Property prices fall by 0.5% in December – CSO

Property prices fall by 0.5% in December – CSO

Prices fell by 0.5% in December, according to the CSO

Residential property prices fell by 0.5% in December, according to the latest report from the Central Statistics Office (CSO).

The fall comes on the back of a 1.1% increase in November but is an improvement on the decline of 1.7% in December 2011.

In the year to December, residential property prices at a national level, fell by 4.5%. This compares with an annual rate of decline of 5.7% in November and a decline of 16.7% recorded in the twelve months to December 2011.

In Dublin residential property prices fell by 1.3% in December and were 2.5% lower than a year ago. Dublin house prices fell by 1.7% in the month and were also 1.7% lower compared to a year earlier. Dublin apartment prices were 10.9% lower when compared with the same month of 2011.

The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) were unchanged in December compared with a decline of 1.1% in December last year. Prices were 6.1% lower than in December 2011.

House prices in Dublin are 54% 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 56% 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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