A report from Myhome.ie shows that prices in Dublin fell by 1.6% in the last quarter of 2012 to bring the annual rate of decline in the capital to 12%.
This is the lowest annual rate of decline in Dublin in four years. However, the rate of decline in property prices nationally accelerated somewhat in the last three months of the year with prices down by 2.9%. This compared with a fall of 2.2% in the third quarter and brings the annual rate of decline to 14.8%. The survey indicates that the adjusted average house prices nationally now stands at €201,000, down 51.5% from the peak. Myhome.ie said that an analysis of transactions on the Property Price Register shows that the number of deals in 2012 was just fewer than 21,000. This is up from 15.4% on the 2011 figures but almost unchanged from the 2010 total.
Meanwhile, asking prices in Dublin in the final quarter of 2012 were just 2% lower than a year previously, according to the 2012 In Review report published by property website Daft.ie. Nationwide, prices were 9% lower than a year previously and 54.8% below their peak in 2007. Daft.ie said that in general, the rate of price falls in the cities is less than elsewhere, with prices down by roughly 10% in Cork, Limerick and Galway cities, but by 17% in Waterford. Outside the cities, prices in the final three months of the year were 13.3% lower than a year previously, the company added. “The contrast between urban and rural property markets has grown substantially over the last 12 months, led by a recovering Dublin market. In the capital, almost two thirds of properties sell within four months currently. In Munster and Connacht-Ulster, the figure is less than one third, and there has been very little improvement in conditions over the last year,” commented Daft.ie economist Ronan Lyons.