Irish property prices fall in April after remaining stable in March

Average residential property prices in Ireland have fallen by 16.4% in the year to the end of April, according to the latest data from the Central Statistical Office.

This compares with an annual rate of decline of 16.3% in March and a decline of 12.2% recorded in the twelve months to April 2011.
Residential property prices fell by 1.1% in the month of April and this follows a stable period in March when there was no change in residential property prices recorded. A decline of 1% was recorded in April of last year.
In an encouraging sign Dublin residential property prices rose by 0.5% in April and are now 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.

The data also shows that 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 were 16.1% lower than in April 2011.
House prices in Dublin are 55% lower than at their highest level in early 2007 while 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.