Property prices see slight fall
Published 22/01/2013 | 13:35
Property prices fell slightly at the end of last year despite a modest rise in November.
Official figures revealed a 0.5% drop in December nationally, resulting in an overall annual decrease of 4.5% during 2012.
This compared with a 16.7% annual slump in the year up to December 2011.
In November the Central Statistics Office (CSO) had revealed a 1.1% rise, the largest overall monthly rise since the property crash struck six years ago.
But in December Dublin residential property prices fell by 1.3% and were 2.5% lower than a year earlier.
The market outside Dublin remained the same in December but was still 6.1% lower than at the end of 2011. The residential property price index found house prices in the capital had dropped by 1.7% in the month and were still 1.7% lower than 12 months earlier.
Elsewhere, Dublin apartment prices were 10.9% lower than December 2011.
The CSO said house prices in Dublin are now 54% lower than at their highest level in early 2007.
"Apartments in Dublin are 62% lower than they were in February 2007," it said. "Residential property prices in Dublin are 56% 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 47%."
Overall, the national index is 50% lower than its highest level, the CSO added.
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