Dublin Property drop €7,500 in value so far in 2019

Good news for those first time buyers, bad news for investors – Property prices in Dublin have seen a three month decrease in 2019 with an average of €7,500 being whipped off values (according to REA Average House Price Index).

It is one of these negative yet positive figures, were the average house prices are still showing a rise year on year though at a much slower pace, ie a 4.6% drop in inflation.  A three bedroom semi-detached property in Dublin City has seen a fall of 1.7% since the end of December 2018 showing an average price of €437,500.

The average semi-detached house nationally now costs €235,898 which is a fall of 0.16% on the Q4 2018 figure of €236,287. Noticeably prices fell in Wicklow (0.7% down to €289,000) and Louth (3.6% down to €202,500).

Barry McDonald a spokesperson for REA is reported as saying: “Time taken to reach sale agreed in Dublin is now eight weeks – double that of a year ago – and reflects the difficulties that people are experiencing in obtaining a mortgage…

We are seeing an appreciable drop in people attaining mortgage approval – particularly for properties above €350,000 – which is creating a ceiling that is stifling the market.”

Full story can be read on the Today FM website.

Title image provided free by Pixabay.