National house prices fell 16.3% in past year

Nationwide residential property prices fell by a further 16.3% in the past year, a bigger decline than the 11.9% drop the previous year.

In Dublin, home sale prices fell by 18.3% for the past 12 months to March, according to the latest figures released by the Central Statistics Office.

While the figures for March show that residential property prices in the capital rose marginally by 0.7% as those in the rest of the country fell by 0.6%, the CSO yesterday warned against anticipating any hopeful signs of recovery in the property market.

“I would urge caution in reading too much into the results for one month,” said Niall O’Hanlon of the CSO. “The trend, both in Dublin and in the rest of the country, shows that prices are still falling.

“You need a sustained period of increase before you can attribute any growth trends.”

Overall, property prices nationally remained unchanged in March. This compares with a decline of 2.2% recorded in February and a decline of 1.7% recorded in Mar 2011.

However, year-on-year figures still show a substantial overall fall in values. In the year to March, residential property prices at a national level, fell by 16.3%. This compares with an annual rate of decline of 17.8% in February and a decline of 11.9% recorded in the previous 12 months to Mar 2011.

In Dublin, apartment prices were 18.9% lower when compared with the same month of 2011.

Apartments in Dublin are 61% lower than they were in Feb 2007. Residential property prices in Dublin are 57% lower than at their highest level in Feb 2007.

The fall in the price of residential properties in the rest of Ireland is 45%. Overall, the national index is 49% lower than its highest level in 2007.