Ireland Home Prices Increase by 8 Percent in 2016
According to the latest Ireland House Price Report released by Daft.ie this week, home prices in Ireland rose by an average of 8% during 2016. The rate of inflation in Dublin was 5.1%, below the national average but significantly up on the figure for 2015 (2.7%). Outside Dublin, the rate of inflation 10.1%, down slightly from 13.1% a year ago.
The national average asking price in the final quarter of 2016 was €220,500, compared to €204,000 a year ago and €164,000 at its lowest point. In Dublin, prices have risen by an average of €102,000 – or 46.2% – from their lowest point in mid-2012. Outside the capital, the average increase has been €48,000, or 36%, since the end of 2013.
Prices continue to increase sharply in cities outside Dublin. Compared to the same period in 2015, prices in the final quarter of 2016 were 9.2% higher in Cork and 13% higher in Galway. In Limerick city, the increase was 14%, while in Waterford prices rose by just under 15% in 12 months. Inflation outside the cities varies from 9% in Leinster to 12% in Connacht-Ulster.
There was a noticeable fall-off in the total number of properties for sale nationwide in the final three months of the year, having been largely stable for much of the year. There were just under 21,800 properties for sale in December, compared to almost 25,500 the same month last year. This is the lowest national total since January 2007 and marks a fall of two thirds from a peak of 63,000 in late 2008.