Residential Property Prices Drop by 15.3%

The Central Statistics Office Ireland has published its monthly Residential Property Price Index for May 2012. It shows an annual decrease of 15.3% in the prices of residential property. This represents a slowdown in the decline in residential property prices as the decline was at 16.4% in April 2012. A slight improvement was seen during the month, as on a monthly basis an increase of 0.2% was seen in May, 2012, compare with a decline of 1.1% in April 2012.

Dublin house prices are 17.5% lower then a year ago, but prices seem to be stabilizing with a monthly 0.2% increase in May 2012. Dublin Apartment prices were 16.3% lower than in May 2011.

A similar stabilizing market was seen in the rest of the country with a monthly increase of just 0.1%, a drop of 2.1% was seen in May 2011. Prices in the rest of the country were 14.2% lower than in May 2011.

The Irish residential property market is now 50% lower than at the height of the boom in 2007.