Average houses in Dublin are losing value at a rate of more than €1,000 per month, while prices elsewhere in Ireland continue to rise slowly or remain static, according to a report by the Irish Independent.
Second-hand property prices in the capital decreased by an average of €4,500 in the past three months and registered a second consecutive quarterly fall (-1%) since the start of the year. Over the last 12 months, Dublin values have shed 2.2%, which leaves the price of an average home in the capital at €433,000.
However, this still stands at around three times the value of property elsewhere in Ireland. The data is contained in the latest Irish Independent/Real Estate Alliance (REA) Average House Price Index, which measures the recent actual sale prices of three-bed semis, Ireland's most typical home type. Unlike surveys based on asking prices (which are aspirational), the data is based on real transactions.
The value of an average three-bed semi-detached house nationwide is now €236,028, the study found – virtually unchanged from Q1 2019. Overall, the average house price across the country rose by 1.5% in the past year, the report added.