Irish house prices fall again

Latest information from the Central Statistical Office show that house prices across Ireland are still in decline.

According to the official data average residential real estate prices fell by almost 16.5 per cent in the twelve months to April – in March it looked like property prices were beginning to stabilise and the annual rate of decline sat at 16.3 per cent. During last month house prices further depreciated by 1.1 per cent.

The situation is different in Dublin where residential real estate prices increased by 0.5 per cent last month – they are now just over 17 per cent lower than the same time a year ago.

Irish property prices peaked during the early part of 2007 several months before the global credit crisis took hold. House prices in Dublin are currently 55 per cent lower than peak levels and apartments in the city are 60 per cent below the levels reached in early 2007.