Dublin property prices have positive start to 2013

Dublin property prices had a positive start to 2013, according to the Central Statistics Office.

The office's latest figures show that residential property prices in the city rose by 0.5 per cent in January, leaving them 2.1 per cent higher than a year ago.

Dublin house prices rose by 0.3% in the month and were 2.8% higher compared to a year earlier. Dublin apartment prices were 4.6% lower when compared with the same month of 2012.

Overall, across the 12 months to January, residential property values in Ireland fell by 3.3%. This compares with an annual rate of decline of 4.5% in December and a decline of 17.4% recorded in the twelve months to January 2012.

On a monthly level, residential property prices fell by 0.6%. This compares with a decrease of 0.5% recorded in December and a decline of 1.9% recorded in January of last year.

The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) fell by 1.6% in January compared with a decline of 0.7% in January last year. Prices were 7% lower than in January 2012.

Even with Dublin's positive growth, though, house prices remain 54% lower than their highest level in early 2007. Apartments in Dublin are 61% lower than they were in February 2007. Residential property prices in Dublin are 56% lower than at their highest level in February 2007. The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 47%. Overall, the national index is 50% lower than its highest level in 2007.