Property prices remained unchanged last month and actually rose slightly in Dublin, according to the latest figures from the CSO. This was the first time in nearly two years that a decline was not recorded.
In the year to March, residential property prices at a national level, fell by 16.3%. This compares with an annual rate of decline of 17.8% in February and a decline of 11.9% recorded in the twelve months to March 2011.
Residential property prices remained unchanged in the month of March. This compares with a decline of 2.2% recorded in February and a decline of 1.7% recorded in March of last year.
In Dublin residential property prices rose by 0.7% in March and were 18.3% lower than a year ago. Dublin house prices increased by 0.7% in the month and were 18.4% lower compared to a year earlier. Dublin apartment prices were 18.9% lower when compared with the same month of 2011.
The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) fell by 0.6% in March compared with a decline of 1.5% in March last year. Prices were 15.5% lower than in March 2011.
House prices in Dublin are 55% lower than at their highest level in early 2007. Apartments in Dublin are 61% 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 45%. Overall, the national index is 49% lower than its highest level in 2007.