Residential property prices in Dublin fell in May for the first time since the beginning of the coronavirus pandemic, data from the statistics office revealed on Tuesday, showing a disparity in demand between the capital and the rest of Ireland.
Residential square meter prices in Dublin were down 0.2 percent in May compared to the same month last year, while in the rest of Ireland, they were up 4.5 percent.
Compared to the record high in February 2007, prices in Dublin were down 9.7 percent, while in the rest of Ireland, they were up 2.2 percent compared to the record level in May 2007, according to the statistics office.
In Ireland as a whole, square meter prices were 2.4 percent higher in May than in May last year. In April, they increased by 3.4 percent.
In the summer of 2021, prices began to rise at double-digit rates, driven by strong demand during the pandemic that gave rise to the trend of working and studying from home. The growth rate peaked at the beginning of last year when it reached 15.1 percent.
