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House prices rise in capital

RESIDENTIAL prices in Dublin rose in March, the Central Statistics Office (CSO) have revealed.

The sector in the capital experienced a 0.7pc increase in the month, new data shows.

In further evidence of a stabilising market, residential prices nationally remained unchanged last month, having fallen by 2.2pc in February and by 1.7pc in March of last year.

Houses in Dublin cost 55pc less last month than at the height of the boom in early 2007, while apartments were 61pc lower, bringing the overall decline in the capital to 57pc.

A survey from Lisney shows good demand for family homes in well-established locations within the M50 ring, but adds, that "outside of these areas, the market remained quite difficult, particularly for apartments in more outer areas".



Outperform

It shows that mid-sized family homes continue to outperform all other sectors of the Dublin market.

Nevertheless, it points out that in the first three months of this year the values for three-bedroom and four-bedroom houses fell by 3.1pc and 2pc respectively.

And according to a survey from the Institute of Professional Auctioneers and Valuers the price for an average three-bedroom semi in Dublin has fallen by 54pc from its peak to €241,000 and four-bedroom semis by 53pc to €290,000.

comurphy@herald.ie

CSO figures show that the fall for the rest of Ireland (excluding Dublin) was 45pc, with the nationwide decrease being put at 49pc.

The data also shows that, in the 12 months to March, nationwide prices fell considerably but at a slower rate than the previous month.

Prices plummeted by 16.3pc in the year to March, compared with an annual rate of decline of 17.8pc in February.

However, it was still far bigger than the drop in the year to March, 2011, when there was an 11.9pc fall.

While there was a slight increase in Dublin last month, the costs were still 18.3pc lower than a year ago.

House prices in the capital fared marginally better than the figures for apartments, with the former falling by 18.4pc compared to a year earlier and the latter experiencing an 18.9pc fall.

The price of residential properties in Ireland, excluding Dublin, fell by 0.6pc last month compared with a decline of 1.5pc in the same month a year earlier.

Prices were 15.5pc lower than in March 2011.

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