Residential property prices fall by 1.1% in June, according to CSO

Residential property prices fall by 1.1% in June, according to CSO

After an increase in prices of 0.2% in May, they have fallen by 1.1% in June

Residential property prices fell by 1.1% in the month of June, according to the latest figures from the Central Statistics Office (CSO).

The slight drop comes just a month after an increased price of 0.2% was recorded in May. However, the decline is less than the drop of 2.1% recorded in June of last year.

In the last 12 months prices at a national level have fallen by 14.4%. This compares with an annual rate of decline in May of 15.3% and a decline of 12.9% recorded in the 12 months to June 2011.

In Dublin residential property prices fell by 1% in June and were 16.4% lower than a year ago. Dublin house prices decreased by 0.8% in the month and were 16.4% lower compared to a year earlier. Dublin apartment prices were 17.9% 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 1% in June compared with a decline of 1.9% in June last year. Prices were 13.5% lower than in June 2011.

House prices in Dublin are 56% lower than at their highest level in early 2007. Apartments in Dublin are 62% 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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