Residential property prices have fallen by 15.1% so far this year

Residential property prices have fallen by 15.1% so far this year

In the year to October, residential property prices at a national level, fell by 15.1%, according to new figures released by the Central Statistics Office (CSO).

This compares with an annual rate of decline of 14.3% in September and a decline of 11.1% recorded in the 12 months to October 2010.

Residential property prices fell by 2.2% in the month of October. This compares with a decline of 1.5% recorded in September and a decline of 1.2% in October of last year.

In Dublin residential property prices fell by 3.1% in October and were 17.5% lower than a year ago. Dublin house prices decreased by 3.2% in the month and were 17.1% lower compared to a year earlier. Dublin apartment prices fell by 2.3% in the month of October and were 21.2% lower when compared with the same month of 2010.

The price of residential properties in the rest of Ireland (excluding Dublin) fell by 2% in October compared with a decline of 1.2% in the same month of last year. Prices were 13.8% lower than in October 2010.

House prices in Dublin are now 51% lower than at their highest level in early 2007. Apartments in Dublin are 60% lower than they were in February 2007. Residential property prices in Dublin are 53% 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 42%. Overall, the national index is 45% lower than its highest level in 2007.

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