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Residential property prices saw a return to growth in November – CSO

Residential property prices rose on an annual basis for the first time in six months in November after disruption from the initial Covid-19 lockdown of the economy halted seven years of unbroken annual growth. 

New Central Statistics Office show that residential property prices increased by 0.2% nationally in the year to November – the first annual increase since May and after a drop of as much as 0.9% in August.

The CSO said this compares to a decrease of 0.5% in the year to October and an increase of 1.1% in the 12 months to November 2019.

On a monthly basis, home prices nationwide rose by 0.4% in November, unchanged from October. 

Today’s figures shows that Dublin residential property prices saw a decline of 0.9% in the year to November, but property prices outside Dublin rose by 1.2%.  

Dublin house prices decreased by 1.1% and apartment prices increased by 0.9% in November. The CSO noted that the highest house price growth in Dublin was in South Dublin at 2.7%, while Dublin City saw a decline of 2.7%. 

Outside Dublin, house prices were up by 1.1% and apartment prices increased by 1.9%. 

The region outside of Dublin that saw the largest rise in house prices was the South East at 3%, while at the other end of the scale the Mid-West recorded a 4.3% decline. 

Overall, property prices nationally have increased by 85.3% from their trough in early 2013. 

Dublin residential property prices have risen 92.7% from their February 2012 low, while residential property prices in the Rest of Ireland are 86% higher than at their trough in May 2013. 

Today’s figures show that people paid a mean price of €294,229 for a home in the 12 months to November. 

The mean price in Dublin stood at €442,555 and was the highest in any region or county. 

Dún Laoghaire-Rathdown had the highest mean price in the Dublin region at €597,562, while South Dublin had the lowest at €364,592. 

Outside of Dublin, the Mid-East was the most expensive region, with a mean price of €309,803. Wicklow was the most expensive county, with a mean price of €379,419. 

The Border region was the least expensive region in the year to November 2020, with a mean price of €147,044. 

Longford was the least expensive county, with a mean price of €123,342, the CSO added.

In the year to November, a total of 37,413 home purchases were filed with Revenue. 

33.3% of these purchases were by first time buyer owner-occupiers, while former owner-occupiers purchased 52.5%. The balance of 14.2% were acquired by non-occupiers. 

Revenue data shows that there were 1438 first-time buyer purchases in November 2020, up 6.1% on the 1,355 recorded in November 2019. 

The CSO also found the number of transactions has recovered in the property market. 

In November there were 4,236 household dwelling purchases. This was 6.1% higher than the number recorded in November 2019 and a 10% on the number completed in October last year.  

Existing dwellings made up the majority of purchases, accounting for 81.6%, while new dwellings accounted for 18.4%. 

Article Source: Residential property prices saw a return to growth in November – CSO – RTE

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