Residential Property Prices in Ireland

Residential property prices in Ireland continued to plummet in November, according to figures from the Irish Central Statistics Office (CSO) released on Tuesday.

In the year to November, prices of houses and apartments nationwide fell by 15.6 percent. This is the biggest annual fall since February 2010 and compares with a decline of 11.5 percent recorded in the twelve months to November 2010.

Residential property prices fell by 1.5 percent in the month of November following a 2.2 percent drop in October. Prices nationally are now 46 percent below peak levels reached in early 2007, before the collapse of the construction industry.

The average house price around the country is now about 170,000 euro.

The cost of a house in Dublin dropped 2.4 percent during the November with residential property prices in general in the capital down by 1.4 percent, over 17 percent lower than a year ago.

Dublin apartment prices were 16.1 percent lower when compared with the same month of 2010, despite recording their first monthly rise since December last year.

Average prices in the capital were around 431,000 euros in February 2007. This has now reduced to an average of 207,000 euros, a drop 52 percent.

Prices outside Dublin have now fallen by 42 percent from 268,000 euros since the peak almost five years ago to 155,500 euros.

The fall has been even sharper in Dublin where the cost of a house has more than halved since peak prices in 2007.

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