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Tuesday, 10 April 2012

Property Prices Still Tumbling...

Dublin apartment prices now down 62pc, says CSO

THE house prices freefall has worsened, with some properties now up to 62pc cheaper than at the height of the boom five years ago.

February alone saw one of the largest single monthly falls on record - 2.2pc, a figure surpassed only during two months in spring 2009.

Apartments in Dublin are worst hit by the crash, while the overall fall in the value of all properties in the capital is now up to 57pc.

The Central Statistics Office also warned that in the last 12 months prices have come down by 17.8pc. That is compared to a 10.8% fall in the year to February 2011.

A breakdown of the Residential Property Price Index since the slump hit exactly five years ago showed:

- Nationally, the crash has wiped 49pc off values;

- Houses in Dublin are down 56pc but apartments 62pc

- Outside of the capital, prices are down 45pc on average.

Although the CSO does not give actual prices, houses in Dublin were believed to be worth about €431,000 at the height of the boom and over the last five years have had 241,360 euro wiped off the value.

And the report shows the crash has no signs of abating.

The fall in the 12 months to February is 17.8pc, compared to 17.4pc in the year to January and 16.7pc to December. The three-monthly collapse in prices is also the fastest since the middle of 2009.

Report - Irish Independent