Residential property prices fall by 16.6% in the year to December

Residential property prices fall by 16.6% in the year to December

House prices fell by 16.7% in the year to December, according to the latest figures from the CSO

In the year to December residential property prices at a national level fell by 16.7%, according to new figures released by the Central Statistics Office (CSO).

This compares with an annual rate of decline of 15.6% in November and a decline of 10.5% recorded in the 12 months to December 2010.

Residential property prices fell by 1.7% in the month of December. This compares with a decline of 1.5% recorded in November and a decline of 0.5% in December of last year.

In Dublin residential property prices fell by 2.4% in December and were 19.3% lower than a year ago. Dublin house prices decreased by 3.0% in the month and were 19.9% lower compared to a year earlier. Dublin apartment prices were 15.6% lower when compared with the same month of 2010.

The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) fell by 1.1% in December compared with a decline of 0.5% in the same month of last year. Prices were 15.1% lower than in December 2010.

The latest figures mean that house prices in Dublin are 54% lower than at their highest level in early 2007. Apartments in Dublin are 58% lower than they were in February 2007. Residential property prices in Dublin are 55% 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 47% lower than its highest level in 2007.

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