Property prices fall in January but rise in Dublin

Residential property prices fell by 0.6% in the month of January but rose by half a percent in the capital, according to the latest figures from the Central Statistics Office (CSO).

The nationwide fall of 0.6% compares with a decrease of 0.5% recorded in December and a decline of 1.9% recorded in January of last year.
In the year to January, residential property prices at a national level, fell by 3.3%. This compares with an annual rate of decline of 4.5% in December and a decline of 17.4% recorded in the twelve months to January 2012.

In Dublin residential property prices rose by 0.5% in January and were 2.1% higher than a year ago. Dublin house prices rose by 0.3% in the month and were 2.8% higher compared to a year earlier. Dublin apartment prices were 4.6% lower when compared with the same month of 2012.

The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) fell by 1.6% in January compared with a decline of 0.7% in January last year. Prices were 7% lower than in January 2012.

House prices in Dublin are 54% 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 56% 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 47%. Overall, the national index is 50% lower than its highest level in 2007.

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