House prices down 50% from peak

The average prices paid for a residential property in Ireland is now half of what they were at their 2007 peak, official figures have revealed today.

The average prices paid for a residential property in Ireland is now half of what they were at their 2007 peak, official figures have revealed today.

According to the CSO, that figure is higher in Dublin, where the average price of houses has fallen 56% from peak, with the price of apartments 62% less than in February 2007.

Residential property prices fell nationally by 1.1% in June of this year, compared to an increase of 0.2% in May, latest figures have revealed.

That drop is a return to the long-running trend of collapsing prices which hit the market over the last five years.

Overall prices were down 14.4% in the year to June, compared to 15.3% in the previous month.

In Dublin, residential property prices fell by 1% last month and were 16.4% less than a year ago.

Although the statistics body does not give actual prices, houses in Dublin were believed to be worth about €431,000 at the height of the boom and over the last five years have had €245,670 wiped off the value.

The price of residential properties in the rest of Ireland - excluding Dublin - were down 13.5% in June when compared to the same time last year.

Davy Stockbrokers said the report confirmed that suggestions of a turnaround in the property market had been premature.

They also noted that the June drop more than reverses the slight increase seen in May and with weak bank lending, high unemployment and oversupply there is no sign of a turning point in the Dublin market and overall prices will come down further.

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