Figures from the Central Statistics Office also show that it is a positive change from the 15.6% decline recorded in the 12 months to November 2011.
On a monthly basis residential property prices grew by 1.1% in November. This compares with a decline of 0.6% recorded in October and a decline of 1.5% recorded in November of last year.
In Dublin residential property prices grew by 2.4% in November and were 3.5% lower than a year ago. Dublin house prices grew by 2.7% in the month but were 3% lower compared to a year earlier. Dublin apartment prices were 13% lower when compared with the same month of 2011.
The price of residential properties in the rest of Ireland grew by 0.3% in November compared with a decline of 1.6% in November last year. Prices were 7.2% lower than in November 2011.
The latest data means that house prices in Dublin are still 54% lower than at their highest level in early 2007. Apartments in Dublin are 64% 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%. Overall, the national index is 49% lower than its highest level in 2007.
Experts believe that the Irish home market is now in recovery having suffered Europe’s worst real estate crash, one of the steepest and most disastrous of any developed country since the Second World War.
Between 1995 and 2007 when the Irish economy was growing by 5% annually average house prices increased by 330% and by6 500% in some parts of Dublin.
‘The good news has to start at some stage and it does take time to work its way through these indicators,’ said a Central Statistics Office spokesperson.
‘There has been some discussion about a two tier market in Dublin and it is very evident in this data. Apartments are still falling quite quickly but there are some signs of stability in Dublin houses,’ he added.
