Property prices have risen strongly in urban areas in the past few years

The cost of renting an apartment in Dublin is now the same as it was in 2008, while house rental costs are at their highest point in six years.

Latest figures from the PRTB show that the average monthly rent of an apartment in Dublin was €1,205 in the first quarter of this year - up from €1,166 in the final quarter of last year.

Apartment rents in Dublin are now just €70 less than they were at the peak of €1,275 in 2007.

The figures are contained in the latest issue of the Dublin Economic Monitor, a quarterly report dedicated to measuring the economy of the capital, that was launched today.

The report shows that Dublin is powering ahead of the rest of the country in its economic recovery.

Unemployment reached a six year low at 8.9pc, a full percentage point lower than the rest of the country, with the amount of people employed in the private sector rising to 360,000.

However, transport difficulties and a lack of affordable housing still remain significant issues for Dublin as it recovers.

Meanwhile the KBC/ESRI Consumer Sentiment Index, a measure of consumer confidence, was at “highest in the history of the series” for Dublin in the second quarter of this year, showing that people had a growing faith in the recovering economy.

Commenting on the report, Councillor Noel Rock said that the results were positive but that it was important to remain cautiously optimistic.

“It’s clear that people feel tomorrow is going to be better than today, and that’s great,” said Cllr Rock.

“But there are some choke points and challenges that need to be addressed in terms of housing and transport… but in terms of consumers, things are looking better,” he said.

Online Editors