House prices still falling across Ireland

Following a fall of more than 17 per cent during 2011 house prices across Ireland continued to dip during January.

Residential real estate prices on a national level dropped by almost 2 per cent during the first month of 2012 following a decline of 1.7 per cent during December.

According to the Central Statistical Office the largest price falls occurred in Dublin with house prices taking a 4 per cent hit and are now almost 22 per cent lower than the same time a year ago. Apartment prices in Dublin are more than 18 per cent cheaper now when compared to January 2011.

Residential property prices peaked across Ireland in the early part of 2007 since then property prices have almost halved on a national level, in Dublin Apartment prices are nearly 60 per cent lower than five years ago and house prices have declined by 55 per cent.

Perhaps not surprisingly in view of this data experts are reluctant to predict when recovery is likely to commence.