Irish house prices fell even faster in 2011
Thursday, 26 January 2012 9:20 AM
The fall in Irish property prices accelerated again in December 2011, according to official figures.
Ireland's Central Statistics Office said prices fell 1.7 per cent over the month and by 16.7 per cent over 2011 as a whole. That compares with falls of 15.6 per cent in the year to November and 10.5 per cent in 2010.
Prices in Dublin fell faster than the rest of the country. The capital saw a 2.4 per cent fall in December and 19.3 per cent in 2011 with the house of prices falling faster than apartments.
House prices in Dublin are now 54 per cent lower than at the peak of the market in early 2007 while apartment prices are 58 per cent lower. In the rest of the country prices are down 43 per cent on the peak.
Conall MacCoille, chief economist at Davy Stockbrokers in Dublin, told Reuters: "With low transactions, constrained mortgage lending and an uncertain economic environment, house prices are likely to continue falling in 2012."
The news agency noted that the stress tests on the Irish banking sector earlier this year assumed that property prices would drop 55 per cent from their peak.
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- house prices ,
- ireland ,
- property in ireland
