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THE LATEST index of residential property prices produced by the Central Statistics Office shows that the decline in the value of Irish homes continued last month – with apartments in Dublin worth only 40 per cent of their peak value.
The CSO’s Residential Price Index shows that the price of the average home dropped by 1.1 per cent last month, meaning a year-on-year decline of 16.4 per cent (approximately one sixth).
For the second month running, however – and for the fourth time in six months – the value of apartments in Dublin increased, with their average value up by 2.6 per cent in April following a 2.3 per cent bump in March.
Apartments in the capital are, however, still down by 60 per cent on their peak prices of February 2007. Prices are down by 15.3 per cent in the last twelve months.
Houses in the capital also experienced their second month of increase, though they saw a more modest bounce of 0.2 per cent following growth of 0.7 per cent in March.
Their prices are down 17.9 per cent in the last year, and by 55 per cent from their peak in September 2007.
It was outside the capital where prices suffered in April, however: property prices fell by 2.0 per cent in April, meaning the annual drop is now 16.1 per cent. Houses there are down by 47 per cent on their peak value.
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Take a look at the property section of today’s Times, you’d do well to find much in there for under 500k…some lunatics out there.
That’s the vested interest parties looking after all there bad investments using any means possible to keep prices high for all there media friends and buddies who have all the money tied up in property, why do you think all them Buy to Let investments have not been repossessed yet cause the media are powers that be are trying to talk it all down. Its only a matter of time though, when the legal system & judges gets its finger out they will make a start on them BTL’s. The UK would have had 80% of these taken back and re-sold at value prices years ago….Ireland unfortuantely is corrupt to the core so it will take a little longer.
When will it end?
When they are allowed to hit a natural bottom it will end & only then. When vested interested parties can for once keep there nose’s out and stop trying to protect there greedy investments….only then will it end. Also its good for the Irish economy that its allowed hit rock bottom, as it will allow a fair value trade to start again in a few years time. It could take a few more years yet though.
I seem to remember being told 12 months ago by the vested interests that it was a good time to buy.
Shouldn’t be surprised though – we were also being told at the height of the boom that it was a good time to buy!
I feel sorry for those who believe everything they’re told though, and can’t see the spin for what it is…
It has ended, for those in Dublin first. Two consecutive monthly increases for Dublin apts is a real turnaround- these were tanking only last year. Lack of mortgage options for non civil-servants is making recovery very slow. At this point we are back to the three times the main salary + one time second salary for value in a house. Great time to buy in Dublin.
Complete rubbish .5% Increase in Dublin means absoulutley nothing as supply is short and cash buyers picking up what’s left it will only last a few months as spring time sales. Dublin is still vastly overpriced in most areas. Wait till the property database comes out then you will see more massive drops in Dublin. Don’t listen to the spin, people with bad investments only looking after there own back pockets will tell you this BS. Economy is thrashed, emigration is colossal, unemployment, house tax, water garages, energy charges all going up up up and all the obvious signs looking you in the face say it will take years and years maybe decades before any real recovery in property and if there is it will be minimal.
Prices are down??
It wouldn’t be because the Irish property market is unregulated?
The wild west.
Banana Republic.
Shows what the true value of the property was!!!
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