Saturday 24 March 2018

€246k wiped off average Dublin home in five years

Brian Hutton

HOUSE prices are continuing to freefall with average homes now up to 59pc cheaper than during the height of the boom, latest figures show.

Last month alone, average prices dipped 1.9pc around the country, bringing the overall drop in house values down nearly a fifth (17.4pc) since the start of last year.

In Dublin, where the plunge has been even sharper, prices came down another 4pc during last month.

Prices of both houses and apartments in the capital have now plummeted more than 21pc over the past year, and are down 57pc since the peak of the property boom. Apartments alone have fallen by 59pc.

With average prices in Dublin around €431,000 in February 2007, widely held to be the height of the bubble, which translates to around €246,000 wiped off house values.

The latest Central Statistics Office's (CSO) Residential Property Price Index does not give actual average prices.

It only details percentage decreases based on mortgage information from the country's leading lenders.

However, actual price drops can be estimated using the now defunct Permanent TSB/ESRI quarterly house price index, which gives average prices up until earlier last year.

The CSO report also shows prices are falling quicker since the start of the year.

The drop in residential property prices is lower outside Dublin, down 0.7pc last month, over 15pc since the same time last year and 43pc less since the peak.

Overall national averages are down 48pc since five years ago.

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