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In the year to December 2011, Irish house prices at a national level, fell by
16.7%. This compares with an annual rate of decline of 15.6% in November and a
decline of 10.5% recorded in the twelve months to December 2010. Residential property prices in Dublin are 55% lower than at their highest level in February
The Central Statistics Office (CSO) said residential property prices fell by
1.7% in the month of December. This compares with a decline of 1.5% recorded in
November and a decline of 0.5% in December of last year.
In Dublin residential property prices fell by 2.4% in December and were 19.3%lower than a year ago. Dublin house prices decreased by 3.0% in the month and were 19.9% lower compared to a year earlier. Dublin apartment prices were15.6% lower when compared with the same month of 2010.
The price of residential properties in the Rest of Ireland (i.e. excluding
Dublin) fell by 1.1% in December compared with a decline of 0.5% in the same month of last year. Prices were 15.1% lower than in December 2010.
House prices in Dublin are 54% lower than at their highest level in early
2007. Apartments in Dublin are 58% lower than they were in February 2007. Residential property prices in Dublin are 55% 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 43%.
Overall, the national index is 47% lower than its highest level in 2007.
Conall Mac Coille, chief economist at Davy,
Prices continue to decline in December
Residential property prices fell by 1.7% on
the month in December following a 1.5% decline in November;
This means the annual rate of decline in
property prices in December was 16.7%, a sharper pace than the 15.6% fall in
the year to November;
House prices fell by 1.6% in December, down
16.6% on the year;
Apartment prices declined by 0.2% in
December, down 17.3% on the year.
Price falls sharper in Dublin
Residential property prices in Dublin fell
by 2.4%, down 19.3% on the year;
House prices declined by 3.0% in Dublin,
down 19.9% on the year;
Apartment prices in Dublin rose for the
second consecutive month. They increased by 1.3% following a 4.7% rise in
November but remain 15.6% down on the year.
Peak-to-trough decline now rising close to
The declines in December mean that since
their peak in September 2007, residential property prices have fallen by
47.2% and by 55% in Dublin.
Price falls set to continue in 2012
Today's data show no let-up in the pace of
house price falls. With low transactions, constrained mortgage lending and
an uncertain economic environment, house prices are likely to continue
falling in 2012.
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