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House prices fell in Ireland for the second consecutive month

DUBLIN: Property prices in Dublin and the rest of the country fell for the second month in a row, with house prices falling by 5% for the first time in 22 months, according to CSO Residential Property Price Index data. There were signs of price declines in January as well. Property prices have dropped by 6.1 percent.

Over the last three months, all property prices in the Dublin region have fallen by 1.8%. Outside of Dublin, however, prices have remained unchanged. Figures show that second-hand house prices slowed at the end of last year, while new property prices increased.

The figures also show that business transactions fell in February. In February, 3,351 property purchases were reported to the Revenue, a 6.5% decrease from the previous year and an 8.8% decrease from January. Transactions worth 1.2 billion euros took place during the period. Eighty-three percent of these were existing homes. This is a decrease of 8.4% compared to February 2022. 17% were new houses. In terms of new houses, there was a 3.8% increase over the previous year.

According to the figures, 49,948 properties were filed with the Revenue in the fiscal year ending February. 33.4% were first-time home buyers, while 53.8% were previous owners. The remaining transactions (12.8%) involved local authorities and housing bodies.

In February, 1,166 people bought new homes, up 1 percent from February 2022. 313 of these were new homes. There were 853 (73%) existing properties. The national average house price was €310,000. However, it was 432,000 in the Dublin region. Dún Laoghaire-Rathdown was €630,000, while South Dublin was €402,000. Longford had the lowest average price, which was €152,000.

However, the figures show a slight increase in house prices over the previous year. House prices in Dublin rose by 3.2%, while properties outside the capital rose by 6.4%.

House prices in Dublin City fell by 0.5% a year ago, but prices for houses and apartments in all other areas are rising.

New house prices in the last quarter of last year were 10% higher than the same time in 2021. Prices increased marginally from 9.1 percent in the third quarter. However, when compared to 2021, second-hand house prices fell 8.3 percent in the fourth quarter of last year, down from 12.6 percent in the third quarter, according to the data.

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