Property prices in Ireland see a fall in 2012

Despite housing prices rising at their fastest pace in more than six years in November, property prices in Ireland fell slightly towards the end of last year.

Official figures released today by the Central Statistics Office showed a 0.5% drop in December across the country, leading to an overall decrease of 4.5% over the course of 2012.

Comparatively, in the twelve months leading up to December 2011 figures showed an annual slump of 16.7%.

Looking at Dublin specifically, residential property prices fell by 1.3% in December which is 2.5% lower than they were a year ago.

House prices in Dublin fell by 1.7% in the month, which is also 1.7% lower than a year previous.

The trend continues with apartment prices, down 10.9% when compared side by side to the same month in 2011. The news will be of particular as a concern to home owners in the capital, having to already pay high landlord insurance and maintenance costs.

Residential properties in the rest of Ireland remained the same in December despite a decline at the same time last year.

A statement released by the Central Statistics Office underlined that house prices in Dublin are now 54% lower than at their highest level in early 2007.

“Apartments in Dublin are 62% lower than they were in February 2007,” it said. “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%.”

The CSO added that overall, the national index is 50% lower than its highest level.

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