A new report has revealed that residential property prices in Ireland, in the year to February 2017, increased by 10.7%. The figures have been released by the Central Statistics Office (CSO).

The price rise compares to an increase of 8.1% in the year to January, and an increase of 5.4% in the 12 months to February 2016.

Looking at Dublin, the Residential Property Price Index February 2017 revealed that residential property prices increased by 8.3% in the year to February. House prices increased by 8.1%, while apartments increased 9.1% in the same period. The highest house price growth was in Dublin City, at 9.2%. In contrast, the lowest growth was in Fingal, with house prices rising 3.7%.

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In the Rest of Ireland, i.e. excluding Dublin, residential property prices were 13.2% higher in the year to February. House prices surged 13.1% over the period.

The greatest price growth was found in the West region (19.8%), with the Mid-East region demonstrating the least growth, with house prices increasing 9.3%. Apartment prices rose by 13.9% in the same period.

Despite the price hikes, overall, the CSO said that the national index is 30.7% lower than its highest level in 2007. In addition, residential property prices in Dublin are 31.3% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 35.7% lower than their May 2007 peak.

(JP/LM)