| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Property Last Updated: Jan 23, 2014 - 7:08 AM


Dublin second-hand house prices rose by 17.7% in 2013
By Michael Hennigan, Finfacts founder and editor
Jan 22, 2014 - 1:36 AM

Email this article
 Printer friendly page

Dublin second-hand house prices rose by 17.7% last year as a lack of property coming to the market and improved buyer sentiment led to the 6th consecutive quarter of growth, according to the DNG Annual Property Review [pdf].

On Wednesday, Eurostat reported that Irish house prices rose the second-highest in the EU in the third quarter of 2013 [pdf], while the CSO reported that Ireland was the only Union member country to experience a fall in consumer prices in 2008-2012 but Ireland remains among the countries with the highest prices.

Finfacts: Irish prices fell in 2008-2012 but still fifth-highest in EU

What is bizarre when looking at the prices that DNG (formerly Douglas Newman Good) achieved for some properties in 2013, is that some are far from impressive for the price, while GNP (gross national product) is back at the level in the late 1990s.

Cash buyers continued to dominate the market, accounting for around 54% of all sales in the first 9 months of 2013, but this dropped to 40% in September and October as an increased reliance on financial institutions to fund purchases started to appear. In contrast 30% of sales in the UK are reported as financed with cash.

DNG says that although house prices in the capital outpaced the rest of Ireland, growth was visible with a 21% increase in transactions outside of Dublin versus 15% in the greater city area between January and October 2013, with full year figures forecasted to be similar.

During 2013 Q3 (July-Sept) experienced the biggest jump in prices at 5.6% with the average price of a house in Dublin now standing at €302,846. Houses in West Dublin showed the biggest annual increase at 20.6% followed by south of the city at 17.5%, with north Dublin showing an increase of 16.6%. Houses above the €500,000 mark increased most in value at 18.7% narrowly beating houses in the €251,000 to €350,000 price range which increased at a rate of 18.6% during the year.

Commenting in the report Dermot O’Leary, chief economist, Goodbody Stockbrokers noted, “that the return of employment growth has been the most unambiguous sign that the economy is returning to health”, while from a housing market standpoint he added that “the return of full time jobs should make the uncertain buyer more likely to take the plunge”.

Commenting on the results Keith Lowe, CEO, DNG said: “It is very encouraging to see 18 straight months of price increases for residential property in the capital. This has been largely driven by an improvement in consumer sentiment and confidence in the property market both from within Ireland and externally from non-Irish investors investing in the market. National and international market commentators have also recognised this improvement in sentiment and economic fortunes or Ireland. It is also interesting to note that both house prices and rental values are both simultaneously rising in the Greater Dublin Area which is a sure sign that there is a shortage housing supply in the capital.”

Looking at 2014 Lowe expects a 15% increase in house prices in the greater Dublin area versus an average of 3-5% in a number of other key urban areas. A small number of areas will experience price deflation but overall a further 10% - 15% rise in tractions is expected in 2014 bringing the number to over 30,000 in the year ahead.

Check out our subscription service, Finfacts Premium , at a low annual charge of €25

Related Articles
Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

Property
Latest Headlines
Irish residential rents rise 9% as students face tight market conditions
Irish construction activity growth eased in July
Irish residential property prices fell in Dublin in June
Irish mortgage approvals growth fell sharply in April 2015
Irish land prices among highest in world; Noonan tax cut boosts Dublin prices
AIB cuts Irish variable mortgage rates
Dublin residential property prices rose by 1.1% in March
Global property bubble: Dublin tops 2014 global returns at 44.7%
New Irish housing units in 2015 forecast at only 10,000
Ireland: Dublin house prices up 21% in year to February 2015 after price decline in month
Prime office rents in Dublin to rise by up to 31% in 2015 after 29% surge in 2014
Irish mortgages paid in 2014 at 1976 level; Half of house sales paid in cash
Irish residential property prices fell 1.4% nationwide in January
Irish House Rents: Supply tightens in Dublin's commuter counties in Q 42014
Irish commercial property returns in 2014 among highest in world
Irish Housing: "Unique" demographics to boost demand; Shortages to rise
Irish mortgage approvals in 2014 at 36-year low; Exceed paid loans
Irish commercial property investment in 2014 was 25% above bubble peak in 2006
Irish construction continues to rise from very low base
Irish house asking prices fell back slightly in fourth quarter of 2014
Price/Earnings multiple for Dublin houses is double 1993 level
Residential property rents up almost 10% in Dublin in past year
Irish Government and vested interests lobby for easing of Central Bank's mortgage rules
Ireland tops global property price rankings six years after bust
Number of Irish mortgages paid in 2014 at 1974/75 level - a 40 year-low
Irish construction PMI survey confidence measure highest since 2000
Irish mortgage arrears decline; 38,463 BTL accounts in arrears
Irish Housing: Renting provides less security than ownership, unpredictable rents
Ireland: NAMA to redeem €1bn of senior bonds; Fund Boland’s Mill site development
Ireland: 35,000 social housing units by 2020 achievable; Rental market possibly not
Dublin house prices up 24.1% in year to October 2014
Irish home ownership to fall due to affordability
'Tara Collection' of office buildings on sale in Dublin for €263.8m
Irish Housing Rents 2014: Dublin just 10% short of 2007 bubble peak
Irish Economy: Residential mortgage approvals in 2014 as low as in 1977
Irish Construction: Fastest rise in new business for decade - not level of activity
Biggest US individual landowner responds to tax breaks in Ireland and UK
Irish commercial property annual return to September 2014 at 36.6% - income at global high
NAMA expects surplus of less than €500m - it's not a profit; 88.5% sales to US investors
NAMA selling 588 Dublin apartments - name withheld in announcement