Wednesday, December 21, 2011

House prices down 15.6% in year in Ireland

The price of an average house in Ireland fell by almost 16 per cent in the year up to November, according to new data from the Central Statistics Office.

Residential property prices fell by 1.5 per cent last month, compared to a decline of 1 per cent in November of last year, according to the CSO. The cost of a house in Dublin dipped 2.4 per cent during the month.

Although apartments in the capital rose in value during November, they were still down 16 per cent on the same month last year. Almost 60 per cent has been knocked off the price of an average Dublin apartment since the peak of the boom.

The average house price around the country is now about €170,000.

Prices outside Dublin have now fallen by 42 per cent from €268,000 since the peak almost five years ago to €155,500 as of last month.

The fall has been even sharper in Dublin where the cost of a house has more than halved since the peak of the property boom.

Average prices in the capital were around €431,000 in February 2007. This has now reduced to an average of €207,000 - a drop of €224,000, or 52 per cent. Read More