Irish News

Tuesday 23 September 2014

Property prices see slight fall

Published 22/01/2013 | 13:35

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House prices slipped by four-and-a-half percent across 2012, the Central Statistics Office said

Property prices fell slightly at the end of last year despite a modest rise in November.

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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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