Property prices down 12.5% but Dublin sees small recovery

RESIDENTIAL property prices continued to fall in July with the cost of property dropping by 12.5% in the year to date.

Figures published by the Central Statistics Office (CSO) show that residential property prices outside Dublin are down almost 40% compared with the boom in February 2007, while prices in the capital are down 49%.

However, the figures also show that while residential property prices — made up of both houses and apartments — fell 0.8% in July, the rate of decrease has slowed, as the decrease in June stood at 2.1%, the biggest monthly fall in two years.