Slight increase in residential property prices outside Dublin

The month of July has seen a slight increase in the average price of residential property in Ireland, official figures have shown today.

Residential property prices rose by 0.2% in the month of July, compared toa decrease of 1.1% in June and a decline of 0.8% recorded in July of last year.

Despite the monthly price rise, the cost of buying a home remains 13.6% down compared to July 2011.

This compares with an annual rate of decline of 14.4% in June and a decline of 12.5% recorded in the 12 months to July 2011.

Prices in Dublin have continued to decline however, with overall average residential property prices down by 0.3% in July, 16.6% lower than a year ago.

Dublin house prices decreased by 0.2% in the month and 16.7% lower compared to 2011. Dublin apartment prices were 19.6% lower when compared with the same month of 2011.

House prices in Dublin are 56% lower than at their highest level in early 2007.

Apartments in Dublin are 63% lower than they were in February 2007.

The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 47%.