The fastest increase in property prices in Ireland since October 2008

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The fastest increase in property prices in Ireland since October 2008

DUBLIN, Ireland: Property prices in Ireland are increasing for the first time in a decade at double digit rates.

Since August, property prices have jumped 11 percent, the fastest increase in three years. At the same time, public has seen an increase in general prices of 3.7 percent, led by higher costs for energy, fuel and rent.

It is the largest annual increase in prices since October 2008 when prices rose by 4 percent, officials note.

Government figures also indicate that consumer prices in August increased by 0.5 percent.

September marked the 11th month in which prices have continued to increase compared to the previous month.

The most significant increase in transport could be seen in the year, the most significant increased 21.4 percent. This increase was mainly caused by higher prices for diesel fuel and motor cars, an increase in airfares and a rise in the cost of services, in respect to personal transport equipment, said central statistics office statistician Barra Casey.

Additionally, Ireland has seen price increases for rental, alcohol and food consumed in pubs, restaurants and cafes.

The general increase in property values and current prices began at the end of 2020 and continued throughout 2021.

And prices are expected to remain high due to ongoing shortages and transport constraints, combined with demand returning to normal.

The central statistics office said residential property prices were up by 10.9 percent for the year to August in the country, after the current average.

This compares to an increase of 8.5 percent in the year to July, however, property price increases have now returned to double-digit rates.

This year, property prices in Dublin increased by 10.2 percent, with prices outside Dublin on an increase of 11.5 percent.

The average price paid for a property is currently $313,000 in Ireland.

Property in the greater Dublin region has reached an average price of $463,000.

Within the urban area of South Dublin had the highest median price of $651,000, while in the city centre Dn Laoghaire-Rathdown had the lowest rate at $425,000.

In Leitrim, however, the lowest property prices in all of Ireland were $144,000 in Leitrim.