Residential property prices in Ireland fell by 5.7% in the year to the end of November, considerably down from the annual rate of 8.1% recorded in October, the latest data shows.
Figures from the Central Statistics Office also show that it is a positive change from the 15.6% decline recorded in the 12 months to November 2011.
On a monthly basis residential property prices grew by 1.1% in November. This compares with a decline of 0.6% recorded in October and a decline of 1.5% recorded in November of last year.
In Dublin residential property prices grew by 2.4% in November and were 3.5% lower than a year ago. Dublin house prices grew by 2.7% in the month but were 3% lower compared to a year earlier. Dublin apartment prices were 13% lower when compared with the same month of 2011.
The price of residential properties in the rest of Ireland grew by 0.3% in November compared with a decline of 1.6% in November last year. Prices were 7.2% lower than in November 2011.
The latest data means that house prices in Dublin are still 54% lower than at their highest level in early 2007. Apartments in Dublin are 64% lower than they were 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 49% lower than its highest level in 2007.
Experts believe that the Irish home market is now in recovery having suffered Europe
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