House Prices Drop 15%

Ireland's house prices have fallen by 15.6% for the year to November, according to statistics from the Government.

The Residential Property Prices report by the Central Statistics Office (CSO) found that the fall was deepening with the fall of 15.6% comparing to an annual rate of decline of 15.1% in October and a decline of 11.5% recorded in the twelve months to November 2010.

Meanwhile, house prices in Dublin are 52% lower than at their highest level in early 2007. Apartments in Dublin are 58% lower than they were in February 2007 and residential property prices in Dublin are 54% lower than at their highest level in February 2007.

The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 42%.

Also in Dublin residential property prices fell by 1.4% in November and were 17.6% lower than a year ago, according to Tuesday's report.

Dublin house prices decreased by 2.4% in the month and were 18.1% lower compared to a year earlier. Dublin apartment prices were 16.1% lower when compared with the same month of 2010.

The price of residential properties in the Rest of Ireland fell by 1.6% in November compared with a decline of 0.8% in the same month of last year.


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