Inside Track

Taoiseach says no Evidence of Land Bubble

HOUSE PRICES IN Dublin have fallen while prices across the country continue to grow at a slow rate, according to new figures from the Central Statistics Office (CSO).

The price of a property across the country was 2% higher in August compared to August 2018 – similar to the 2% change recorded in the year to June and marginally lower than the 2.6% rise recorded in the year to July.

In Dublin, residential property prices dropped by 0.3% in the year to August, with Dun Laoghaire-Rathdown in particular seeing a decline of 6.1% over 12 months.

Beyond Dublin, residential property prices were 4.4% higher in the year to August, with house prices up by 4.1% and apartments by 5.3%.

House prices in the border region saw the largest rise of 13.1%.

“These data hint at a measure of stability in house price inflation in recent months following what the diagram below shows to be a lengthy marked easing since April 2018,” KBC bank said, commenting on the figures.

The bank cited uncertainty over Brexit as a factor in the slow in rising prices, saying consumers were showing a “nervousness” ahead of Britain’s planned departure from the EU.

“With economic uncertainty notably increased of late on foot of major Brexit related worries, the likelihood is that the Irish property market, like the broader economy, faces a bumpy period ahead,” the bank said.

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