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16 Jul

Property market shows signs of life as number of sales rises 6% (16th July 2013)

An analysis of filings with the Residential Property Price Register for the first six months of the year show 10,145 transactions were registered by last week compared to 9,559 over the same period in 2012. 

The combined value of all property sales so far this year also increased by 9%, or almost €160m, to €1.96bn. 

However, house prices recorded by the Property Services Regulatory Authority appear to confirm the evolution of a two-tier market as average prices are continuing to fall in most regions with the exception of the greater Dublin area. 

The analysis reveals there has been a 12% drop in the average price of all properties sold in the first half of 2013 to €132,000 compared to €150,000 last year. The national average property price increases to €140,000 when all non-full, sales figures are removed from the official register. 

While the authority claims its register is not a property price index, it is clear there is still downward pressure on prices in all areas outside the capital. 

Nevertheless, most counties recorded an increase in property transactions this year with the country’s third biggest market, Galway seeing a 28% increase. 

Only six out of 26 counties saw a reduced level of property sales, while the overall number of transactions in Dublin remained static. 

Official figures indicate the capital accounts for a third of all property sales in the country and more than half of the market in terms of value. 

The value of houses and apartments sold in Dublin increased by 13% this year to more than €1bn, while the average price increased by 3% to €205,000. 

The overall value of property sales in Cork, the second busiest property market, has fallen slightly in 2013 — down 2% to €175m as average house prices in the county fell by 9% to just under €137,000. 

Although the register shows there was a 2% increase in the number of new properties sold across Ireland, there was a 16% reduction in the value of such sales. 

New houses and apartments account for just 12% of all sales so far in 2013.

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