Figures released by Ireland’s Central Statistics Office (CSO) revealed that the cost of the average Irish home grew by 6.1% between last October and this, a striking reversal of the 8.1% fall in average prices recorded in the previous 12 months.
Average property values in Dublin increased by 2.3% in October alone and were 15% up on the previous year.
House prices rose by 14.6% over the year and flats rose in value by an average of 18%, although the CSO pointed out that the figures for flats “are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.”
However ,property prices in the rest of the country continue to suffer. Average values outside Dublin rose by 1.5% in October, but are still 0.3% lower than a year ago as a result of oversupply in the market.
The average property price in Ireland is now €177,000, down from the peak of €332,000 in 2007.
