This site uses cookies to improve your experience and to provide services and advertising. By continuing to browse, you agree to the use of cookies described in our Cookies Policy. You may change your settings at any time but this may impact on the functionality of the site. To learn more see our Cookies Policy.
OK
#Open journalism No news is bad news

Your contributions will help us continue to deliver the stories that are important to you

Support The Journal
Dublin: 9 °C Friday 10 July, 2020
Advertisement

Apartments in Dublin now worth just 38pc of peak price

CSO figures show that residential property prices across Ireland were down by an average of 2.2 per cent in February.

The value of apartments in Dublin fell by 6.3 per cent in February, and are now down by 62 per cent from their peak value.
The value of apartments in Dublin fell by 6.3 per cent in February, and are now down by 62 per cent from their peak value.
Image: Mark Stedman/Photocall Ireland

THE PRICE of the average apartment in Dublin fell by 6.3 per cent last month – and is now just 38 per cent of its price at the peak of the property bubble, new figures have shown.

The Central Statistics Office’s residential property price index showed that the price of the average Irish home fell by 2.2 per cent in February.

Prices have now fallen by an average of 17.8 per cent in the last 12 months – the fastest rate of annual decline since the end of 2009. The monthly drop is equal to that of last October, which itself was the steepest drop in a single month since March 2009.

Apartments in Dublin saw the most dramatic drop, with prices down by 6.3 per cent in just 12 months, confirming a return to declining prices after their values rose in November and December of last year.

Apartments in the capital are now worth 22.9 per cent less than they were at this point last year, and have seen prices plummet by 62 per cent since the peak of the market in February 2007.

Properties outside of Dublin also had a torrid month, with values falling by 3 per cent – double the rate of decline they had experienced in February 2011.

Those prices are now down by an average of 16.4 per cent in a year, and by 45 per cent from their peak prices in 2007.

Houses in the capital fell by a comparatively modest 0.7 per cent, and are down by 20.2 per cent in the last 12 months. The value of those homes is now an average of 56 per cent lower than their peak in early 2007.

Read: Ministers add to Household Charge confusion >

More: Central Bank warns: Ireland’s economy is still ‘fragile’ >

  • Share on Facebook
  • Email this article
  •  

About the author:

Gavan Reilly

Read next:

COMMENTS (22)

This is YOUR comments community. Stay civil, stay constructive, stay on topic. Please familiarise yourself with our comments policy here before taking part.
write a comment

    Leave a commentcancel