Irish house prices drop below half of 2007 peak
Irish property prices stabilised in March, which brought the annual rate of price falls down to 16.3 per cent, compared with 17.8 per cent a month earlier.
The country's Central Statistics Office says last month was the first time property prices in the country had not fallen since August 2010.
The Irish Times noted that Dublin property prices rose by 0.7 per cent month-on-month in March, but had still suffered a steeper decline than in the country as a whole, at 18.3 per cent. Flat prices had fallen slightly further, by 18.9 per cent.
The capital's house prices have fallen by 55 per cent since early 2007, with flat prices down by 61 per cent, the figures showed.
Alan McQuaid of development firm Bloxham told the Irish Times that further improvement in Ireland's property market would be closely tied in with the fortunes of the country's jobs market.
And he added: "Although the March data are a step in the right direction we don’t see any significant improvement in the housing market until the employment situation gets better and bank lending returns to some sort of normality."
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