The Irish real estate market just can’t seem to get going again, falling another 15.6% over the past 12 months. Since 2007 the Irish market has fallen 46% in the country as a whole, and up to 58% in certain cities. It seems the market might still have a way to go until it hits bottom too. For more on this, continue reading the following article from Property Wire.
Residential property prices in Ireland fell by 15.6% in the 12 months to the end of November, the latest figures from the Central Statistics Office show.
This compares with an annual rate of decline of 15.1% in October and a decline of 11.5% recorded in the twelve months to November 2010 and indicates that the market is still in troubled waters.
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Residential property prices fell by 1.5% in the month of November. This compares with a decline of 2.2% recorded in October and a decline of 1% in November of last year.
In Dublin residential property prices fell by 1.4% in November and were 17.6% lower than a year ago. Dublin house prices decreased by 2.4% in the month and were 18.1% lower compared to a year earlier.
Dublin apartment prices were 16.1% lower when compared with the same month of 2010, the figures also show.
The price of residential properties in the rest of Ireland fell by 1.6% in November compared with a decline of 0.8% in the same month of last year. Prices were 14.5% lower than in November 2010.
The figures mean that house prices in Dublin are 52% lower than at their highest level in early 2007. Apartments in Dublin are 58% lower than they were in February 2007 while residential property prices in Dublin are 54% 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 42%. Overall, the national index is 46% lower than its highest level in 2007.
Finance Minister Michael Noonan has announced a series of measures for 2012 to try to improve the residential property market. These include tax relief of 25% for first time buyers and those who buy their second or subsequent home next year will benefit from a 15% rate of mortgage interest relief. Both tax benefits are set to last for 12 months.
This article was republished with permission from Property Wire.