permanent tsb / ESRI House Price Index - Ireland

Quarter 2 figures July 2010

  • Pace of decline in average Irish house prices slows to 1.7% in 2010
  • Average house prices in Ireland now at end 2002 levels
  • 35% decrease in Irish houses since peak at the end of 2006

10.00am Thursday 29th July 2010. Average national house prices in Ireland fell by 1.7%% in the first 2nd Quarter of 2010 according to the permanent tsb / ESRI House Price Index Quarterly Review published today. This is the lowest quarterly reduction since the second Quarter of 2008 [April – June inclusive] and compares to a reduction in Quarter 1 this year of 4.8% and a reduction of 3.9% in Quarter 2 of 2009.

The reduction in average house prices in Ireland in the first six months of 2010 was 6.4%. This compares to a fall of 8.1% in the first six months of 2009. The year on year decline (Quarter 2, 2009 to Quarter 2, 2010) was 17.0% and compares to a reduction of 18.9% year on year to Quarter 1 2010. . The average price for a house in Ireland in quarter 2 2010 was €201,364, compared with €242,593 in quarter 2 2009 and €311,078 at their peak. Irish house prices have fallen 35% since the price peak at the end of 2006.

Dublin House Prices V Rest of Country

Dublin house prices fell by 3.5% in the 2nd Quarter of 2010. This compares to a reduction in 1st Quarter 2010 of 10.3% and a reduction of 7.5% in Quarter 4 2009.

The reduction in the first six months of 2010 was 13.5%, and compares to -12.2% in the same period 2009. The year on year decline in Dublin (Quarter 2 2009 to Quarter 2 2010) was 24.6% and compares to a reduction of 24.5% year on year to Quarter 1 2010. The average price for a Dublin house in quarter 2 2010 was €242,000, compared with €250,872 in Quarter 1 2010.

House prices outside Dublin fell by 0.8% in the 2nd Quarter of 2010. This compares to a reduction in Quarter 1 2010 of 3.5% and a reduction of 6.2% in Quarter 4 2009.

The reduction in the first six months of 2010 was 4.3%, and compares to -6.0% in the same period 2009. The year on year decline outside Dublin (Quarter 2 2009 to Quarter 2 2010) was 14.0% and compares to a reduction of 16.2% year on year to Quarter 1 2010. The average price for a house Outside Dublin in Quarter 2 2010 was €181820, compared with €183,309 in Quarter 1 2010.

Commenting on the figures Niall O’ Grady, General Manager with permanent tsb said

“While prices continue to fall at different levels in Dublin versus the rest of the country, this reduction in Quarter 2 is the lowest recorded quarterly fall in almost two years. This may indicate that prices are starting to find a more sustainable level after almost three and a half years of decline”

Editors Notes

The permanent tsb house price index is based on the agreed sale price and is calculated using data from Irish mortgage drawdowns.

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