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Updated 23:00
IN A CONTINUATION of the trend for the last five months, property prices are increasing with Dublin continuing to outpace other areas.
In the year to September, residential property prices at a national level, increased by 3.6 per cent according to then Central Statistics Office. This is an acceleration of the yearly rise of 2.8 per cent observed in August and is far removed from the 9.6 per cent fall recorded in the twelve months to September 2012.
In Dublin, residential property prices rose by 12.3 per cent, a quicker rate than the in August when they were up by 10.6 per cent. Dublin apartment prices were 11.0 per cent higher when compared with the same month of 2012.
On a monthly basis there were also across the board increases. In September, prices grew by 1.8 per cent nationally with values in Dublin up by 3.9 per cent in Dublin. Prices have increased each month since May.
(Source: CSO)
Outside Dublin
The effect of the strong performance of the Dublin market can be observed by removing the capital from the calculations. Property prices were in fact 2.6 per cent lower last month when compared with September 2012 and 0.1 per cent lower on a monthly basis.
The year-on-year decline of 2.6 per cent continues an unbroken sequence of annual falls stretching back to February 2008.
First published 11:50.
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Non irish investors are snapping up properties in Dublin with cash
While irish people are not buying because banks won’t give mortgages
Most “cash only” purchasers are Irish.
Mortgages are still being issued….. banks are just being ultra-cautious now.
Banks are giving mortgages, was approved for a mortgage 2 weeks ago with my partner working in the construction industry & me only 6 months in my job! The problem is not down to banks giving out mortgages it is down to not enough quality properties up for sale. When a desirable property is put up for sale there are a lot of people already approved for mortgages then bidding on said properties causing a rise in these properties.
They are giving out mortgages only reason you wouldn’t get one is if your’e unemployed or have a very low deposit.
Banks aren’t giving 100% mortgages. That’s a good thing.
The bank’s are giving out a few token mortgages to try and keep a false value on their worthless, tanking, distressed mortgage books.
Just like a Ponzi Scheme.
Did you ever consider
if you need to offer a 30-40 years finance to buy a product
maybe it’s just unaffordable or overpriced.
A few years back, you could buy/build a nice comfortable family home with 3/4 years hard saving and maybe a small credit union loan.
Tell me where interest rates are going over the next 30-40 years?
This is a short term scam.
Be careful.
Property did exist before the “Celtic Tiger”
GatheringYourMoney13, that doesn’t even rhyme
Where’s all the cash coming from, the laundry?
Ya mean to say Banks are doing there job properly now!
Can’t wait for the 36 page Irish times property supplements again.
You mean you can’t wait for the “Property Magazine” with the Newspaper supplement?
A 3 bedroom house in Leitrim was sold for 22k last week.,It is in a small town close to shops, post office and a bus stop ,I was in the house and it needs about 5k spent on it but in my opinion its a bargain my dad bought it.
Wise man, can’t go wrong at that price!
Yeah…. but….Leitrim?
“Yeah…. but….Leitrim?”
27k would be a great price for a 3 bed gaff, close to amenities, even in Cork
Your Dad knows a good bargain when he sees it,and if you say that the house is in fairly good nick he will treble his money inside 3 years that’s if he wants to sell….Fair play to him.
If you could get a Dublin job, and work from home, you’d be on the pig’s back. Get paid a Dublin salary and have a lovely Leitrim lifestyle a hundred miles away from that hellhole.
And how much would it have cost if there was a roof on it and the walls werent sinking?
Ha ha ha Cpm take a bow son. Brilliant
Bubble
€27k for a house in Leitrim.
That conservatively needs €2K per year spent on it in upkeep, taxes, insurance, water charges, maintenance etc.
Would your dad not be better spending €27k on 27x€1k holidays at locations of his choice?
@ Proinsias.
Do you want to buy my house.
You’ll quadruple your money in 2 years if you buy my one.
Leitrim, it’s on the Dublin commuter belt FFS, just ask any estate agent.
frances fair play to your dad but can you believe the utter shite they are throwing at us.at those prices think i might head for that neck of the woods.
Hey do u mind
You obviously haven’t been to Dunnes Bar on a Saturday night ;-)
Here we go again….hurry up you have to buy a house no matter what it costs…!!!!!
Much better off waiting until they’re out of reach eh?
They have been out of reach for over a decade, that’s why ridiculous mortgages were necessary. More houses will be built when the developers sniff even a little profit to be had and soon enough you’ll need a lot more jobs (more difficult to create) to fill the vacant housing – they won’t be available and prices will fall again. Until they naturally regulate to something approaching 4 times the average salary again they will remain out of reach.
Tradition is a marvelous thing, it has usually come from lessons learned from past mistakes.
They’re not out of reach right now though, however the price is increasing monthly.
Let’s sit back and see if there’s a gold rush then. Could do with some comedy. I’ll bring the popcorn and you bring the beers.
Cheapskate. Bring pizza
“Don’t miss the boat” Cpm.
Sher buy a few gaffs while you are at it.
I already have one, thanks
No harm to stock up on these “fine assets” though.
“Blue chip”
You can be sure I would if I had the available cash. Is this conversation going anywhere by the way? Are you trying to make a point?
It is spin to brainwash us into thinking that things are getting better. We were bombarded with this as the main topic on nearly all the radio stations today.
It’s a win win for the government if they encourage a property price increase. A PR win win and a property tax win win.Plus NAMA can get more for its properties.
The property obsession was the vehicle that fueled the corrupt banking,political,planning and cronyism based practices that brought this country to its knees and has shackled future generations to our massive debt burden.
CAVEAT EMPTOR
Well said.
Banks dont repossess, people cant sell, no building happening = false price growth simples
Well put. The whole market is frozen and there’s a rental trap forming as the people who’d like to buy have to rent instead and flood that market.
When there are lynch mobs attacking people carrying out legitimate repoasessions, it kinda paralyses the market somewhat
Yep. Having some folk live in their houses for free means the folk who are paying, pay more.
Anyone who calls this good news is deluded.
And ignorant. House prices need to fall further to reflect their true cost in builing them. Once you realize the amount that was overpaid for each and every little thing that went into the house, only then can you understand the bigger pic
Well my apartment moving closer to the amount of money I still owe on it is good news for me.
The less negative equity I have the better chance I have of getting rid of the thing.
Dead on Chris, then you’ll be able to rent again like any sane person.
Why don’t you just live in it Chris…
Indeed – sell the debt on to the next sucker. Because that is what the banks are doing. I hear people saying “YIPEEEEEEEEEE” I got a mortgage and I think – “Oh dear god”. I hear them saying “I have a good steady job, I have a good deposit and I can pay for the next 30 years”.
All the while the banks are saying “Another one in the pot”…………..
If you overpay for property then you are helping the banks out. So from them I say “Thank you”….
Dublin and Not Dublin. How useful.
Any chance of giving us some information on maybe Cork City? There are other cities outside the pale I’ve heard. It’s not all fields.
Ya and can we have figures for Ballyjamesduff while you are at it??
Given Dublin holds approx 40% of the population it is right to have its figures distinct from the rest of the country.
We do not need seperate figures for Cork or any other town in Ireland.
Ya, just move to Dublin like everyone else… its so cool here…
Obviously making it distinct from the rest of the country I’ve no problem with. But there are over 1/2 million people living in Cork city and county. It’s growing at faster than the national average, which would make me think the property market might be slightly different there, than say… carrig-on-shannon, or other towns of less than 5000 people.
But hey, who cares.
Currently renting in Dublin (from Waterford) and I’m sure my rent will increase by 100-150/ mth next year because of the market increase – no jobs anywhere else that will pay a good wage and it will be harder to get a mortgage due to larger deposits been required because of increased house prices and less lending from banks, so once again the working man and woman trying to get ahead and make a decent living are getting screwed over!!! Government not doing enough to prevent another bubble in Dublin and certainly not enough to assist the people who want to buy a property in Dublin or anywhere else for that matter – all well and good creating jobs in one part of country where it’s too expensive to live and creating practically no jobs in the rest of the country where the house prices are much cheaper!
And what do you think the government should do that wouldn’t put inflationary pressure on house prices Kevin?
Dublin is becoming an isolated economy from the rest of Ireland – Government needs to Decentralise the direct and indirect foreign investment coming into Ireland. Dublin is becoming the technical hub of Europe which is great, but Dublin is only 2 hrs from Waterford, Cork, Limerick and Galway to name just a few. We need to further incentivise these new start ups and recognised companies that we have plenty of great locations and potential employees for business around the country outside of Dublin to kick start the economy in other counties and hopefully lead to a lesser demand of working people looking to move for Dublin only – at the moment the market is simply responding to the demand here, by implementing a strategy similar to what I’ve mentioned you could go a long way to encouraging people to look at alternatives other than Dublin and hence reduce the over inflation of prices by slowly reducing demand. That’s a long term solution, I honestly don’t have a short term!
Decentralising wasn’t a great success last time. Need decent infrastructure before decentralising is worthwhile. Also people want to live on Dublin. No one wants to live in Longford or Ennis. Huge bungs from gov is only way to get MNCs to move to the sticks.
Longford or Ennis???? Who mentioned Longford or Ennis???
No way man the Bulk of the population is in Dublin.So the Bulk of the jobs should be in the promised land.I disagree with the houses prices though for the price of a average house in Dublin you would get a mansion in Vegas for the same price.
@kevin. I did. Examples of “the sticks”. I could have said Ballygobackwards, Same Same.
Decentralization was for public bodies – their employees were pre-existing and couldn’t be let go, so it was a waste of time because they didn’t want to move and so new employees doing the same job had to be brought in – contributing to the overblown public sector.
Encouraging the development in other parts of Ireland of proper communities, schools and infrastructure for large foreign businesses is a sensible long term plan. There’s not much sense in having the only jobs in Dublin or the rest of the country will die and Dublin will choke.
Would you leave Dublin to live & work in Longford? No, neither would anyone else.
I’ve lived all over the country. But Longford? ;) If I didn’t have a job and one was offered in Longford, sure. As I said, they’d wanna do some work to make it livable first. Possibly you have been blessed with a job in Dublin you couldn’t lose. I call that “spoiled”.
I am not ‘blessed’ with a job in Dublin. I applied for a job, and was chosen on merit. If you call than spoiled then I would suggest you suffer from delusions of entitlement
I would not have applied for the same job in Longford.
Ennis is a great place. I don’t know anything about Longford, but it’s surely better than F**cking Dublin. Jaysus. Mogadishu would be better than that s**thole.
Wow.
Is there even a shop in ennis?
Dublin is a hole
A glory hole.Dublin doesn’t rely on the rest of the country to survive.We are just wasting our time and breaking our backs carrying all the other counties.
That comment is just too stupid to reply to
Daniel I think it’s time to hit the squat rack again.
Please secede then. Or join the UK , sure you’re not really Irish anyway.We’ll take Derry and south Armagh in return.
Rents are going up because insolvent landlords are being allowed to keep their properties instead of them being liquidated and also because people who would ordinarily be buying can’t afford to, thus flooding the rental sector with more demand while the sales market is completely stagnant.
Doubt they would be one that lets scruffs in
We never decentralised padraig .. we recentralised and every effort to develop proper national spatial planning has been stymied by parish pump politicking
Well said Paul.
I lived in Dublin in the late 80′s early 90′s.
It was a Sh1thole then
and now it’s just a slightly updated Sh1thole.
People are only there for the work.
The truth is that most people would live in the country if their finances allowed them to do so, even most of the Dub’s, in spite of them institutionalised Zombies, whose lives consists of shopping and watching movies.
Imagine raising your kids with Jackeen accents?
God forbid!
daniel have not been to often to dublin but having been there recently and seen the amount of non irish up there has in creased from the last time i was there it will not be long before the dubs become dulchies and i mean getting the fcuk outa there while you can.
You can understand the Dublin accent.
@padraig maybe the people FROM Longford would? Maybe they would LIKE to live near friends & family. Instead of in a 3hithole house share in Dublin 16 for the price of a mortgage payment a month so they can have a job. Just a thought.
Eh, I chose to live in Longford. I will admit it wasn’t where I thought I’d end up, but that was the fun of the property bubble. After some lovely experiences living in ‘apartments’ and a semi-d with paper thin walls, we made the decision we’d rather move here and have a home we could grow old in than slowly go insane trapped in a starter property with little or no possibility of selling. Yes everyone thought we were nuts, still do, but when I visit their apartments, easily a third the size of our house and with no garden, having paid over double what we did and now drowning in negative equity I know we made a good decision. Besides, with the M4 Dublin is just over an hours drive, just hate the traffic when I get there!!
Oh please the increase doesn’t matter, we got to have some of the laziest journalists in Ireland
Where is the analysis, no mention of the actual volume of sales
Who owns the journal Philip? Sure it’s daft altogether.
Well said Phillip.
This “article” looks more like an infomercial for greedy banks trying to ditch a few mouldy repos that they have on their books.
Trying to spin up a false value on their worthless mortgage book
Dublin needs significant housing starts…. & asap.
Dublin needs to build up… the amount of land used to house such a small population is astonishing.
Agreed.
There is ample space within the M50 for a city of at least a million…. mabey more.
To this day there is still large plots of brownfild sites lying unused.
Fully agree. But you will have to convince the pols, the planners and the builder developers that Irish families will live in apartments if they are of a decent size and of good design… The gökberk men though will tell you Irish people will never buy flats.. they all want a house with a garden and place to park their car… Amazing that most of the developed world is content with real apartments
I really love my autocorrect… Bullshit = jumpsuit, gombeen = gökberk…
Don’t worry folks this time it will be a soft landing.
Yaba Daba Doo. Brilliant News.
Anybody know where I can get a 110 per cent mortgage quickly. Need approval by the weekend. Have got a whisper on a wonderful investment opportunity on the Northside. I thinks it’s called Priory Hall.
Another useless circular – house prices are up and only in Dublin, because we are deliberately constricting the supply on the market, we said so, now go out and spend ideally money that you don’t have .
Even the headline looks like a pathetic attempt to make people think there is an economic upturn going on!
Hopefully this is a positive result for people whom bought in the boom and now find themselves in negative equity,but slow and steady is best for our weak economy,otherwise repetition is hindsight!.
Whom?
I’m sorry to spoil your false hope Anne.
A couple of percent (less than inflation) rise in D4 will do nothing to cure a few hundred grand negative equity for those household who live throughout the country.
It will only widen the gap between the haves and have nots.
Dublin is an anomaly and people will get burned again !!! The Estate agents are talking it up again – the reality is there’s no money in the economy to justify the rate of increase in Dublin – a fact borne out by the sensical decline (STILL) in the rest of the country.
I’m saying it now in advance – “I TOLD YOU SO !!!!”
I think property must stay low price because Irish banking system fail only boom in property
The failure of the Irish banking system had precious little to do with the property boom here. The scale of their losses can’t possibly be accounted for through bad loans alone. They were, like other banks abroad, betting on derivative financial products. And they lost.
Great news, but please, don’t hold your breath.
Why?
Because you need oxygen to live.
Why is pumping more money into bricks in anyway good news? Why do people think that tying money up for years in a house is something to be welcomed? The less money needed to keep a roof over your heed, more money is available for the rest of the economy. We’ll never learn.
Lol!
All hail Space Pope!
Is the Space Pope reptilian?
Reg its cheaper to buy now than to rent. Bought last year mortgage 680 a month house next door 1100
Rent
Exactly Alan, it’s becoming crazy up here and I’ve seen that example too.
The boom is back……fill your boots boys.
I don’t get that reg, is it not a good idea to have the roof over your head secured for life, especially for the retirement years. Plus the fact that it’ll be something for your children after your gone.
That’s not the point I’m making Alan. High house prices are not a good thing. They soak up a lot of capital into assets that are largely unproductive.
Good news if you want to sell your property in Dublin and move to the country… That’s about it tho…
I’m not sure where you get where I said that having a roof over your head is not a good thing Gillian! Of course it is a good thing in general. It’s not a good thing however if a three bed semi costs half a million euros though.
Ah right I hear you now, it was the second sentence that threw me. However, the way things are, a lot of people won’t put their houses on the market due to their current worth so the reality is the market has hit rock bottom and can only go back up now which unfortunately means paying more than the house is actually worth. But how else is the housing market going to get moving again. The current prices are far more realistic than 7 years ago but not many people can afford to sell for those prices.
Don’t you worry about that the Troika has ensured that after your gone your offspring will be the proud owners of 27k debt,
Ohh great!! dearer essential shelter for my family.
“Can’t wait for energy and food prices to go up”.
Very vague unbalanced article.
(was it a cut and paste from an estate agent’s brochure?)
In some areas throughout Dublin property is still falling.
DNG confirmed that the purchases linked to these “rises” were actually rich farmers (blindly) buying property in the better post codes in South Dublin for when “their kids go to college there”,
(however it is most likely to protect their cash from a Cyprus style deposit grab)
These purchases are isolated, ill informed, speculative, cash purchases that have very little role to play in a true and fair analysis of the Irish property market, (doesn’t seem to stop the spindoctors hailing the “new property boom” though)
Let’s see how long this will last.
Wow – welcome to 2006……….
So they are talking up the property market again. I’ve been saying , to anyone who would listen, for the past year now, that once they got the property tax in place, they’d use their mouthpieces in the fourth estate to talk up the property market in order to talk up prices and therefore the amount of money they can extort from the citizenry by way of the LPT. I’ve been watching this closely and literally within weeks of the LPT becoming official, the media started to report signs of a “bottoming out of the property market”. How handy! Within weeks of this they were reporting “signs of a recovery” in the property market. Well isn’t that fortuitous! And now, just a few months on, the bullshit has gone full-blown. What was it that George W Bush once said : “Fool me once, shame on — shame on you. Fool me — you can’t get fooled again.” Well folks, the government are trying to fool us again. Time will tell if they have misunderestimated us.
White Irish middle class professionals, all desperate for houses in established conservative white middle class inner suburbs so they can live beside other white Irish middle class professionals and send their kids to school with the children of other similar white Irish middle class professionals.
Diversity? Not for these people thanks.
If that is peoples choice…. then why not?
Does free choice offend you?
This isn’t really good news at all
Means that banks and NAMA are not getting repossessed properties back on the market; the market should be flooded, we’ve far more properties than we have people to fill them, but hardly any are on the market. Why? Also means property speculators are buying and selling high-end Dublin properties.
In the early 1800′s in Dublin following a property bubble, prices fell twelve-fold – this needs to happen so that the market can rebuild itself properly. This delaying isn’t good for consumers
Lazy, lazy journalism. Did you copy and paste it from the CSO website?
My offer for 350k was accepted in 2007 for a 3 bed mid terrace house in Lucan. I asked a friend in real estate before giving deposit and he told me to wait 6 more months, which I did, and boy that was best decision of my life!
Later I saw the similar houses in the area going for as low as 140k. If I had bought the house I would have committed the bank nearly 100k more plus interest and 35 years of misery.
Now they have moved back again to 170k range and I ask myself has the economy really improved? Is unemployment or taxes going down?
Well maybe the buyers know something that I don’t but I would take my chances and wait another 6 months :)
Well said Murtaza.
Spot on Mate.
And the sick truth about it, is that, if you bought at the 140k-170k price (using a mortgage) you would be just as fcuked as if you bought at the 350k price (using a mortgage).
Banks are screwing the sh1t out of todays mortgage customers to try to make up for the losses they are making on the boomtime jumbo tracker mortgages that they doled out.
You could borrow 350k during the boom on a nice lifetime (possibly even interest only) tracker for cheaper than you can borrow 150k today, and never have to worry about your own local bank throwing a few percent on your interest rate at a whim.
We will all be screwed with the property tax in future years.
Don’t pay it!
I can see it now. All the leading brains in economics will warn that house prices are rising too fast and it’s causing a bubble that is going to burst.
Q our arrogant politicians telling said economists that they are being pessimistic.
How can they justify the prices for a decent 3 bed semi in Dublin 200k for a sh!tty small house surronded by moany depressed idiots.You can get a mansion for the same price in Vegas. I know where i’ll be putting my money
Im from Dublin and don’t see the point in handing over atleast 200k for a sh!tty small house.Vegas baby
Yes… you have said that twice now Daniel.
Off to Nevada with you so!
@Daniel
Your upper body looks out of proportion with your head. You’ve been working them shoulders too much!
Daniel, while you’re singing the merits about Dublin and complaining about the price of property, you should realize that the two things go hand in hand. If Dublin is the only game in town, every man and his dog will have to go there and put pressure on the housing.
Do you even lift bro?
I’ll drive you to the airport
@James
Your lake looks out of proportion with your ducks.You’ve been too much of a ugly duckling to put up a picture of yourself!
Dano ya big ride, I’ll see you in the gym.
<3
https://www.propertypriceregister.ie/website/npsra/pprweb.nsf/PPR?OpenForm
Really, I’ve just spent 5 minutes comparing the prices of houses in 3 areas of Dublin – Marino, Clonsilla, Santry sold in 2010 against those sold in the same areas this year – I don’t see any increase!!!
I’ve a friend whose mother just bought a house in Marino, had to pay 50k over the asking price. Seriously.
That’s because it’s bullshit. They’re banking on a combination of the stupidity of the Irish people and the self-fulfilling-prophecy effect.
Hey Ann.
“Don’t be coming around here with that real factual evidence”.
“Your rocking the boat”.
And here comes the next bubble – nothing learned
Some people always look for the cloud behind the silver lining don’t they. When house prices were falling they were moaning. Now that they started to cycle back up they are moaning.
House prices like all commodoties are cyclical in nature. The problem was that during the Celtic Tiger governments liked to say that we had moved beyond boom and bust which fuelled the propety bubble. Because we experienced a bubble on top of a recession prices fell back probably lower than normal. However like any pendulum that swings back and forward prices are now coming back from the major falls of the crash. As economic activity increases demand will start to rise again. At the moment though the banks are being far more cautious in lending so that means that hopefully prices will rise at a steady but reasonable rate as opposed to the crazy rises of the late 90s/early 00s.
Jim, you might not know what to open first at 3am but you know what your talking about here. Well said!
Except for, if you take into account they are still falling outside dublin, and taking into account inflation ie the cost of buying food etc, and not the tricked indexes they give out for ‘inflation’, house prices arent so much going up remaining pretty static as the cost of everything is going up.
You sit there sucking your thumb saying its good news and the 90¨% who don’t agree wit you (even including houseowners in dublin) meanwhile the real world goes on.
Sorry to spoil the fun Jim but the banks have no money,
and they are desperately trying to keep a false artificial value in their tanking loan books.
Quit the lies.
Cyclical? Not in this case. The prices rises are caused by manipulation of supply, the failure of the Banks to repossess property, this is stalling a natural recovery.
When you have a property market that is manipulated then it will crash again at some point.
Recession, rising costs of living, rising taxes and rising house prices = serious underlying problem………..
That the banks have little money doesn’t stop them. The banks create the money they lend as using deposits as leverage. People really need to learn just what the banks do when they loan you money in return for 30+ years of your servitude.
Here we go again! Hold on to your hats lady’s and gentlemen the banks will be looking for them, when paying over the top for a house blows up in your face.
NAMA would never …..
restrict the supply of their properties on to the market to artificially jack up the price to increase the ‘value’ of their loan book …
Now where have you seen this immoral odious carry on in recent history?
When is it going to pick up in the munster region!!!?? Trying to sell my house for the last 4 months only one viewing! Its at a rock bottom price and hardly a sniff!! I’m a Canadian get me outta heeeeerrrrreeee!!! Sorry peeps just really want to sell!! lol
Another wave of economic downturn is coming? Don’t want to be a paranoid but it’s nothing good in such news.
Mortar invented in 1794 by Joseph Aspdin.
Sand cement and water ……. NO PLATINUM in it!
—————————————————————
Upgrade the universities to techs … for a real world ed.
I suppose the stuff between the bricks in the Colosseum is something other than mortar.
“Cement mortar” was invented by Aspdin. Mortar has been in use long before that. The pyramids are one example of something constructed using mortar.
Now that’s value for money,works out at 112k Euros
.http://www.homes.com/property/las-vegas-nv-89149/id-187522017/
Bye. Don’t let the door hit you on the way out.
outside the main strip Vegas is a kip
Hasn’t the government created the current property price hike?
It recently introduced two measures that immediately spiked house prices – thereby squeezing out already hard pressed families and individuals. These were (a) tax relief for investors and (b) lower stamp duty.
Firstly, tax free sales on gains in property were introduced in December 2012. This exemption from CGT applied to properties bought after the Budget date and before 31 December 2013. I see that it’s now extended to December 2014. It applies for seven years during which time it is reasonable to expect an increase in the value of the house being sold on.
Secondly, this government reduced stamp duty from 6% to 2%, also from last year.
This is my understanding as a lay person and I would welcome debate on these aspects.
have your say