Residential property prices in Ireland continue to struggle in the new year. The Central Statistics Office reports that national price averages have fallen 2.6% since the year began to February, although analysts note that the rate of decline continues to slow, at least in some areas of the country. Dublin saw a relative gain in apartment prices, up 7.8% when compared to the same month last year, but overall house prices remain 55% below their peak in 2007. This is a bigger gap than the rest of the country, however, which lags behind 2007’s prices by a margin of 49%. For more on this continue reading the following article from Property Wire.
In the year to February, residential property prices at a national level, fell by 2.6% in Ireland but in Dublin there are signs that they are moving upwards.
This compares with an annual rate of decline of 3.3% in January and a decline of 17.8% recorded in the 12 to February 2012, the figures from the Central Statistical Office show.
On a monthly basis residential property prices fell by 1.5%. This compares with a decrease of 0.6% recorded in January and a decline of 2.2% recorded in February of last year.
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In Dublin residential property prices fell by 0.3% in February but were 3% higher than a year ago. Dublin house prices fell by 1% in the month but were 2.5% higher compared to a year earlier.
Dublin apartment prices were 7.8% higher when compared with the same month of 2012. However, the CSO said that it should be noted that the sub indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.
The price of residential properties in the rest of Ireland fell by 2.1% in February compared with a decline of 3% in February last year. Prices were 6.1% lower than in February 2012.
Overall house prices in Dublin are now 55% lower than at their highest level in early 2007. Apartments in Dublin are 59% lower than they were in February 2007. 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 49%. Overall, the national index is 51% lower than its highest level in 2007.
This article was republished with permission from Property Wire.