Minister for Housing promises progress as property prices rise by 12.4% in last year

Data published by the Central Statistics Office (CSO) on Monday shows that property prices in Dublin rose by 11.5 per cent.
Minister for Housing promises progress as property prices rise by 12.4% in last year

Dominic McGrath, PA

Residential property prices in Ireland rose by over 12 per cent in the last year, according to new figures.

Data published by the Central Statistics Office (CSO) on Monday shows that residential property prices in Dublin rose by 11.5 per cent, with prices outside the capital increasing by 13.2 per cent. Nationwide, the increase stands at 12.4 per cent.

Minister for Housing Darragh O’Brien said that his Department could not yet be certain that prices had peaked.

“We’ve been dealing with a situation where we had constrained supply,” Mr O’Brien told reporters at the Custom House in Dublin city centre.

He said that his Department was analysing the latest data.

“What will help is supply into next year,” he said.

“The projections for next year in relation to housing delivery are very good.”

“Next year, 2022, will be a significant year in delivery.”

Own your rights campaign launch
Minister for Housing Darragh O’Brien (Niall Carson/PA)

He also said that countries across Europe are dealing with house price inflation.

The CSO figures, which cover the year-long period to September, show that the average price of a home purchased in the last 12 months was €272,000.

In Dublin, the price of a house jumped by 12.4 per cent, while apartment prices also rose by nearly 8 per cent.

Outside Dublin, house prices also climbed – rising by 13 per cent in the last 12 months.

Apartment prices outside Dublin rose by just over 15 per cent.

Beyond the capital, the area around the border saw the largest jump in prices – with house prices rising by 21.9 per cent.

House prices in the mid-east of the country rose by 10.7 per cent.

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