The Irish residential real estate market has been one of the hardest hit in the world as the global financial crisis continues to unfold. The Central Statistical office now reports have fallen 17.4% for the year ending in January, up from 16.7% in December and 10.7% for the year ending in January 2011. Price falls are occurring countrywide with no area left unaffected, but nowhere greater than in Dublin. Property values in the capital are now 55% lower than their peak in 2007 and experts cannot accurately speculate on when or how the Emerald Isle will recover. For more on this continue reading the following article from Property Wire.
Residential Property Prices in Ireland fell by 17.4% in the year to January, according to the latest data from the Central Statistical Office.
In the year to January, residential property prices at a national level, fell by 17.4%. This compares with an annual rate of decline of 16.7% in December and a decline of 10.7% recorded in the twelve months to January 2011.
Residential property prices fell by 1.9% in the month of January. This compares with a decline of 1.7% recorded in December and a decline of 1.1% in January of last year.
In Dublin residential property prices fell by 4% in January and were 21.1% lower than a year ago. Dublin house prices decreased by 4.1% in the month and were 21.7% lower compared to a year earlier. Dublin apartment prices were 18.4% lower when compared with the same month of 2011.
The price of residential properties in the rest of Ireland, that is excluding Dublin, fell by 0.7% in January. A similar rate of decline was recorded in January last year. Prices were 15.1% lower than in January 2011.
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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 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 43%. Overall, the national index is 48% lower than its highest level in 2007.
This article was republished with permission from Property Wire.