HOUSE PRICES CONTINUED to surge across the country in September, according to the latest figures by the CSO.
The latest statistics found that residential property prices rose by 1.3% nationwide, an 8.9% increase on September last year.
In the capital, property prices rose by 0.9% last month, a 6.5% jump on last year’s figures.
The biggest increase came in Dublin house prices (1.1%) while the cost of an apartment fell by 0.4%, according to the figures.
Outside of Dublin, residential property prices rose by 1.6% in September. Prices were up 11.4% compared with September 2014.
Despite the sizable increases, market values were still below boom time figures.
At national level residential property prices were 34.6% lower than their peak level in 2007.
Dublin house prices were 33.7% lower than their peak, Dublin apartment prices were 40.7% lower than their peak and Dublin residential property prices overall were 35.6% lower than their highest level.
Outside of Dublin, residential property prices were 37.7% lower than their highest level in 2007.
The figures come at a time when the country is facing a housing shortage.
Property Industry Ireland director Peter Stafford said:
“There is a severe shortage of accommodation to rent in many urban areas, and a lack of affordable housing to buy.
It was disappointing that the Budget did not put any measures in place to stimulate new development, nor does there seem to be a strategy to help achieve a supply-demand balance over the longer-term.
“Ireland still needs a national property strategy and a vision for success in housing.”
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