DUBLIN, Ireland: Property prices in Ireland are increasing at double digit rates for the first time in a decade.
Since August, property prices have jumped 11 percent, the fastest increase in three years. At the same time, the public has seen a rise in general prices of 3.7 percent, led by higher costs for energy, fuel and rent.
Overall, officials note, this is the largest yearly change in prices since October 2008 when prices rose by 4 percent.
Government figures also indicate that consumer prices increased in August 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 the year could be seen in transport, which was up 11.4 percent. This increase was mainly caused by higher prices for diesel, petrol 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 witnessed price increases for rents, alcohol and food consumed in pubs, restaurants and cafes.
The current increases in property values and general prices began at the end of 2020 and continued throughout 2021.
And prices are expected to remain high due to ongoing Covid-related shortages and transport constraints, combined with demand returning to normal.
For the year, the Central Statistics Office said residential property prices increased by 10.9 percent throughout the country in the year to August.
This compares to an 8.5 percent increase in the year to July, however, property price increases have now returned to double-digit rates.
Of note, Dublin property prices increased by 10.2 percent in the year to this August, with prices outside Dublin rising by 11.5 percent.
The average price paid for a property in Ireland is now $313,000.
Property in the greater Dublin region has reached an average price of $463,000.
Within the Dublin area, Dn Laoghaire-Rathdown had the highest median price at $651,000, while South Dublin had the lowest at $425,000.
Meanwhile, the lowest property prices in all of Ireland was $144,000 in Leitrim.