House prices down 40% since peak

Residential property prices in Dublin have fallen around 40% and nearly 50% in the city centre since the price peak in 2007, according Daft.ie.

Property website Daft.ie said the Dublin City Centre average price is now €222,265, down 21.5% year-on-year and down 48.1% from 2007.

Elsewhere in the city and county prices are also down. In North Dublin City, the average price is €277,365 which is down 17.0% year-on-year and 39.6% since the peak. In South Dublin City, the average is €275,045 which has fallen 19.8% year-on-year and 41.4% since the peak.

In county Dublin, Daft.ie said the average prices now stand at €255,840 for North County Dublin, €216,928 for West County Dublin, and €398,113 for South County Dublin.

However, Daft.ie said property was selling faster in the capital than elsewhere. The national average time it takes to sell a property is eight months, compared to four months in Dublin.

“Evidence from Dublin in particular shows that properties are selling. Almost half the number of properties listed in the capital in January are now sale agreed or sold,”

said Ronan Lyons, an economist with Daft.ie.

The full quarter two report from Daft can be found here (PDF).

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