House prices in Ireland on the upHouse prices in Ireland increased in July, according to official figures.
The Central Statistical Office revealed that despite values falling by 1.1 per cent in June, they bounced back by 0.2 per cent the following month. Prices are now 13.6 per cent lower than July 2011, a smaller gap than the 14.4 per cent seen in June - and these improvements are being hailed as encouraging signs that the market is close to bottoming out.
Dublin property prices fell by 0.3 per cent in July, leaving values 16.6 per cent below last year, with apartment prices in particular even lower: 19.6 per cent below July 2011.
Overall, the national average property price is 50 per cent down from 2007.
"The Irish real estate market is beginning to stabilise, in particular in urban areas," Bank of Ireland head Richie Boucher told Property Wire. "There has been a sharp rise in demand for Irish real estate from national and international home buyers in recent months, following one of the severest property crashes ever witnessed anywhere in the world."