Property prices fall by 0.5% in March, according to CSO

Property prices fall by 0.5% in March, according to CSO

Residential property prices fell by 0.5% in the month of March, according to the latest figures from the Central Statistics Office (CSO).

This compares with a decrease of 1.5% recorded in February. Prices were unchanged in the month of March of last year.

In Dublin residential property prices fell by 0.8% in March but were 1.4% higher than a year ago. Dublin house prices fell by 0.3% in the month but were 1.5% higher compared to a year earlier. Dublin apartment prices were 2.2% lower when compared with the same month of 2012. However, it shouldbe noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.

The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) fell by 0.3% in March compared with a decline of 0.6% in March last year. Prices were 5.8% lower than in March 2012.

In the year to March, residential property prices at a national level, fell by 3%. This compares with an annual rate of decline of 2.6% in February and a decline of 16.3% recorded in the twelve months to March 2012.

House prices in Dublin are 55% lower than at their highest level in early 2007. Apartments in Dublin are 62% lower than they were in March 2007. Residential property prices in Dublin are 56% lower than at their highest level in March 2007. The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 49%. Overall, the national index is 51% lower than its highest level in 2007.

There is 1 comment for this article
  1. Paddy at 10:05 pm

    Estate agent’s never-changing monolog “buy now because property prices are sure to rise” has scored an own-goal and contributed greatly to the lack of sales as potential sellers wait in vain for the promised price increases, but astute buyers call the agents bluff and refuse to pay more.
    To get the market moving and restore their commission income the property industry should preach “sell now, prices are sure to drop for years to come”, but such a change would require a Gulag-style re-education of our estate agents, the majority of who are lazy, greedy and spoilt by the property bubble years.

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