Dublin house prices continue to rise

Property prices in some Dublin areas rise by almost a third over last year

House prices in Dublin have risen for the ninth consecutive quarter, according to the latest survey by leading property website Daft.ie and echoed in other official and unofficial data in recent weeks.

Houses in certain parts of the capital now cost almost a third more than they did a year ago, with prices up an average of 25 per cent, while property in the commuter counties of Louth, Meath, Kildare and Wicklow has risen between 14 and 20 per cent.

Prices of some properties in central and south Co. Dublin have increased by more than 40 per cent, compared to the rock-bottom prices of 2012. Dublin's buoyant housing market continues to push up property prices around Ireland, with asking prices increasing nationally by more than 7 per cent.

House prices in Cork city have risen by over 10 per cent while in Galway city they have increased by 13 per cent. Analysts attribute the price rise to an under-supply of houses, following the collapse of the construction industry five years ago and the virtual freeze on house building since then.

The average asking price for a house in the republic is now €195,000, compared to €170,000 a year ago, but still down from the €380,000 average at the peak of the housing market in 2007 during the Celtic Tiger boom.