Davy Research

Irish economy

Irish residential property prices up 7.9% in year to January

DAVY VIEW

Today’s Residential Property Price Index (RPPI) shows prices up by 0.6% in January and by 7.9% on the year. House price inflation is running at 5% in Dublin and 11% in the rest of Ireland. Price gains through the turn of the year look more buoyant than the normal seasonal lull during the winter. This lends support to our view that the Help-to-Buy scheme and looser Central Bank lending rules have added impetus to the market. We estimate that residential transactions were up 11% in January and February. In addition, mortgage approvals of €581m in January were up 60% on last year.

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