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Property prices fall in Dublin for fifth month in a row

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Reuters

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PROPERTY prices rose slightly nationwide last year, but fell again in Dublin.

It was the fifth month in a row of falling property values in the capital.

Rises up to now have meant that many potential Dublin buyers can no longer afford properties in the capital. They are restrained from borrowing more to meet higher prices due to Central Bank lending rules.

The figures from the Central Statistics Office show that nationwide property prices rose by 0.9pc in the year to December.

But they fell by the same percentage in Dublin last year.

The highest house price growth in Dublin was in Fingal at 2.9pc.

Dun Laoghaire-Rathdown saw a decline of 6pc, the CSO said.

Residential property prices in Ireland excluding Dublin were 2.8pc higher in the year to December.

The region outside of Dublin that saw the largest rise in house prices was the Border at 6.7pc.

Overall, the national index is 17.5pc lower than its highest level in 2007.

Dublin residential property prices are 22pc lower than their February 2007 peak.

Households paid a median, or typical, price of €259,000 for a housing unit in the year to December last.

The Dublin region had the highest median price at €370,000 in the year to December.

Within the Dublin region, Dún Laoghaire-Rathdown had the highest median price at €525,000, while South Dublin had the lowest at €345,000.

The lowest price was €110,000 in Leitrim.

Online Editors