Midland house prices rise fast but national market slows
Residential property prices in Laois and other midland counties increased by nearly three times the national average in the year to May.
The Central Statistics Office Residential Property Price Index May 2019 reveals that the national average increase in the 12 mounths to May was 2.8%. This compares with an increase of 3.0% in the year to April and an increase of 12.4% in the twelve months to May 2018.
The midlands is made up of Laois, Offaly, Longford and Westmeath of CSO analysis. House prices rose by 8.2% on average in the year to May accross the four counties.
In Dublin, residential property prices rose by 0.6% in the year to May, with house prices up 0.4% and apartments rising by 0.8%. The highest house price growth in Dublin was in South Dublin at 4.0%, while Dun Laoghaire-Rathdown, conversely, saw a decline of 2.6%. Residential property prices in Ireland excluding Dublin were 5.1% higher in the year to May, with house prices up by 5.2% and apartments by 5.2%.
The region outside of Dublin that saw the largest rise in property prices was the Border at 15.2%, while the smallest rise was recorded in the Mid-East at 0.5%. Overall, the national index is 18.2% lower than its highest level in 2007.
Dublin residential property prices are 21.9% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 21.8% lower than their May 2007 peak.
Property prices nationally have increased by 82.6% from their trough in early 2013.
Dublin residential property prices have risen 93.4% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 79.9% higher than at the trough in May 2013.