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More gloom for Irish property market as prices are down 46% since the peak of 2007

This compares with an annual rate of decline of 15.1% in October and a decline of 11.5% recorded in the twelve months to November 2010 and indicates that the market is still in troubled waters.

Residential property prices fell by 1.5% in the month of November. This compares with a decline of 2.2% recorded in October and a decline of 1% in November of last year.

In Dublin residential property prices fell by 1.4% in November and were 17.6% lower than a year ago. Dublin house prices decreased by 2.4% in the month and were 18.1% lower compared to a year earlier.
Dublin apartment prices were 16.1% lower when compared with the same month of 2010, the figures also show.
The price of residential properties in the rest of Ireland fell by 1.6% in November compared with a decline of 0.8% in the same month of last year. Prices were 14.5% lower than in November 2010.
The figures mean that house prices in Dublin are 52% lower than at their highest level in early 2007. Apartments in Dublin are 58% lower than they were in February 2007 while residential property prices in Dublin are 54% 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 42%. Overall, the national index is 46% lower than its highest level in 2007.

Finance Minister Michael Noonan has announced a series of measures for 2012 to try to improve the residential property market. These include tax relief of 25% for first time buyers and those who buy their second or subsequent home next year will benefit from a 15% rate of mortgage interest relief. Both tax benefits are set to last for 12 months.