Property Check: Property Prices Outside Dublin Rising Faster Year on Year - Realty Today

Posted by Staff Reporter (media@realtytoday.com) on Sep 04, 2015 06:20 AM EDT Ireland Struggles Under The Weight Of An Economic Crisis After EU Bailoutmore big

DUBLIN, IRELAND - DECEMBER 01: Unsold houses lie empty at the Castlemoyne housing estate on December 1, 2010 in Dublin, Ireland. The Irish economy has faltered after years of growth and recently European Union finance ministers approved an aid package totalling 85-billion Euros (113 billion U.S. dollars). (Photo : Photo by Peter Macdiarmid/Getty Images)

Dublin is currently dealing with the rise of property prices for this year. From residential to commercial properties, all are experiencing the rising rates and values. The residential ones are among the properties whose rates are on the rise today. According to a past report by propertywire.com, "Residential property prices in Ireland increased by 0.9 percent across the country in July compared to the previous month.

It is not only today that Dublin experienced an upsurge in property values. It was previously reported by breakingnews.ie that "Prices are up by 23 percent in Meath, and 18 percent in Kildare in the month of July." Also, Clare, and Roscommon are both up by 12 percent, while Cork City values are up by 12 percent of the same month.

However, looking back at the data provided by propertywire.com, "It is the first time since the middle of 2013 that prices in the capital city have risen by less than 10 percent year on year." The house prices in the various regions rose by 0.6 percent in July whilst apartment prices increased by 2.7 percent based on a data given by propertywire.com.

What caused all of these rising rates? Dermot O'Leary, the chief economist of Goodbody Stockbrokers, said that "it had been expected that prices outside Dublin would rise at a faster pace because new mortgage rules were having a bigger impact in Dublin." The high inflation rates as well as the ongoing supply shortages is masking an ongoing supply crisis. It could be that the rapid surges in rents in the same period propose that potential buyers are trying to increase deposits or purchasing outside of the capital where prices are lower.

The high rates of properties that the country is currently experiencing will not remain for long. It is not an end for the property prices since there will be moderation in the coming months. According to a recent post by propertywire.com, "The residential property prices are likely to slow towards 5 percent by the end of the year."

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