After a much hyped upward blip in prices in May, is the decline resuming? It looks that way. With no prospect of domestic economic growth and the imminent arrival of property taxes, is there any countervailing reason for prices to rise?

NAMA Wine Lake

This morning has seen the publication of the Central Statistics Office (CSO) residential property price indices for Ireland for June 2012. Here’s the summary showing the indices

  • at their peak (various months in 2007 depending on type of property and location)
  • the NAMA valuation date (November 2009)
  • 12 months ago (June 2011)
  • the start of this year (end December 2011)
  • last month (May 2012)
  • this month (June 2012)

The CSO’s indices are Ireland’s premier indices for mortgage-based residential property transactions. The CSO analyses mortgage transactions at nine financial institutions : Ulster Bank, Allied Irish Banks, Bank of Ireland, ICS Building Society (part of the Bank of Ireland group), the Educational Building Society, Permanent TSB, Belgian-owned KBC, Danish-owned National Irish Bank and Irish Nationwide Building Society. The indices are hedonic in the sense it firstly groups transactions on a like-for-like basis (location, property type, floor area, number of bedrooms, new…

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