Ireland is experiencing a boom to their property market.  According to data provided by Knight Frank, Ireland has had a turnaround in the past twelve months.  Four years ago, Ireland ranked 54 out of 55 countries surveyed for house price growth.  The country is now set to be the fastest growing economy within the eurozone.  The average house growth has reached 15% in a year, this is above the average house price growth of both the UK and Dubai.

The UK is in fourth in the house price index with a yearly growth of 10.5% to September and Cyprus at the bottom of the list with a decline of 9% for the same period.

The areas of Ballsbridge and Ranelagh within Dublin have had strong growth that has helped contribute to the overall average house price index.  In the last year, many properties have sold for up to 20% of the asking price from the seller.  Demand for property still remains high at the end of the year.

Despite the strong growth and sustained demand for property in Ireland, it still remains 39% below the house price index recorded in the pre-crisis peak of 2007.

Behind Ireland in the rankings was Turkey with a house price index growth of 14%.  Dubai was third at 12.5% and the UK with 10.5%.  Australia ranked ninth with growth at 9.1%.  The US had growth of 4.8% over the past 12 months.

Kate Everett-Allen, of the International Residential Research at Knight Frank’s said, “Fewer countries are reaching the heights of double-digit price growth, but it’s not all bad news. No country has recorded an annual fall in house prices in excess of 10% for three consecutive quarters, suggesting a slight convergence in the performance of the 54 housing markets tracked.”