get get down to the irish property market
News Posted On: 28 December 2011
Down down down down down, the words (and practically the only words) of a 1999 hit by Paul Johnson (Get Get Down), must sound like the anthem of the Irish property market right now, because even after well over 3 years of falling prices the market is still in perfect harmony with its lyrics.
According to the latest data from the central statistics office, residential property prices in Ireland have fallen 15.6% in the last 12 months, bringing the total decline to 46% since 2007. Worryingly the annual rate of decline is increasing, with prices down 15.1% year on year in October, and 11.5% year on year in September. However, the monthly decline is slowing slightly, with prices down 1.5% on the month in November, compared to 2.2% in October.
Dublin continues to buck the trend, no, not the downward trend, but the other trend of capital cities outperforming the nations in which they reside, because Dublin continues to perform worse than the national average.
The Central Statistics Office data shows that residential property prices in Dublin fell by 17.6% on the year, with houses down by 18.1% and apartments by 16.1% year on year. This takes the total decline for residential property in Dublin to 54% from its peak in February 2007. Houses in Dublin have fallen in value by 52% during the period, and apartments by 58%. Prices in the rest of Ireland have fallen by 42% during the period, bringing the overall national average decline to the aforementioned 46%.
The government is to step in heavily next year. Finance Minister Michael Noonan has announced a series of measures for the next 12 months, including 25% tax relief for first time buyers, and 15% mortgage interest relief for existing homeowners who buy additional properties.
View Ireland property for sale
Written by Les Calvert+
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