike this year is a departure from the situation that prevailed at this time last year.

In October last year, the Central Statistics Office announced that prices had fallen 0.5% in the year to that month.

Households paid an average price of €275,000 for residential property in the 12 months to October 2021.

The lowest median price paid for a dwelling was €129,000 in Longford, while the highest was €580 in Dún Laoghaire-Rathdown.

Transactions in the market rebounded. In October, 4,335 home purchases by households at market prices were filed with revenue, an increase of 12.7% compared to October last year.

Existing housing accounted for 85% of home purchases submitted in October, an increase of 16.3% compared to October 2020.

The balance was new housing, a decrease of 4pv compared to October last year.

Overall, the national index is 6% below its 2007 high. Dublin’s residential property prices are 12.8% below their February 2007 peak.

Nationally, prices have more than doubled since early 2013.

The Dublin region recorded the highest average price at €400,000 in the year to October.

Within the Dublin area, Dún Laoghaire-Rathdown had the highest average price at €580,000, while the lowest was in South Dublin and Fingal at €370,000.

The highest average price outside Dublin was at Wicklow at €380,000 and Kildare at €330,000, while the lowest was at €129,000 at Longford.

« This is an uncharacteristically strong little price hike for the normally quiet winter months, » said Davy Stockbroker Economist Conall Mac Coille.

« The message here is that there doesn’t seem to be any lulling since the summer months. »

Recent figures show that the average deposit required to purchase a home is now €52,500 for a first-time buyer.

Moving buyers need a deposit of €135,000, according to figures from the Association of Banks and Payments Ireland.

Four out of 10 first-time buyers use gifts as part of their deposit.

About a quarter of movers benefit from gifts from their families.

Experts said that people’s heavy reliance on the « mother and father bank » to build a deposit indicates an inefficient housing market.

The annual rate of rental inflation is 7%.

This means that the national rent level has increased to 1,352 euros.

In Dublin, the monthly rent for most properties was over €1,500.