Residential property prices up 0.2% in May

Residential property prices up 0.2% in May

Residential property prices grew nationally in May, according to the latest figures from the Central Statistics Office

Residential property prices nationally grew by 0.2% in the month of May, according to the latest figures from the Central Statistics Office (CSO).

This compares with a decline of 1.1% recorded in April and a decline of 1.2% recorded in May of last year. Overall residential property prices at a national level have fallen by 15.3% in the year to May. This compares with an annual rate of decline of 16.4% in April and a decline of 12.2% recorded in the 12 months to May 2011.

In Dublin residential property prices also rose by 0.2% in May but were 17.5% lower than a year ago. Dublin house prices increased by 0.5% in the month but were 17.7% lower compared to a year earlier. Dublin apartment prices were also 16.3% lower when compared with the same month of 2011.

The price of residential properties in the Rest of Ireland (excluding Dublin) rose by 0.1% in May compared with a decline of 2.1% in May last year. Prices were 14.2% lower than in May 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 47%. Overall, the national index is 50% lower than its highest level in 2007.

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