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House prices up 3% across the Republic of Ireland

Residential property prices have risen 3% across the Republic of Ireland in the year leading up to February, with homes outside of Dublin rising by almost 5%.

According to the latest CSO figures, house prices in Dublin rose by 1.2%, while Dublin apartments rose by just under 1%.

In south Dublin, costs increased by as much as 2.8%, compared to Fingal, where property value actually declined by 1.2.%

Additionally, houses outside of the capital city rose in price by as much as 4.7%, and apartment prices shot up by 9.6%.

Dublin house prices are up 95.3% from their low point in 2012, and up just under 90% from their 2013 low-point for houses outside Dublin.

According to Dermot O’Leary, chief economist at Goodbody, the surge in people working from home due to covid-19 could have contributed to the increased house prices outside of Dublin.

“The pandemic has clearly brought about a dramatic shift in the way we live and work, with Ireland seeing the largest increase in people at home and largest decrease in people in workplaces in Europe according to the latest Google data,” O’Leary said.

“This shift will continue to have profound implications beyond the pandemic for housing, transport and the labour market.”

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