Property price index surpasses Celtic Tiger peak

Tomas Doherty

The residential property price index has now surpassed the peak recorded during the Celtic Tiger era.

The Central Statistics Office (CSO) said the national index reached the value of 164.9 points in July 2022, higher than the 163.6 points recorded in April 2007 ahead of the global financial crisis.

However, actual property prices are not yet at the level seen before the market crashed in 2007.

Residential house prices increased 13 per cent in the year to the end of July, with prices in Dublin rising 10.4 per cent and prices outside Dublin up 15.2 per cent, according to the CSO figures.

The rate of increase slowed slightly from 14 per cent in the year to June, extending a pattern of deceleration seen in recent months, but it remains substantially higher than the 8.5 per cent pace of rises recorded in the year to July 2021.