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| The Irish Auctioneers and Valuers' Institute reported in January that there were 40,000 vacant apartments in Dublin. It estimated that the price of apartments fell 17% in 2007. Some builders are opting to rent new apartments rather than try to sell them. The former gasholder at Ringsend is one of a number of newly built apartment buildings in Dublin that is lying empty as developers adopt a wait-and-see approach in the ailing new homes market. In the Ringsend case, the developer is seeking to convert the facility to either a hotel or hospital.
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Irish national house prices reduced by 0.7% in January of this year – a smaller reduction than was recorded in October (-1.3%), November (-1.1%) or December (-1.5%) last year according to the latest edition of the permanent tsb / ESRI House Price Index.
Measuring the rate of growth in the 12 months (year on year) to January, national prices were down by 8.1%. This compares to a decline of 7.3% recorded in the 12 months to December last year.
The average price paid for a house nationally in January 2008 was €285,880, compared with €287,887 in December 2007.
However, the index does not take account of volume/activity in the market which is significantly down, as reflected in stamp duty receipts and mortgage approvals.
Methodology
Commenting on the results, Niall O’Grady, Head of Marketing, permanent tsb bank said:"The rate of national house price reduction slowed in January compared to the experience in the final months of 2007. There is mounting evidence that sellers are adjusting to more realistic asking prices and buyers are getting better value.”
Dublin V Rest of Country:
Dublin house prices fell by 0.6% in January while there was a reduction of 0.9% for houses bought outside Dublin. In December 2007 the relative price changes were -1.4% and -1.0%.
House prices were reduced by 7.7% and 7.6% in the twelve months to January 2008 in Dublin and Outside Dublin respectively. The equivalent rates to December 2007 were 7.0% and 6.4% respectively.
The average price paid for a house in Dublin and outside Dublin in January 2008 was €395,096 and €247,070 respectively. The equivalent prices in December 2007 were €397,507 and €249,359.
Commuter Counties: - Louth, Meath, Kildare & Wicklow
House prices in the commuter counties of Dublin fell by 0.8% in January 2008, the same reduction as in December 2007. A Year on year reduction to January 2008 in the Commuter counties at 7.3% compares with 6.6% in the 12 months to December 2007.
