Decline in Dublin property prices slowing

Residential property prices in Ireland have fallen by 16.3% in the year to the end of March, the latest figures from the Central Statistical Office show.

This compares with an annual rate of decline of 17.8% in February and a decline of 11.9% recorded in the twelve months to March 2011.

But there are signs of the decline in values falling. Residential property prices remained unchanged in the month of March. This compares with a decline of 2.2% recorded in February and a decline of 1.7% recorded in March of last year.

In Dublin residential property prices actually rose by 0.7% in March but are still 18.3% lower than a year ago. Dublin house prices increased by 0.7% in the month and were 18.4% lower compared to a year earlier. Dublin apartment prices were 18.9% lower when compared with the same month of 2011.

The price of residential properties in the rest of Ireland fell by 0.6% in March compared with a decline of 1.5% in March last year. Prices were 15.5% lower than in March 2011.

House prices in Dublin are now 55% lower than at their highest level in early 2007. Apartments in Dublin are 61% lower than they were in February 2007. Residential property prices in Dublin are 57% 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 45%. Overall, the national index is 49% lower than its highest level in 2007.