Ireland Real Estate Market Riding Out A Rough Year

Ireland’s real estate market has had a rough 2012, with property prices down over 16% on the year. However, in a bit of good news the Dublin real …

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Ireland’s real estate market has had a rough 2012, with property prices down over 16% on the year. However, in a bit of good news the Dublin real estate market was up slightly in April. For more on this, continue reading the following article from Property Wire.

Average residential property prices in Ireland have fallen by 16.4% in the year to the end of April, according to the latest data from the Central Statistical Office.

This compares with an annual rate of decline of 16.3% in March and a decline of 12.2% recorded in the twelve months to April 2011.
 
Residential property prices fell by 1.1% in the month of April and this follows a stable period in March when there was no change in residential property prices recorded. A decline of 1% was recorded in April of last year.
 
In an encouraging sign Dublin residential property prices rose by 0.5% in April and are now 17.3% lower than a year ago. Dublin house prices increased by 0.2% in the month and were 17.9% lower compared to a year earlier.

The data also shows that Dublin apartment prices were 15.3% lower when compared with the same month of 2011.
 
The price of residential properties in the rest of Ireland fell by 2% in April compared with a decline of 1.3% in April last year. Prices were 16.1% lower than in April 2011.
 
House prices in Dublin are 55% lower than at their highest level in early 2007 while apartments in Dublin are 60% lower than they were in February 2007.

Residential property prices in Dublin are 57% lower than at their highest level in February 2007. The fall in the price of residential properties in the rest of Ireland is somewhat lower at 47%.
 
Overall, the national index is 50% lower than its highest level in 2007.

This article was republished with permission from Property Wire.

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