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Property prices rebound in May in biggest monthly rise since 2015

Property prices rebound in May in biggest monthly rise since 2015

Sales prices lower than May 2019 but rental increased in the year, Daft.ie reports

Tue, Jun 9, 2020, 00:15

Peter Hamilton



Data from property website Daft.ie shows sale prices rose by an average of 3.7 per cent in May, in contrast to a 5.5 per cent fall in April. Photograph: iStock



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Property prices staged a minor rebound in May having fallen sharply the previous month, while the stock of rental properties available in the month continued to rise as the Covid-19 crisis all but shut off the tourism tap.

The latest data from property website Daft.ie showed that sale prices rose by an average of 3.7 per cent in May, in contrast to a 5.5 per cent fall in April. However, the average listed sales price of homes was still 1.6 per cent lower than a year ago, coming in at €245,545.

The substantial rise in May was the biggest one-month increase since early 2015, following April’s fall which was the largest on record. Daft noted that more rural areas saw greater volatility while Dublin prices fell by an average of 1 per cent in both April and May.

Except in Leinster, excluding Dublin, sales prices are now lower than they were in May 2019 with figures in Munster down 5.7 per cent.

In the rental market, despite the substantial increase in stock, the average monthly rent across the State was €1,398 in May, 0.7 per cent higher than in the same month last year. Rents in Dublin were virtually unchanged while rent prices in Connacht and Ulster were 1.7 per cent lower.

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