Although it is good news for buyers who can get a mortgage, the annual rate of decline in the market is showing no signs of letting up. The 15.1% annual fall for October compares with 14.3% in September.
Residential property prices fell by 2.2% in the month of October. This compares with a decline of 1.5% recorded in September and a decline of 1.2% in October of last year.
In Dublin residential property prices fell by 3.1% in October and were 17.5% lower than a year ago. Dublin house prices decreased by 3.2% in the month and were 17.1% lower compared to a year earlier.
Dublin apartment prices fell by 2.3% in the month of October and were 21.2% lower when compared with the same month of 2010.
The price of residential properties in the rest of Ireland fell by 2% in October compared with a decline of 1.2% in the same month of last year. Prices were 13.8% lower than in October 2010.
House prices in Dublin are now 51% lower than at their highest level in early 2007 while apartments prices in Dublin are 60% lower than they were in February 2007. Overall residential property prices in Dublin are 53% 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 45% lower than its highest level in 2007.
