Dublin property prices fall 12.5% in 12 months

THE average price of second-hand property in Dublin fell 4% in the first quarter of the year, bringing the annual drop to 12.5%, according to a report from Sherry FitzGerald.

The figures reflected the national picture, which saw an annual drop of 13.2% during the 12 months to March 2011.

Marian Finnegan, chief economist with Sherry FitzGerald, said the pace of price deflation remained quite strong in the opening quarter of the year, a reflection of the negative consumer sentiment, concerns surrounding the wider economy and interest-rate cycle. First-time buyers remain the most dominant cohort in the market place, Ms Finnegan said.