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Dublin: 12 °C Wednesday 3 September, 2014

Property prices are now half the price they were in 2007

However, the CSO figures show that for the first time in five years property prices are up.

Image: Laura Hutton/Photocall Ireland

FOR THE FIRST time since 2008, the price of properties around the country has risen.

In the year to June, house property prices at a national level, increased by 1.2 per cent, according to figures from the Central Statistics Office.

It compares with an annual rate of decline of 1.1 per cent in May and a 14.4 per cent fall recorded in the 12 months to June 2012.

The property prices grew by 1.2 per cent in the month of June, compared with an increase of 0.3 per cent recorded in May and a fall in prices by 1.1 per cent in June last year.

Dublin vs. rest of Ireland

In Dublin, residential property prices grew by 1.7 per cent in June and were 4.2 per cent higher than a year ago. While the price of residential properties in the rest of Ireland (excluding Dublin) grew by 0.7 per cent in June compared with a decrease of 1.0 per cent in June last year.

Overall, the national index shows that property prices are down by 50 per cent since their peak in 2007.

House prices in Dublin are 54 per cent lower than at their highest level in early 2007, while apartments in Dublin are down 58 per cent.

The fall in the price of residential properties in the rest of Ireland is somewhat lower at 48 per cent.

Read: Rise in ‘accidental landlords’ as homeowners rent out properties to cover mortgage costs>
More: Again? House prices in parts of Dublin jump by 12%>

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