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House prices in the capital are climbing

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A FOR SALE SIGN OFFERING REDUCED SELLING PRICE IN DRUMCONDRA YESTERDAY.

PIC STEVE HUMPHREYS.

26TH SEPTEMBER 2008.

A FOR SALE SIGN OFFERING REDUCED SELLING PRICE IN DRUMCONDRA YESTERDAY. PIC STEVE HUMPHREYS. 26TH SEPTEMBER 2008.

A FOR SALE SIGN OFFERING REDUCED SELLING PRICE IN DRUMCONDRA YESTERDAY. PIC STEVE HUMPHREYS. 26TH SEPTEMBER 2008.

Dublin house prices are 1.3pc higher than a year ago – but apartment prices in the capital have dropped by 2.9pc in the same 12 months.

However house prices overall have fallen by 1.2pc in the year to April – though the signs are the slump in prices is easing.

The April drop compares to an annual drop rate of 3pc in February and a drop of 16.4pc in the 12 months leading up to April 2012.

The price of a house in Dublin is now 55pc lower than the peak in early 2007.

Apartments in the city are 61pc lower than they were in March 2007.

Outside Dublin, the fall since 2007 has been less steep, but property prices have nevertheless fallen by 48pc.

Nationally, property prices are 50pc below their boom-time peak. By the end of the first quarter of this year the average price of a house in Dublin was €236,000 and for the rest of the country was €197,000 according to myhome.ie.

Taking the country as a whole, residential property prices for the month of April fell 0.8pc compared to a 0.5pc drop in March.

The latest Central Statistics Office figures show that Dublin residential property, including houses and apartments, recorded a slight increase in April of this year at 0.2pc which compares to a 1pc rise in value for the same month a year ago.

The price of residential properties in the rest of the country, outside Dublin, rose by 1.2pc in April compared with a drop of 2pc in April of last year.

 

BUYERS

The April increase suggests a turnaround from weak prices in the first three months of the year which coincided with the end of the Mortgage Interest Relief Scheme at the end of 2012.

Buyers bought more property in the final months of last year to get in before the end of the scheme giving a temporary boost to demand.

csheehy@herald.ie


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