Irish property has the fastest rising prices in Europe, according to official statistics.
The latest data from Eurostat shows that European property prices edged up 0.9 per cent between January and March 2015, compared to the previous quarter, and by an even higher 2.5 per cent compared to the same quarter in 2014. House prices in the eurozone climbed by a smaller 0.3 per cent compared to the previous three months and by 0.6 per cent on an annual basis.
Indeed, European house prices have begun to rebound in recent months, as the improving economic picture has boosted confidence – although the increasing severity of the Greek crisis in the second quarter of 2015 fostered political and financial uncertainty.
Ireland, one of the hardest hit by the global financial crisis, is now leading the way, according to Eurostat. Property prices rose 16.8 per cent in the first quarter of 2015 year-on-year, ahead of Sweden (11.6 per cent), Hungary (9.7 per cent) and the UK (8.5 per cent).
Latvia recorded the biggest drop in prices, with values down 5.8 per cent, followed by Italy (3.3 per cent), France (1.6 per cent) and Slovenia (1.4 per cent).
This is the second quarter in a row that Ireland has led annual growth in Europe, according to Eurostat.
The figures are backed up by reports from the Central Statistics Office, which have shown the country’s market enjoying rising prices for the past year. In May 2015, values edged up 0.5 per cent nationwide, with prices up 13.8 per cent year-on-year.
While Dublin has previously fuelled growth, though, there are signs that the market recovery is beginning to spread: Dublin residential property prices fell by 0.1 per cent in May, while prices outside of the capital rose by a higher 1.1 per cent.
While Ireland is front of the pack on an annual basis, though, on a quarterly level, Romania is enjoying the biggest price increases, with values up 4.1 per cent, followed by Sweden (3.9 per cent), Hungary (3.7 per cent) and Denmark (3.5 per cent). Belgium, Cyprus and Crotia all recorded the joint highest decline of 2.8 per cent.
