Property Sales Slow After Prices Increase

The latest statistics from the Central Statistics Office (CSO) show 3,821 property transactions went through in September, an increase of 4.3% on the 3,665 purchases filed in September 2017.

Although sales have increased in last year, the growth has slowed in recent months. September saw a 3.1% decrease compared to August where 3,944 purchases were filed as house prices continued to grow.

Residential property prices in Dublin saw a 5.8% increase in the year to September with house prices increasing by 5.5% while apartment prices increased by 7.8% for the same period. Dún Laoghaire-Rathdown was the most expensive area within Dublin with an average price of €614,469 over the same 12-month period. The area also saw the highest house price growth at 8.3%.

House prices in the rest of Ireland increased by 10.2% compared to September last year with apartment prices increasing by 16.7% in the year to September.

County Wicklow was the second most expensive county after Dublin with the average price of a dwelling being €357,589.

The Border region saw the lowest level of price growth with prices going up by 5.8% making it the least expensive region over the last 12 months with the average price of a dwelling being €132,820. The strongest price increases were in the mid-west region where prices increased by 21% in the last year.

September saw 1,152 first time buyers which is an increase of 7.3% on last September, with 325 of these purchases being new dwellings.

Despite the increase, property prices have not yet reached their 2007 peak with Dublin Residential property prices 20.8% lower than their February 2007 peak. The rest of Ireland, however, is 22.7% lower than their May 2007 peak.