House price inflation in the Irish property market remained strong in October with values rising at an annual rate of almost 10 per cent.
The latest residential property price index, compiled by the Central Statistics Office (CSO), indicates prices nationally increased by 9.7 per cent in the year to October, down from a rate of 10 per cent the previous month.
Prices in Dublin rose at an rate of 10.4 per cent year-on-year with values outside the capital increasing by 9.2 per cent.
With the supply of new homes expected to level off this year and interest rates on a downward curve, demand appears to be driving prices forward. A fall in the supply of second-hand properties available for sale is also seen as a factor.
The figures indicated households paid a median or midpoint price of €350,000 for a residential property in the 12 months to October. The highest median price paid for a dwelling was €645,000 in Dún Laoghaire-Rathdown.
The CSO said there were 4,881 purchases by households at market prices filed with Revenue in October, up 17.1 per cent on the previous month. The total value of transactions filed in October was €2.1 billion.
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