Prices Of Properties Outside Dublin Grow Fast

During the month of September the prices of properties in Ireland significantly increased by about 1.3 percent nationwide and are also 8.9 percent higher on a year on year basis as shown in the latest figure. However, a breakdown of the date coming from the Central Statistics Office revealed that the prices on the property market are now growing much faster outside of Dublin. The capital city of Ireland is no longer in the lead.

In Dublin, the residential properties increased by .9 percent last September. The prices are now 6.5 percent higher compared to the same month last year. This figure though was the lowest annual increase since June two years ago and it also contrasts the 20 percent increase recorded last April. The house prices in Dublin rose by approximately 1 percent last September while the prices for apartments decreased by .4 percent. Analysts said that the decline of prices for apartments is due to the introduction of restrictions of lending by the Central Bank. Another factor contributing to this decline is the ending of the Capital Gains Tax waiver when purchasing properties.

Outside of the capital city of Ireland, the residential properties increase by 1.6 percent and they are now currently up by about 11.4 percent compared to September of last year. The figure means that across the country, the prices were 34.6 percent lower compared to their peak level in 2007 while in the capital city, the prices are 35.6 percent lower. The property sector firm confirmed that in the last few months the prices for houses has been relatively stable and with a corresponding consistent yet low level of growth. Experts believe that this trend in the slowdown in the growth of the house prices in Dublin is driven by a reduced borrowing capacity since the Central Bank released new mortgage rules. It is to be noted though that sale in the region is fairly doing well.

This improvement in Ireland will also have a ripple effect on different countries in Europe. The trend will be a good indicator that the property sector has rebounded and that companies dependent on the performance of the property sector will also be doing well. This is good news likewise to painters & decorators Northampton.

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