Diminishing decline of Dublin’s house prices

Following several years of crashing property prices it seems the speed with which the price of residential property in Ireland is falling is beginning to slow.

Data supplied by the Central Statistical Office show that while house prices across Ireland are still in decline the rate at which they are falling reduced by more than 6 per cent in the year ending in March compared to the annual rate of decline in the previous month. House prices fell by 2.2 per cent during February but remained unchanged during March.

On a national level Irish residential property prices peaked during the first quarter of 2007 and in today’s market they are now 49 per cent lower than peak levels. In Dublin house prices have dropped by 55 per cent and apartment prices have seen more than 60 per cent wiped from peak values.

During the last year Dublin house prices have fallen by almost 18.5 per cent and the price of apartments in the city fell by nearly 19 per cent during the same period however residential property prices increased by 0.7 per cent in March.