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PROPERTY PRICES FELL marginally in the capital last month – but were still 22.4% higher than they were in November 2013.
The 0.1% decrease is the first drop recorded in monthly prices since February 2014.
CSO figures show that in the year to November, residential property prices across the country increased by 16.2%, accounting for a 0.5% rise in the month.
Although there has been consistent growth over the past eight months, 0.5% is the lowest monthly increase in that period.
According to the CSO, house prices are still 35.8% lower than at the height of the boom in early 2007.
Apartments in Dublin are 44.3% lower that they were in February 2007.
Property Industry Ireland, an Ibec-affiliated group, revealed that the number of residential property purchase transactions have increased by 10,000 in 2014 (from 24,992 to 34,676).
It warns of an increase in the cost of city living and more housing shortages in Dublin.
“We now have a clear and growing divide between the Dublin and rural housing markets where prices rose 9.6%. This is largely the consequence of an under-supply of new housing to meet increased demand,” director Peter Stafford said in a statement.
He added that the outlook for house prices in 2015 will be determined by the speed with which new houses come to the market.
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Watch the Sindo reel in horror this weekend at the above drop in prices lol
Apartments were 44.3% to high in February 2007
And they will continue to fall once the new Central Bank mortgage lending rules come into play next month
That would be good but I doubt that will happen. Lot’s of cash buyers on the Dublin market many from abroad.
CGT exemption ended this month
Most cash buyers will now flock elsewhere for more attractive tax breaks
I wouldn’t expect prices to continue to fall Snowball. Not until the supply shortage is addressed, and that will take at least 2-3 years if they ramp up building now. It just means that the small pool of available houses for sale in Dublin will only be attainable by a select few who have access to the 20%. They exist.
Property prices falling?
What about the exorbitant rent I have to pay?
As my Father once said
” No matter how tough life gets, never resort to paying another persons mortgage for them “
Really!? My father used to say ‘No matter how bad it gets never pay a bank 100s of thousand of euro in mortgage interest in order to take a highly leveraged bet on one type of asset class, son’ and then added ‘Mortgage interest is dead money’
Rent will increase from now, which is what central bank wants !
Atleast i won’t be paying rent when i’m 50 :)
no, just property tax
I need to live in that highly leveraged asset… I can’t live in a pension fund. High house prices / house prices speculation is an absolute scourge to real investment in the economy.
Which estate agent do you work for Shill?
It just shows the incredible instability of the housing market in general. If the rises were based on the real values of the houses then it would be a stable rise.
Dublin is just one bug bubble go else where and see how low prices are.
“BIG”. Damn autocorrect
I wouldn’t want to live anywhere else in Ireland.
0.1%……
Prices usually stabilise or a tiny fall like 0.1% this time of year. Let’s see will they continue to rise 15% plus in 2015.
Hardly a massive fall 0.1% hopefully it will pick up again in the New Year.Think we’ve all had more than enough property drops since 2007,lets pump this bad boy up again to 2006 levels.
This is hardly news, common sense that prices would fall in the weeks before the new Central Bank Mortgage Regulations come into play as sellers push to try and offload.
They’ll continue to drop as the vast majority will no longer be able to afford to buy! It’s crippling potential buyers and also going to send rent prices even higher!
The sooner it gets axed the better!
have your say