The CSO’s Residential Property Price Index has shown that the price of residential property remained effectively flat, decreasing by 0.1%, on a national basis during June 2016. On an annual basis, prices nationally are now 6.6% higher.
In terms of Dublin, prices decreased by 0.7% during June 2016. In comparison to a year earlier, prices have increased by 4.5%. House prices in Dublin decreased by 1.0% and are now 5.0% higher when compared with June 2015. This represents the first decrease in property prices in Dublin since February 2016. Prices rose by 0.5% in the Rest of Ireland in June 2016. The Rest of Ireland also had the strongest annual rate of growth as prices increased by 8.6% in comparison to June 2015.
Based on the CSO’s figures, Knight Frank is forecasting house prices in Dublin to increase by 2-3% over the next six months.
The CSO have also announced that it will launch a new Residential Property Price Index in September 2016. The new RPPI will be based on Stamp Duty returns made to the Revenue Commissioners matched with other administrative data. It will now cover all market purchases of houses and apartments by households, both cash and mortgage-based transactions.