Home Personal Finance Real estate prices fall for the third month in a row

Real estate prices fall for the third month in a row

Real estate prices fall for the third month in a row

According to the Central Bureau of Statistics, prices fell 0.6 percent, despite an increase in the year to March.

In the year to March, prices rose 3.9%, a much slower rate of increase than in previous months.

Prices in Dublin rose last year by 1.7 percent and outside Dublin by 5.7 percent.

The real estate market is slowing as the increase in mortgage rates affects the market.

European Central Bank interest rates have risen seven times since the summer, most recently this month.

Two more increases of 0.25 percentage points are expected before the end of the summer.

This affects what starters can afford.

But their purchasing activity is also supported by the state’s First Home and Help-to-Buy schemes.

Statistician in the CSO pricing department, Viacheslav Voronovich, said: “Residential prices rose 3.9 percent in the 12 months to March 2023, down 5.1 percent in the year to February 2023, and from the high values of 15.1 percent in the 12 months to February and March 2022.”

He said the region outside Dublin that saw the biggest increase in house prices was the border area of ​​Cavan, Donegal, Leitrim, Monaghan, Sligo at 8.4 per cent, while at the other end of the scale is the Mid West Clare. , Limerick, Tipperary, saw an increase of 2.8 percent.

The CSO said 4,132 home purchases by households at market prices were filed with the Revenue Commissioners in March, a 5.4 percent increase from March’s 3,921 purchases.

Households paid an average price of € 310,000 for a home in the year to March.

The lowest average price paid for a home was €154,000 in Longford, while the highest was €635,000 in Dún Laoghaire-Rathdown.

The most expensive Eircode area Blackrock with a median price of €750,000, while Ballyhaunis had the cheapest price at €126,000.

Despite the market slowdown, the national index has now reached 166.2, which is 1.6% higher than the highest level at the height of the real estate boom in April 2007.

House prices in Dublin are 8.7% lower than their peak in February 2007, while house prices in the rest of Ireland are 2.1% higher than their peak in May 2007.

Nationally, real estate prices have risen by 126.6% from their low point in early 2013.

House prices in Dublin are up 126 percent from their February 2012 low.

House prices in the rest of Ireland are 135% higher than at their lowest point, which was in May 2013.

Today’s news in 90 seconds – May 17

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