The price of apartments in Dublin has sunk like a stone in the last four years – down almost 60% in value.
The price of apartments in Dublin has sunk like a stone in the last four years – down almost 60% in value.
It means a two bedroom apartment that cost €450,000 at the peak would now be worth just €270,000 if it were put on the market today.
Official figures released by the Central Statistics Office show the decline in house prices is not abating in Ireland despite hopes that the market had finally bottomed out, at least in Dublin were the fall has been greatest.
Across the country as a whole, prices of all types of residential property are down 43.4% with houses, on average down 41.7%.
Outside Dublin property has fallen 39.8% since the peak.
But the biggest faller is apartments in Dublin which are down 57.1%. Estate agents put it down the glut of apartments on the market and the natural preference for houses over flats.
The CSO said overall prices in August fell by 1.6% during the month, leaving prices 13.9% lower than in the same month last year. The annual fall was the biggest since March last year.
Apartments in Dublin are 17.4% lower than they were a year ago, again the biggest faller.
Overall, property prices are almost 43% lower than the peak in early 2007. The fall is 50.6% in Dublin and 40% outside Dublin. House prices in Dublin are 48% lower than their highest level, with apartments now 57% lower.
Dublin residential property prices fell by 3.8% in August and were 14.9% lower than a year ago. Dublin house prices fell by 3.4% month-on-month and were 14.7% lower compared with a year earlier.
Dublin apartment prices fell even more steeply - by 6% during August – they have dropped by almost 10% in three months.
Outside Dublin, residential property prices fell by 0.3% in August, giving an annual fall of 13.2%.
