For five years property prices in Ireland fell by half

For five years property prices in Ireland fell by half

Since 2007, when it was the peak, the housing prices in Ireland fell by 47% (in Dublin - 56%). However, some market participants argue that the price index is not valid, because in reality the cost of housing has fallen for five years by 60% or more.

Last CSO index of property prices in Ireland showed that house prices after an increase by 1.1% in November fell by 0.5% in December 2012. Thus, over the year, prices on average in the country have fallen by 4.5%. For comparison in 2011 the figure was 16.7%.

In Dublin residential property prices fell by 1.3% in December 2012 and were 2.5% lower than a year ago. In the rest of Ireland, the cost of housing has been no change in December 2012, compared with a decline of 1.1% in December 2011.