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The Central Statistics Office launches new Residential Property Price Index


Residential Property Prices fall by 11.9% in the Year to March 2011

 

The Central Statistics Office today launched a new national Residential Property Price Index, which provides data from the beginning of 2005 to March 2011. The series is based on transactions which are funded by residential mortgages and covers both houses and apartments. 

                                                                                              

The results show that  

 

  • At a national level residential property prices in the year to March 2011 fell by 11.9%.  Prices in Dublin fell by 13% in the year while outside of Dublin prices fell by 11%.                                                                     
  • Residential Property Prices, at a national level, reached their highest level in mid 2007 and in Dublin somewhat earlier, at the beginning of the second quarter of 2007.
  • Since reaching their highest level, Residential Property Prices have fallen by almost 40% nationally, with Dublin experiencing the largest decline (-47%), while in the rest of Ireland prices fell at a somewhat lower rate (-35%).
  • The largest price decline was for Dublin apartments where prices have fallen by 52% since February 2007.
  • At a national level, houses have fallen by 11.5% in the year to March and by 38% since they reached their highest level in 2007. Nationally, apartments fell by 15.2% in the twelve months to March and by 51% since February 2007.


The new index meets a national need for an official measure of the change in residential property prices and will also fulfil a new EU data requirement which obliges all Member States to produce comparable national residential property price indices on a quarterly basis from 2012. The new national index will be published on a monthly basis approximately six weeks after the end of each reference period. The next release, for April 2011, will be published in early June.

 

For more information contact:
Paul J Crowley on 021 453 5501 or Niall O'Hanlon on 021 453 5207.

 

 

Central Statistics Office                                                                    13 May 2011


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