Dublin property prices on the decline

Property prices in Dublin have slowed to their slowest level in six years, new figures show.

After a few years of rapidly growing prices in the Irish capital following the global financial crisis which caused prices to crash at the end of the last decade, it seems the boom period may be coming to an end.

According to the latest Central Statistics Office figures, Dublin residential property prices decreased by 1.3 per cent in the year to September, with house prices falling by 1.5 per cent and apartments slowing by 0.2 per cent.

This is the third month in a row that property prices in Dublin had fallen. Prior to the start of this run, average prices in Dublin hadn’t fallen on an annual basis since June 2012.

However, on the whole the Irish market remains strong. Residential property prices in the rest of the country rose by 3.6 per cent in the year to September, with house prices increasing by 3.4 per cent and apartments by 4.8 per cent.

Overall residential property prices increased by 1.1 per cent nationally in the year to September – the slowest rate of growth in over six years, although this decline is driven by the Dublin downturn.

Yet the capital remains the region with the highest median property price in Ireland at €368,000. Within Dublin, Dún Laoghaire-Rathdown had the highest median price of €527,000, while Fingal had the lowest at €340,000.

The highest median prices outside Dublin were seen in Wicklow (€323,500) and Kildare (€304,999). The lowest price stood at €106,250 in Leitrim.

Although property prices have been rising steadily in recent years, they still remain 16.9 per cent below the unsustainable 2007 peak which prompted the previous crash.

Article published 27th November 2019