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.