Property prices fall in October, according to CSO

Property prices fall in October, according to CSO

After a few months of increases, prices fell back slightly again in October

Residential property prices fell by 0.6% in the month of October, according to the latest figures from the Central Statistics Office (CSO).

The fall compares with an increase in prices of 0.9% in September and a decline of 2.2% in October last year.

In Dublin, residential property prices also fell in October by 0.2% and were 7.1% lower than a year ago.

Dublin house prices also declined by 0.2% in the month but were 7.8% lower compared to a year earlier. Dublin apartment prices were 7.1% lower when compared with the same month last year.

The price of residential properties in the Rest of Ireland (excluding Dublin) fell by 0.9% in October compared with a decline of 2% in the same month last year. Prices were 8.9% lower than in October 2011.

In the year to October, prices at a national level fell by 8.1%. This compares with an annual rate of decline of 9.6% in September and a decline of 15.1% in the 12 months to October 2011.

House prices in Dublin are 55% lower than at their highest level in early 2007. Apartments in Dublin are 63% 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.

CSO figures take into account mortgage drawdowns from the main lending institutions but their stats do not include data involving cash buyers.

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