In the year to November, Irish house prices at a national level, fell by 15.6%. This compares with an annual rate of decline of 15.1% in October and a decline of 11.5% recorded in the twelve months to November 2010. House prices in Dublin are 52% lower than at their highest level in early 2007. Apartments in Dublin are 58% lower than they were in February 2007.
The Central Statistics Office said that residential property prices fell by 1.5% in the month of November. This compares with a decline of 2.2% recorded in October and a decline of 1% in November of last year.
In Dublin residential property prices fell by 1.4% in November and were 17.6% lower than a year ago. Dublin house prices decreased by 2.4% in the month and were 18.1% lower compared to a year earlier. Dublin apartment prices were 16.1% 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 1.6% in November compared with a decline of 0.8% in the same month of last year. Prices were 14.5% lower than in November 2010.
Overall Decline: House prices in Dublin are 52% 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 54% 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 42%. Overall, the national index is 46% lower than its highest level in 2007.
David McNamara, economist at Davy comments:
Residential property prices fall by 1.5% on the month in November
Today's index now shows a peak-to-trough decline of 46.3% nationally from 2007 peak
Apartment prices rise slightly on October
Budget 2012 measures aimed at stimulating stagnant property market
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