It may be too early to begin talking about whether the Irish real estate market has finally found a bottom, but reports of price gains in Dublin are adding fuel to the fire. Data from the Central Statistics Office indicates a 2.1% increase in Dublin house prices over last year and a 0.5% month-to-month bump in January. The rest of the country’s property prices continue to fall, although the report shows that the rate of decline is beginning to slow and many believe it may just be a matter of time before the rest of the Emerald Isle falls in step with the capital. For more on this continue reading the following article from Property Wire.
There is a glimmer of hope that Ireland’s five year housing slump could be coming to an end with the latest data showing that prices in Dublin increased by 0.5% in January and are 2.1% higher than a year ago.
But it make take some time for the rest of the country to catch up as on a national basis prices were down 0.6% in January, the second national monthly fall in a row.
In the year to January, residential property prices at a national level, fell by 3.3%, the data from the Central Statistics Office also shows. This compares with an annual rate of decline of 4.5% in December and a decline of 17.4% recorded in the 12 months to January 2012.
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But even in Dublin not all property types are performing well. While Dublin house prices rose by 0.3% in the month and were 2.8% higher than a year earlier, apartment prices were 4.6% lower when compared with the same month of 2012.
The price of residential properties in the rest of Ireland fell by 1.6% in January compared with a decline of 0.7% in January last year. Prices were 7% lower than in January 2012.
Overall house prices in Dublin are 54% lower than at their highest level in early 2007. Apartments in Dublin are 61% lower than they were in February 2007.
This means that residential property prices in Dublin are 56% 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.