Ireland’s Property Market in Death Spiral

Many of the world’s real estate markets continue to suffer the effects of the global financial crisis and many are the worse for wear, but Ireland is experiencing …

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Many of the world’s real estate markets continue to suffer the effects of the global financial crisis and many are the worse for wear, but Ireland is experiencing price falls that are frankly terrifying. The Central Statistical Office reports residential real estate values have fallen another 17.8% in the past year, with Dublin suffering the largest declines. House prices in the capital are 20.3% lower than the previous year, while apartment prices have fallen 22.9% in the same period. Compared to peak prices in 2007, Dublin house prices are 57% lower and apartment prices are an incredible 62% below the high, and experts believe a recovery is nowhere in sight. For more on this continue reading the following article from Property Wire.

Residential property prices in Ireland have fallen by 17.8% in the last year according to the latest figures from the Central Statistical Office.

This compares with an annual rate of decline of 17.4% in January and a decline of 10.8% recorded in the twelve months to February 2011.

On a monthly basis residential property prices fell by 2.2% compared with a decline of 1.9% recorded in January and a decline of 1.7% in February of last year.
 
This shows there is no let up in the continual fall in prices and means that a recovery in the Irish property market is some way off. It is Dublin that is taking the brunt of the price crash.

In Dublin residential property prices fell by 1.2% in February and were 20.3% lower than a year ago. Dublin house prices decreased by 0.7% in the month and were 20.2% lower compared to a year earlier. Dublin apartment prices were 22.9% lower when compared with the same month of 2011.

The price of residential properties in the rest of Ireland fell by 3% in February compared with a decline of 1.5% in February last year. Prices were 16.4% lower than in February 2011. House prices in Dublin are now 56% lower than at their highest level in early 2007.

Apartments in Dublin are 62% 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 45%. Overall, the national index is 49% lower than its highest level in 2007.

This article was republished with permission from Property Wire.

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