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News : Property Last Updated: Feb 6, 2013 - 8:02 AM

Irish House Prices: Average prices of family homes in Dublin marginally increased in 2012
By Finfacts Team
Feb 6, 2013 - 7:35 AM

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Irish House Prices: The average prices of family homes in Dublin stabilised and marginally increased in 2012 while there were further declines in house prices around the rest of the country, albeit at a slower pace than 2011, according to the Society of Chartered Surveyors Ireland (SCSI) annual survey of its estate agent members.

The SCSI Annual Property Survey suggests that average prices of second-hand three and four bedroom semi-detached family homes in Dublin increased by 2.7% and 1.1% respectively in 2012, compared to declines of 12.6% and 13.6% in 2011.

  • In Leinster, the average price of a second-hand 3-bedroom semi detached house declined by 7.7%. This compared with a 16.8% decline in 2011;
  • In Munster, the average price of a second-hand 3-bedroom semi detached house declined by 7.6%. This compared with a 9.3% decline in 2011;
  • In Connacht, the average price of a second-hand 3-bedroom semi detached house declined by 7.1%. This compared with a 15.2% decline in 2011.

The SCSI said that the Mortgage Interest Relief (MIR) deadline stimulated demand in the final quarter of the year and that a lack of supply of family-type homes, particularly in Dublin, led to modest price increases in certain areas.

Roland O’Connell, president of the Society of Chartered Surveyors Ireland said: “How we deal with the legacy issues under our control will have a major bearing on the future of the property market in this country. 2012 was very much a year of transition with increasing levels of both commercial and residential transactional and rental activity being experienced by a growing number of agents in different sectors.

Commercial Property:  According to the SCSI/IPD Index, 2012 was the first year of positive returns for the Irish market since 2007. However, activity levels in the commercial property market were relatively low in 2012, particularly in relation to older stock in secondary locations.

  • In Dublin, rents for prime 3rd generation offices declined to €310 per sq metre in 2012 from €320 in 2011;
  • In Dublin, prime city retail rents declined to €4,135 in 2012 from €4,532 in 2011;
  • In Leinster, prime city retail rents declined to €303 per sq metre in 2012 from €374 in 2011;
  • In Munster, prime city retail rents declined to €907 in 2012 from €974 in 2011;
  • In Connacht, prime city retail rents increased to €1,820 in 2012 from €1,813 in 2011.

O’Connell said that while market rents experienced further declines in 2012, Foreign Direct Investment (FDI) companies were continuing to drive demand. He also said that the lack of supply of new prime stock and the availability of finance remain the key issues in terms of a broader stabilisation in the commercial market.

The Irish Times reports today that the German fund manager GLL Real Estate has bought two shops on Dublin’s Grafton Street for a fraction of the price they made in 2007.

The fund will pay just over €40m for the River Island store and the adjoining Wallis outlet - - a long way from the €115m paid for the investment by Dublin property developer David Daly in 2007. The two buildings have fallen in value by 65% since the property market collapsed.

Agricultural Land: Agricultural land performed well again in 2012 following on from strong performance in 2011. The SCSI survey suggests that the average price per acre with entitlements (up to 100 acres) was €9,768 in 2012 compared to €9,662 in 2011.

The national average for agricultural land now stands at approximately €10,000 per acre with or without entitlements.

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