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Dublin: 18 °C Friday 31 October, 2014

Residential property prices fall 5.7%

Except in Dublin – where prices increased – newly released CSO figures show.

Image: pogonici via Shutterstock

RESIDENTIAL PROPERTY PRICES at a national level fell in the year to November by 5.7 per cent, according to new figures released by the Central Statistics Office.

This figure compares with an annual rate of decline of 8.1 per cent in October and a decline of 15.6 per cent recorded in the year to November 2011.

However, residential property prices grew by 1.1 per cent in the month of November – which compares to  a decline of 0.6 per cent recorded in October, and a decline of 1.5 per cent recorded in November, of last year.

The price of residential properties in the country excluding Dublin grew by 0.3 per cent in November compared with a decline of 1.6 per cent in November last year. Prices were 7.2 per cent lower than in November 2011

In Dublin, meanwhile, residential property prices grew by 2.4 per cent in November, which was 3.5 per cent lower than a year ago, and apartment prices were 13 per cent lower when compared with the same month of 2011.

According to the CSO figures, house prices in Dublin are now 54 per cent lower than at their highest level in early 2007, while apartments in Dublin are 64 per cent lower than they were in February 2007.

Residential property prices in Dublin are 55 per cent lower than at their highest level in February 2007, while the fall in the price of residential properties in the rest of Ireland is 47 per cent.

Overall, the national index is 49 per cent lower than its highest level in 2007.

Read: Residential rents could rise by as much as 7 per cent by 2014

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