Rise in Dublin residential property prices continues as prices drop elsewhere

New figures show residential property prices rose 0.5% in Dublin in April, according to official statistics released today.

However, the Residential Property Price Index showed that on a national level, residential property prices fell by 1.1% in April, compared to no change in March, and a 1.1% decline in April 2011.

The Central Statistics Office figures also showed the rate of decline in residential prices nationally has increased, with prices falling by 16.4% compared to April 2011.

This compares with an annual rate of decline of 16.3% in March and a decline of

12.2% recorded in the 12 months to April 2011.

Despite April's rise, Dublin residential property prices are 17.3% lower than a year ago.

Dublin house prices increased by 0.2% in the month and were 17.9% lower compared to a year earlier. Dublin apartment prices were 15.3% lower when compared with the same month of 2011.

The price of residential properties in the Rest of Ireland fell by 2% in April compared with a decline of 1.3% in April last year.

Prices in this sector were 16.1% lower than in April 2011.

House prices in Dublin are 55% lower than at their highest level in early 2007.

Apartments in Dublin are 60% lower than they were in February 2007.

Residential property prices in Dublin are 57% lower than at their highest level in February 2007.

The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 47%. Overall, the national index is 50% lower than its highest level in 2007.