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Property prices falls in Ireland slowing

The figures from the Central Statistics Office also show that prices fell by 0.8% in July compared with 2.1% in June.

In Dublin residential property prices in July remained the same as in June and were 11.9% lower than a year ago. Dublin house prices increased by 0.3% in the month and were 11.6% lower compared to a year earlier.

But id depends on the type of property. Dublin apartment prices, for example, fell by 1.9% in the month of July and were 13.7% lower when compared with the same month of 2010.
The price of residential properties in the rest of Ireland fell by 1.3% in July compared with a decline of 1.5% in the same month of last year. Prices were 12.8% lower than in July 2010.

It means that house prices in Dublin are just under 47% lower than at their highest level in early 2007. Apartments in Dublin are now just over 54% lower than they were in February 2007. Residential property prices in Dublin are now almost 49% 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 almost 40% while overall, the national index is almost 43% lower than its highest level in 2007.

Irish property prices rocketed to unsustainable levels on the back of years of reckless lending before the bursting of a property bubble in 2008 left banks with huge losses and homeowners with hefty mortgage repayments.