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CSO statistical release, 26 March 2014, 11am

Residential Property Price Index

February 2014

Price Index (Jan 2005=100)Monthly % change Annual % change
Dec 201370.00.3%6.4%
Jan 201469.5-0.7%6.3%
Feb 201469.60.1%8.1%

Residential Property Prices rise by 8.1% in the year to February

Fig1

In the year to February, residential property prices at a national level, increased by 8.1%.  This compares with an increase of 6.3% in January and a decrease of 2.6% recorded in the twelve months to February 2013. See Table 1.

Residential property prices rose by 0.1% in the month of February. This compares with a decrease of 0.7% recorded in January and a decrease of 1.5% recorded in February of last year. See Table 1.

In Dublin residential property prices fell by 0.6% in February and were 13.3% higher than a year ago.  Dublin house prices fell by 0.6% in the month and were 13.6% higher compared to a year earlier. Dublin apartment prices were 10.5% higher when compared with the same month of 2013. See Tables 6, 7 and 8.  However, it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.

The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) rose by 0.9% in February compared with a decrease of 2.1% in February of last year.  Prices were 4.2% higher than in February 2013. See Table 4.

Overall Decline

House prices in Dublin are 48.5% lower than at their highest level in early 2007. Apartments in Dublin are 54.5% lower than they were in February 2007. Residential property prices in Dublin are 50.0% lower than at their highest level in February 2007. The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 46.4%. Overall, the national index is 46.7% lower than its highest level in 2007. See Tables 7, 8, 6, 4 and 1.

Contributions to changeannual % change
National - All residential properties8.1
National - Houses8.2
National - Apartments4.3
National excluding Dublin - All residential properties4.2
National excluding Dublin - Houses4.6
Dublin - All residential properties13.3
Dublin - Houses13.6
Dublin - Apartments10.5
Table 1 National - all residential properties  
Period RPPI current base Jan.2005 = 100 Percentage changes
  1 month 3 months 12 months
    % % %
2005Year 1105.6      
2006Year 1121.1     14.7
2007Year 1130.0     7.3
2008Year 1120.9     -7.0
2009Year 198.2     -18.8
2010Year 186.0     -12.4
2011Year 174.1     -13.8
2012Year 165.6     -11.5
2013Year 167.0     2.1
         
2010January91.6 -0.9 -3.0 -17.7
 February90.1 -1.6 -4.0 -17.0
 March89.7 -0.4 -2.9 -15.1
 April89.1 -0.7 -2.7 -13.7
 May88.0 -1.2 -2.3 -13.0
 June86.9 -1.2 -3.1 -12.4
 July85.8 -1.3 -3.7 -12.0
 August85.8 0.0 -2.5 -10.8
 September84.9 -1.0 -2.3 -11.1
 October83.9 -1.2 -2.2 -11.1
 November83.1 -1.0 -3.1 -11.5
 December82.7 -0.5 -2.6 -10.5
         
2011January81.8 -1.1 -2.5 -10.7
 February80.4 -1.7 -3.2 -10.8
 March79.0 -1.7 -4.5 -11.9
 April78.2 -1.0 -4.4 -12.2
 May77.3 -1.2 -3.9 -12.2
 June75.7 -2.1 -4.2 -12.9
 July75.1 -0.8 -4.0 -12.5
 August73.9 -1.6 -4.4 -13.9
 September72.8 -1.5 -3.8 -14.3
 October71.2 -2.2 -5.2 -15.1
 November70.1 -1.5 -5.1 -15.6
 December68.9 -1.7 -5.4 -16.7
         
2012January67.6 -1.9 -5.1 -17.4
 February66.1 -2.2 -5.7 -17.8
 March66.1 0.0 -4.1 -16.3
 April65.4 -1.1 -3.3 -16.4
 May65.5 0.2 -0.9 -15.3
 June64.8 -1.1 -2.0 -14.4
 July64.9 0.2 -0.8 -13.6
 August65.2 0.5 -0.5 -11.8
 September65.8 0.9 1.5 -9.6
 October65.4 -0.6 0.8 -8.1
 November66.1 1.1 1.4 -5.7
 December65.8 -0.5 0.0 -4.5
         
2013January65.4 -0.6 0.0 -3.3
 February64.4 -1.5 -2.6 -2.6
 March64.1 -0.5 -2.6 -3.0
 April64.6 0.8 -1.2 -1.2
 May64.8 0.3 0.6 -1.1
 June65.6 1.2 2.3 1.2
 July66.4 1.2 2.8 2.3
 August67.0 0.9 3.4 2.8
 September68.21.84.03.6
 October69.41.84.56.1
 November69.80.64.25.6
 December70.00.32.66.4
     
2014January69.5-0.70.16.3
 February69.60.1-0.38.1
1 The Annual Index is calculated as a simple average of the published indices for March,
June, September and December of each year to account for the use of a 3 month rolling
average in the published series
Table 2 National - houses  
Period RPPI current base Jan. 2005 = 100 Percentage changes
  1 month 3 months 12 months
    % % %
2005Year 1106.0
2006Year 1121.915.0
2007Year 1131.37.7
2008Year 1122.7-6.5
2009Year 1101.0-17.7
2010Year 189.3-11.6
2011Year 177.1-13.7
2012Year 168.5-11.2
2013Year 169.7     1.8
2010January94.7-0.7-3.1-16.8
February93.3-1.5-4.0-15.9
March92.9-0.4-2.6-14.1
April92.4-0.5-2.4-12.8
May91.1-1.4-2.4-12.1
June90.0-1.2-3.1-11.7
July89.0-1.1-3.7-11.1
August89.10.1-2.2-10.0
September88.3-0.9-1.9-10.4
October87.3-1.1-1.9-10.6
November86.5-0.9-2.9-11.0
December86.0-0.6-2.6-9.9
 
2011January84.9-1.3-2.7-10.3
February83.5-1.6-3.5-10.5
 March82.2 -1.6 -4.4 -11.5
 April81.3 -1.1 -4.2 -12.0
 May80.4 -1.1 -3.7 -11.7
 June78.6 -2.2 -4.4 -12.7
 July78.1 -0.6 -3.9 -12.2
 August77.0 -1.4 -4.2 -13.6
 September76.0 -1.3 -3.3 -13.9
 October74.3 -2.2 -4.9 -14.9
 November72.9 -1.9 -5.3 -15.7
 December71.7 -1.6 -5.7 -16.6
   
2012January70.4 -1.8 -5.2 -17.1
 February69.0 -2.0 -5.3 -17.4
 March68.9 -0.1 -3.9 -16.2
 April68.1 -1.2 -3.3 -16.2
 May68.2 0.1 -1.2 -15.2
 June67.6 -0.9 -1.9 -14.0
 July67.8 0.3 -0.4 -13.2
 August68.0 0.3 -0.3 -11.7
 September68.7 1.0 1.6 -9.6
 October68.3 -0.6 0.7 -8.1
 November69.1 1.2 1.6 -5.2
 December68.7 -0.6 0.0 -4.2
2013January68.1 -0.9 -0.3 -3.3
 February67.0 -1.6 -3.0 -2.9
 March66.8 -0.3 -2.8 -3.0
 April67.3 0.7 -1.2 -1.2
 May67.6 0.4 0.9 -0.9
 June68.2 0.9 2.1 0.9
 July69.2 1.5 2.8 2.1
 August69.8 0.9 3.3 2.6
 September71.01.74.13.3
 October72.31.84.55.9
 November72.70.64.25.2
 December72.80.12.56.0
     
2014January72.3-0.70.06.2
 February72.50.3-0.38.2
1 The Annual Index is calculated as a simple average of the published indices for March,
June, September and December of each year to account for the use of a 3 month rolling
average in the published series
Table 3 National - apartments 
Period RPPI current base Jan. 2005 = 100 Percentage changes
  1 month 3 months 12 months
    % % %
2005Year 1102.9
2006Year 1116.112.8
2007Year 1122.15.2
2008Year 1110.5-9.5
2009Year 183.0-24.9
2010Year 168.3-17.7
2011Year 156.8-16.8
2012Year 147.5-16.4
2013Year 150.7   6.9
2010January75.1-1.2-2.7-23.2
February73.1-2.7-4.6-22.9
March71.9-1.6-5.4-21.8
April71.3-0.8-5.1-19.9
May71.2-0.1-2.6-18.5
June70.7-0.7-1.7-16.8
July68.3-3.4-4.2-18.6
August67.2-1.6-5.6-17.4
September65.7-2.2-7.1-16.8
October65.1-0.9-4.7-15.7
November64.5-0.9-4.0-15.8
December64.70.3-1.5-14.9
 
2011January64.70.0-0.6-13.8
February63.5-1.9-1.6-13.1
 March61.0 -3.9 -5.7 -15.2
 April60.4 -1.0 -6.6 -15.3
 May60.0 -0.7 -5.5 -15.7
 June59.4 -1.0 -2.6 -16.0
 July57.6 -3.0 -4.6 -15.7
 August54.9 -4.7 -8.5 -18.3
 September53.2 -3.1 -10.4 -19.0
 October52.2 -1.9 -9.4 -19.8
 November53.6 2.7 -2.4 -16.9
 December53.5 -0.2 0.6 -17.3
   
2012January51.2 -4.3 -1.9 -20.9
 February48.4 -5.5 -9.7 -23.8
 March48.6 0.4 -9.2 -20.3
 April49.6 2.1 -3.1 -17.9
 May48.6 -2.0 0.4 -19.0
 June47.6 -2.1 -2.1 -19.9
 July45.8 -3.8 -7.7 -20.5
 August46.9 2.4 -3.5 -14.6
 September46.9 0.0 -1.5 -11.8
 October47.1 0.4 2.8 -9.8
 November45.7 -3.0 -2.6 -14.7
 December46.9 2.5 0.0 -12.3
 
2013January48.1 2.6 2.1 -6.1
 February51.5 7.1 12.7 6.4
 March47.9 -7.0 2.1 -1.4
 April48.4 1.0 0.6 -2.4
 May47.1 -2.7 -8.5 -3.1
 June50.1 6.4 4.6 5.3
 July49.7 -0.8 2.7 8.5
 August50.0 0.6 6.2 6.6
 September50.91.81.68.5
 October52.63.35.811.7
 November52.60.05.215.1
 December54.02.76.115.1
      
2014January53.6-0.71.911.4
 February53.70.22.14.3
1 The Annual Index is calculated as a simple average of the published indices for March,
June, September and December of each year to account for the use of a 3 month rolling
average in the published series
Table 4 National excluding Dublin - all residential properties
Period RPPI current base Jan. 2005 = 100 Percentage changes
  1 month 3 months 12 months
    % % %
2005Year 1104.9  
2006Year 1118.4 12.9
2007Year 1128.3 8.4
2008Year 1120.8 -5.8
2009Year 1101.2 -16.2
2010Year 189.7 -11.4
2011Year 178.0 -13.0
2012Year 169.1 -11.4
2013Year 167.4   -2.5
2010January95.9-0.3-1.4-14.9
February94.1-1.9-3.6-14.8
March93.4-0.7-2.9-13.7
April92.9-0.5-3.1-12.9
May91.8-1.2-2.4-12.1
June90.6-1.3-3.0-11.5
July89.2-1.5-4.0-11.2
August89.40.2-2.6-9.4
September88.5-1.0-2.3-9.8
October87.4-1.2-2.0-10.2
November86.7-0.8-3.0-11.2
December86.3-0.5-2.5-10.3
 
2011January85.7-0.7-1.9-10.6
February84.4-1.5-2.7-10.3
 March83.1 -1.5 -3.7 -11.0
 April82.0 -1.3 -4.3 -11.7
 May80.3 -2.1 -4.9 -12.5
 June78.8 -1.9 -5.2 -13.0
 July77.8 -1.3 -5.1 -12.8
 August77.6 -0.3 -3.4 -13.2
 September76.8 -1.0 -2.5 -13.2
 October75.3 -2.0 -3.2 -13.8
 November74.1 -1.6 -4.5 -14.5
 December73.3 -1.1 -4.6 -15.1
   
2012January72.8 -0.7 -3.3 -15.1
 February70.6 -3.0 -4.7 -16.4
 March70.2 -0.6 -4.2 -15.5
 April68.8 -2.0 -5.5 -16.1
 May68.9 0.1 -2.4 -14.2
 June68.2 -1.0 -2.8 -13.5
 July68.4 0.3 -0.6 -12.1
 August69.3 1.3 0.6 -10.7
 September69.2 -0.1 1.5 -9.9
 October68.6 -0.9 0.3 -8.9
 November68.8 0.3 -0.7 -7.2
 December68.8 0.0 -0.6 -6.1
   
2013January67.7 -1.6 -1.3 -7.0
 February66.3 -2.1 -3.6 -6.1
 March66.1 -0.3 -3.9 -5.8
 April66.9 1.2 -1.2 -2.8
 May67.0 0.1 1.1 -2.8
 June67.5 0.7 2.1 -1.0
 July67.4 -0.1 0.7 -1.5
 August67.5 0.1 0.7 -2.6
 September67.4-0.1-0.1-2.6
 October68.41.51.5-0.3
 November68.40.01.3-0.6
 December68.50.11.6-0.4
     
2014January68.50.00.11.2
 February69.10.91.04.2
1 The Annual Index is calculated as a simple average of the published indices for March,
June, September and December of each year to account for the use of a 3 month
rolling average in the published series
Table 5 National excluding Dublin - houses 
Period RPPI current base Jan. 2005 = 100 Percentage changes
  1 month 3 months 12 months
    % % %
2005Year 1105.4  
2006Year 1118.9 12.8
2007Year 1129.1 8.6
2008Year 1121.7 -5.7
2009Year 1102.6 -15.7
2010Year 191.3 -11.0
2011Year 179.5 -12.9
2012Year 170.6 -11.2
2013Year 168.9   -2.4
2010January97.5-0.3-1.4-14.3
February95.6-1.9-3.6-14.2
March95.0-0.6-2.9-13.1
April94.5-0.5-3.1-12.3
May93.3-1.3-2.4-11.6
June92.1-1.3-3.1-11.4
July90.7-1.5-4.0-10.8
August90.90.2-2.6-9.2
September90.1-0.9-2.2-9.5
October89.0-1.2-1.9-10.0
November88.3-0.8-2.9-11.0
December87.9-0.5-2.4-10.1
 
2011January87.1-0.9-2.1-10.7
February86.0-1.3-2.6-10.0
 March84.7 -1.5 -3.6 -10.8
 April83.5 -1.4 -4.1 -11.6
 May81.9 -1.9 -4.8 -12.2
 June80.3 -2.0 -5.2 -12.8
 July79.3 -1.2 -5.0 -12.6
 August79.1 -0.3 -3.4 -13.0
 September78.2 -1.1 -2.6 -13.2
 October76.8 -1.8 -3.2 -13.7
 November75.6 -1.6 -4.4 -14.4
 December74.7 -1.2 -4.5 -15.0
   
2012January74.3 -0.5 -3.3 -14.7
 February72.2 -2.8 -4.5 -16.0
 March71.8 -0.6 -3.9 -15.2
 April70.3 -2.1 -5.4 -15.8
 May70.4 0.1 -2.5 -14.0
 June69.7 -1.0 -2.9 -13.2
 July70.0 0.4 -0.4 -11.7
 August70.8 1.1 0.6 -10.5
 September70.7 -0.1 1.4 -9.6
 October70.1 -0.8 0.1 -8.7
 November70.3 0.3 -0.7 -7.0
 December70.3 0.0 -0.6 -5.9
  
2013January69.3 -1.4 -1.1 -6.7
 February67.7 -2.3 -3.7 -6.2
 March67.5 -0.3 -4.0 -6.0
 April68.4 1.3 -1.3 -2.7
 May68.6 0.3 1.3 -2.6
 June69.1 0.7 2.4 -0.9
 July69.0 -0.1 0.9 -1.4
 August69.0 0.0 0.6 -2.5
 September68.9-0.1-0.3-2.5
 October70.01.61.4-0.1
 November70.00.01.4-0.4
 December70.10.11.7-0.3
      
2014January70.10.00.11.2
 February70.81.01.14.6
1 The Annual Index is calculated as a simple average of the published indices for March,
June, September and December of each year to account for the use of a 3 month
rolling average in the published series
Table 6 Dublin - all residential properties
Period RPPI current base Jan. 2005 = 100 Percentage changes
  1 month 3 months 12 months
    % % %
2005Year 1106.7  
2006Year 1126.1 18.2
2007Year 1133.0 5.5
2008Year 1120.7 -9.2
2009Year 191.6 -24.1
2010Year 178.3 -14.5
2011Year 166.5 -15.1
2012Year 158.4 -12.2
2013Year 163.4   8.4
2010January82.7-1.8-6.2-23.5
February81.8-1.1-5.1-21.4
March81.6-0.2-3.1-18.4
April81.0-0.7-2.1-15.7
May80.0-1.2-2.2-15.0
June79.1-1.1-3.1-14.4
July78.4-0.9-3.2-14.2
August78.1-0.4-2.4-13.9
September77.1-1.3-2.5-14.1
October76.5-0.8-2.4-13.3
November75.5-1.3-3.3-12.4
December75.2-0.4-2.5-10.7
2011January73.9-1.7-3.4-10.6
February72.3-2.2-4.2-11.6
 March71.0 -1.8 -5.6 -13.0
 April70.5 -0.7 -4.6 -13.0
 May70.8 0.4 -2.1 -11.5
 June69.1 -2.4 -2.7 -12.6
 July69.1 0.0 -2.0 -11.9
 August66.5 -3.8 -6.1 -14.9
 September65.1 -2.1 -5.8 -15.6
 October63.1 -3.1 -8.7 -17.5
 November62.2 -1.4 -6.5 -17.6
 December60.7 -2.4 -6.8 -19.3
   
2012January58.3 -4.0 -7.6 -21.1
 February57.6 -1.2 -7.4 -20.3
 March58.0 0.7 -4.4 -18.3
 April58.3 0.5 0.0 -17.3
 May58.4 0.2 1.4 -17.5
 June57.8 -1.0 -0.3 -16.4
 July57.6 -0.3 -1.2 -16.6
 August57.3 -0.5 -1.9 -13.8
 September58.7 2.4 1.6 -9.8
 October58.6 -0.2 1.7 -7.1
 November60.0 2.4 4.7 -3.5
 December59.2 -1.3 0.9 -2.5
 
2013January59.5 0.5 1.5 2.1
 February59.3 -0.3 -1.2 3.0
 March58.8 -0.8 -0.7 1.4
 April58.9 0.2 -1.0 1.0
 May59.2 0.5 -0.2 1.4
 June60.2 1.7 2.4 4.2
 July62.2 3.3 5.6 8.0
 August63.4 1.9 7.1 10.6
 September65.93.99.512.3
 October67.42.38.415.0
 November68.31.37.713.8
 December68.50.33.915.7
     
2014January67.6-1.30.313.6
 February67.2-0.6-1.613.3
1 The Annual Index is calculated as a simple average of the published indices for March,
June, September and December of each year to account for the use of a 3 month
rolling average in the published series
Table 7 Dublin - houses
Period RPPI current base Jan. 2005 = 100 Percentage changes
  1 month 3 months 12 months
    % % %
2005Year 1107.4  
2006Year 1128.5 19.6
2007Year 1136.0 5.8
2008Year 1124.9 -8.2
2009Year 195.8 -23.3
2010Year 183.0 -13.4
2011Year 170.6 -14.9
2012Year 162.0 -12.2
2013Year 167.1   8.1
2010January86.5-1.9-7.7-23.6
February86.3-0.2-5.1-20.8
March86.30.0-2.2-17.3
April85.7-0.7-0.9-14.5
May84.3-1.6-2.3-13.5
June83.2-1.3-3.6-13.0
July83.1-0.1-3.0-12.3
August83.20.1-1.3-12.5
September82.4-1.0-1.0-13.4
October81.5-1.1-1.9-13.0
November80.6-1.1-3.1-11.3
December79.9-0.9-3.0-9.4
2011January78.4-1.9-3.8-9.4
February76.4-2.6-5.2-11.5
 March75.2 -1.6 -5.9 -12.9
 April74.9 -0.4 -4.5 -12.6
 May75.1 0.3 -1.7 -10.9
 June73.3 -2.4 -2.5 -11.9
 July73.5 0.3 -1.9 -11.6
 August71.0 -3.4 -5.5 -14.7
 September69.8 -1.7 -4.8 -15.3
 October67.6 -3.2 -8.0 -17.1
 November66.0 -2.4 -7.0 -18.1
 December64.0 -3.0 -8.3 -19.9
   
2012January61.4 -4.1 -9.2 -21.7
 February61.0 -0.7 -7.6 -20.2
 March61.4 0.7 -4.1 -18.4
 April61.5 0.2 0.2 -17.9
 May61.8 0.5 1.3 -17.7
 June61.3 -0.8 -0.2 -16.4
 July61.2 -0.2 -0.5 -16.7
 August60.8 -0.7 -1.6 -14.4
 September62.4 2.6 1.8 -10.6
 October62.3 -0.2 1.8 -7.8
 November64.0 2.7 5.3 -3.0
 December62.9 -1.7 0.8 -1.7
  
2013January63.1 0.3 1.3 2.8
 February62.5 -1.0 -2.3 2.5
 March62.3 -0.3 -1.0 1.5
 April62.3 0.0 -1.3 1.3
 May62.6 0.5 0.2 1.3
 June63.5 1.4 1.9 3.6
 July65.8 3.6 5.6 7.5
 August67.2 2.1 7.3 10.5
 September70.04.210.212.2
 October71.42.08.514.6
 November72.41.47.713.1
 December72.50.13.615.3
     
2014January71.4-1.50.013.2
 February71.0-0.6-1.913.6
1 The Annual Index is calculated as a simple average of the published indices for March, June,
September and December of each year to account for the use of a 3 month rolling average
in the published series
Table 8 Dublin - apartments
Period RPPI current base Jan. 2005 = 100 Percentage changes
  1 month 3 months 12 months
    % % %
2005Year 1104.7  
2006Year 1118.7 13.4
2007Year 1124.0 4.5
2008Year 1110.8 -10.6
2009Year 181.9 -26.1
2010Year 167.2 -17.9
2011Year 156.6 -15.8
2012Year 148.4 -14.5
2013Year 153.2   9.8
2010January74.1-1.5-3.0-23.2
February71.7-3.2-5.4-23.1
March70.8-1.3-5.9-21.2
April70.2-0.8-5.3-18.8
May70.50.4-1.7-17.9
June69.9-0.9-1.3-17.4
July67.3-3.7-4.1-19.1
August66.1-1.8-6.2-18.3
September64.4-2.6-7.9-17.5
October64.50.2-4.2-15.6
November63.4-1.7-4.1-16.4
December63.90.8-0.8-15.0
 
2011January63.7-0.3-1.2-14.0
February63.2-0.8-0.3-11.9
 March61.4 -2.8 -3.9 -13.3
 April60.3 -1.8 -5.3 -14.1
 May60.1 -0.3 -4.9 -14.8
 June59.2 -1.5 -3.6 -15.3
 July58.1 -1.9 -3.6 -13.7
 August54.6 -6.0 -9.2 -17.4
 September52.0 -4.8 -12.2 -19.3
 October50.8 -2.3 -12.6 -21.2
 November53.2 4.7 -2.6 -16.1
 December53.9 1.3 3.7 -15.6
   
2012January52.0 -3.5 2.4 -18.4
 February48.7 -6.3 -8.5 -22.9
 March49.8 2.3 -7.6 -18.9
 April51.1 2.6 -1.7 -15.3
 May50.3 -1.6 3.3 -16.3
 June48.6 -3.4 -2.4 -17.9
 July46.7 -3.9 -8.6 -19.6
 August47.3 1.3 -6.0 -13.4
 September47.4 0.2 -2.5 -8.8
 October47.2 -0.4 1.1 -7.1
 November46.3 -1.9 -2.1 -13.0
 December48.0 3.7 1.3 -10.9
2013January49.6 3.3 5.1 -4.6
 February52.5 5.8 13.4 7.8
 March48.7 -7.2 1.5 -2.2
 April49.6 1.8 0.0 -2.9
 May49.7 0.2 -5.3 -1.2
 June53.3 7.2 9.4 9.7
 July52.1 -2.3 5.0 11.6
 August52.1 0.0 4.8 10.1
 September52.61.0-1.311.0
 October55.75.96.918.0
 November55.90.47.320.7
 December58.03.810.320.8
      
2014January57.9-0.23.916.7
 February58.00.23.810.5
1 The Annual Index is calculated as a simple average of the published indices for March,
June, September and December of each year to account for the use of a 3 month
rolling average in the published series

Background Notes

Definition

The Residential Property Price Index (RPPI) is designed to measure the change in the average level of prices paid for residential properties sold in Ireland. The index is mix-adjusted to allow for the fact that different types of property are sold in different periods.

 

Data Source

The RPPI is compiled using data on mortgage drawdowns provided on a monthly basis by 8 of the main Mortgage Lending Institutions under Section 13 of the Housing Act (2002). This data provides details on the characteristics of properties bought (such as building type and size) as well as the price paid.  It is transactions based; meaning that prices are recorded only where a sale occurs.  Not all residential property transactions are funded by a mortgage (i.e. they are cash based) and these transactions are excluded from the scope of the index. 

The CSO is currently examining Stamp Duty returns to the Revenue Commissioners, made via the Revenue Online Service (ROS), with a view to assessing both the extent of cash-based full market price transactions and any potential bias in the RPPI that might accrue from their exclusion.

Mix Adjustment

Residential properties are heterogeneous, meaning that no two houses or apartments are exactly identical. This poses a challenge when trying to construct a price index as there is a need to separate pure price change from differences in the quality of the products being bought over time. Typically this is done by comparing the prices of exactly the same products, time after time.  This is, for example, the method used in the Consumer Price Index.  However, in the case of residential properties, price is determined by many characteristics (location, size, build type etc) which make direct price comparisons difficult. Furthermore, only a small portion of the total housing stock is sold in any given month.  The combination of these factors means that the matching process that would typically be used to calculate a standard or typical price index cannot be used in the case of houses and apartments.

 

The hedonic method is the prevalent statistical process for the measurement of residential price change. In this method, a number of characteristics which influence prices are analysed so that we can estimate and exclude the part of the price change that can be attributed to them. These characteristics are; location, building type, floor area, number of bedrooms, new or old and first time buyer or not. By excluding the price change determined by these characteristics we are left with an index of pure price change for a consistent set of characteristics - or more simply - a residential property price index. This index uses the rolling year hedonic regression model.

Weights

Weights are calculated at the beginning of each year based on the value of transactions during the previous year as given by the mortgage drawdown data. The index is an annual chain-linked Laspeyres-type index. It is calculated by updating the previous month’s weights by the estimated monthly changes in their average prices.

Periodicity

The index is compiled on a monthly basis.  In order to smooth out short-term volatility in the series and highlight longer-term trends the published indices are based on a 3 month rolling average, i.e. a simple average of the current month and the previous 2 months.  However, care should still be taken when interpreting monthly figures which may indicate short-term volatility rather than underlying change in longer term price trends.

Aggregate indices (National - all residential properties, National - houses, National - apartments,  National excluding Dublin - all residential properties and Dublin - all residential properties) are compiled using monthly indices rather than the published 3 month rolling average indices . As a result these higher level indices may, in some periods, show a slight variation with their published constituent indices. 

Geographic Split

The indices for Dublin include residential properties in the 4 local authority areas, covering both Dublin city and county. 

Calculating percentage changes in the index The movement of the RPPI is expressed as percentage change, rather than a change in index points, because index point changes are affected by the level of the index in relation to its base period, whereas percentage changes are not.                                               

The example below illustrates the computation of a percentage change:

Percentage Change Calculation

 
Current Index                                                     79.0
Less Previous Index                                          80.4
Equals in index points         -1.4
Divided by the previous index                            80.4
Equals             -0.0174
Results multiplied by 100                                  -0.0174*100
Equals percentage change                                -1.7%

 

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