Residential property prices decline in December

Residential property prices fell by 0.5% in the month of December, according to official figures released today.

This compares with an increase of 1.1% recorded in November and a decline of 1.7% recorded in December of last year.

The Central Statistics office also stated today that in the year to December, residential property prices at a national level fell by 4.5%.

This compares with an annual rate of decline of 5.7% in November and a decline of

16.7% recorded in the twelve months to December 2011.

In Dublin, residential property prices fell by 1.3% in December and were 2.5% lower than a year ago.

Dublin house prices fell by 1.7% in the month and were also 1.7% lower compared to a year earlier.

Dublin apartment prices were 10.9% lower when compared with the same month of 2011.

The price of residential properties in the Rest of Ireland were unchanged in December compared with a decline of 1.1% in December last year.

Prices were 6.1% lower than in December 2011.

House prices in Dublin are 54% lower than at their highest level in early 2007.

Apartments in Dublin are 62% lower than they were at their peak in February 2007.

Residential property prices in Dublin are 56% lower than 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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