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Wednesday 17 September 2014

Home values outside of capital 57pc below peak

Published 06/01/2014 | 02:30

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Fragment of Irish townhouses decorated with flowering plants
Property prices are rising faster in Dublin

PROPERTY prices outside of Dublin have now fallen 57pc below peak levels, the latest review of the housing sector shows.

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Daft's housing review of 2013 shows the increase in Dublin is masking the fact that prices continue to fall everywhere else.

But there are signs of stabilisation in the capital's commuter counties of Meath, Kildare and Wicklow -- signalling that house buyers are now returning to the commuter belt in search of a family home.

Daft spokesman Kieran Harte said the report shows that the areas surrounding Dublin are seeing prices stabilise before the country's other city centres.

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"The tale of 2013 was definitely the lack of supply in sales, rental and shared accommodation in the capital.

"This lack of accommodation across all sectors has had a major influence in Dublin's asking prices returning to 2007 percentage increases," Mr Harte said.

Prices in Dublin were up 10.6pc during 2013, while outside of Dublin they fell 5.9pc.

Almost three-quarters of Dublin properties now find a buyer within four months, compared to just 42pc two years ago.

Asking prices are close to stable in the capital's commuter counties, but in Laois and Carlow prices are still falling rapidly in year-on-year terms.

Some 45pc of Leinster properties are finding a buyer within four months, compared to 36pc two years ago.

In Munster's three cities, the average asking price continued to fall in year-on-year terms, particularly in Limerick which dropped 13pc.

In Cork, prices dropped by 6pc; and in Waterford, by 7pc; while in Galway, the average asking price fell by 4.2pc.

Irish Independent

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