House prices fall an average of 16% in a year

House prices fall an average of 16% in a year

The price of an average house in Ireland fell by almost 16% in the year to November, according to new data from the Central Statistics Office.

Residential property prices fell by 1.5% last month, according to the figures, compared to a decline of 1% in November of last year. The capital seen an even bigger dip in prices during the month, with the cost of a house in Dublin dropping by 2.4%.

Although apartments in the capital rose in value during November, they were still down 16% on the same month last year. Almost 60% has been knocked off the price of an average Dublin apartment since the peak of the boom.

The average house price around the country is now about €170,000.

Prices outside Dublin have now fallen by 42% from €268,000 since the peak almost five years ago to €155,500 as of last month.

The fall has been even sharper in Dublin where the cost of a house has more than halved since the peak of the property boom.

Average prices in the capital were around €431,000 in February 2007. This has now reduced to an average of €207,000 – a drop of €224,000, or 52%.

The CSO’s latest Residential Property Price Index does not give average prices but only details percentage decreases based on mortgage information from the country’s leading lenders.

Leave a Reply