Daft Property - Irish Property News

House prices now under €200k, lowest since 2000... HOUSE prices in Dublin have fallen below the €200,000 barrier for the first time since the early months of 2000. Values fell by almost 17pc last year - the fastest annual decline in almost two years, official figures have revealed. The average cost of a home is now about €165,000 based on prices at the peak of the property boom in February 2007 while in Dublin prices have fallen to €198,260. The Central Statistics Office (CSO) has reported prices down by 47pc in the last five years. On top of that huge crash, the record for December shows house prices falling at their fastest rate since February 2010 and a steady increase in the rate of decline all through 2011. The average price paid for a house nationally in February 2007 was euro €311,078, while in Dublin it was €431,000, according to the accepted report on mortgage drawdowns by Permanent TSB. Based on those figures and the CSO's rate of decline, average prices

THERE was further gloom for homeowners after property prices plunged again last month. Prices have been diving now for almost four years. And there is no let-up in sight, with economists predicting prices will keep going down next year. The average residential property has lost almost €150,000 in value since the peak and is now worth around €169,000, according to the latest gloomy figures. Around €232,000 has been wiped off the value of houses and apartments in Dublin as the capital continues to suffer much sharper price declines than the rest of the country. The new figures from the CSO also show that the annual rate of decline in prices jumped to 15.6pc in November. Prices fell by 1.5pc last month and are now down 46pc from the peak of the market in early 2007, the official figures show. The CSO only gives percentage changes, but analysts have calculated that the price of an average property is now just €169,000. This is down from €314,000 when the property bubble was at its m

House prices take another dive bringing annual collapse to 14pc... House prices took another nosedive towards the end of the summer, official figures have revealed. The cost of residential property fell 1.6pc in August taking the total collapse over the previous 12 months to 13.9pc. The Central Statistics Office (CSO) said homes have fallen in value by 43pc since the peak of the market in early 2007. Over the last four years house prices in Dublin are down 48pc and apartments 57pc, while the fall in residential property prices outside the capital is about 40pc since the bubble burst. According to Conall Mac Coille, chief economist at Davy Stockbrokers, the prices are based on very low level transactions because mortgage lending remains weak. “So falling prices reflect distressed vendors being forced to sell despite weak market conditions,” he said. “Hence residential property prices are likely to continue falling through 2011.” Report by Ed Carty - Irish Independent