Dublin house prices almost halved in four years

House prices in Dublin are almost 46% lower than at their peak in early 2007, according to the Central Statistics Office.

Apartments in Dublin fared even worse and are almost 53% lower than they were in February 2007.

The fall in the price of residential properties in the rest of Ireland (i.e. excluding Dublin) is somewhat lower at just over 36%. Overall, the national index is 40% lower than its highest level in 2007.

On an annual basis residential property prices in the Republic of Ireland fell by 12.2% in the year to April and are down slightly on the annual drop of 11.9% in March. The monthly price drop in April was 1% compared with a 1.7% fall in March.

In Dublin residential property prices fell by 0.7% in April and were 13% lower than a year ago. Dublin house prices fell by 0.4% in the month and were 12.6% lower compared to a year earlier. While Dublin apartment prices fell by 1.8% in April.

The price of residential properties in the rest of Ireland fell by 1.3% in April compared with a decline of 0.5% in the same month of last year.