Dublin prices see quarterly rise for first time in over five years
Dublin residential prices increased on a quarterly basis for the first time since September 2006, an index from real estate agency Lisney's shows.
Dublin saw a 0.9% rise in the last quarter – although this was made up exclusively of increases in house values, with apartments continuing to fall. Year-on-year, the overall index is now down 9.7% and is 63.8% less than at the peak of the market (in Q3 2006).
Focusing on apartments, the indices of one bed and two bed units continued to decline in Q2, falling 1.2% and 0.9% respectively. Lisney’s indices of mid-sized family homes (three and four bed houses) also increased in the quarter, by 1.6% and 0.7%. On an annual basis, the indices are down by 8.9% and 6.9%.
Brennan, Head of Research at Lisney, said: “Our research shows that the value of certain housing types in the majority of Dublin locations increased in the quarter. Family homes that have good amenities, such as proximity to schools and shops, are firmly the focus of demand.
"The supply of such properties declined significantly over the first half of 2012. Many potential vendors are stuck in negative equity or have tracker mortgages are not in a position to trade up or down at present. This situation may lead to further price increases in the short-term.”