Jun 11, 2012 - The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) fell ...... The RPPI i
An Phríomh-Oifig Staidrimh Central Statistics Office
24 July 2012
Residential Property Price Index June 2012
Residential Property Price Index 140 130 120 110 100 90 80 70 60 50 Jun 05
Jun 06
Jun 07
Jun 08
Jun Jun 09 10
Jun 11
Jun 12
National Excluding Dublin
Residential Property Price Index
Apr 2012 May 2012 Jun 2012
Price Index (Jan 2005 =100)
Monthly % change
Annual % change
65.4 65.5 64.8
-1.1% +0.2% -1.1%
-16.4% -15.3% -14.4%
Residential Property Prices fall by 14.4% in the year to June In the year to June, residential property prices at a national level, fell by 14.4%. This compares with an annual rate of decline of 15.3% in May and a decline of 12.9% recorded in the twelve months to June 2011. See Table 1.
Dublin
Residential property prices fell by 1.1% in the month of June. This compares with an increase of 0.2% recorded in May and a decline of 2.1% recorded in June of last year. See Table 1. Published by the Central Statistics Office, Ireland. Ardee Road Dublin 6 Ireland
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In Dublin residential property prices fell by 1% in June and were 16.4% lower than a year ago. Dublin house prices decreased by 0.8% in the month and were 16.4% lower compared to a year earlier. Dublin apartment prices were 17.9% lower when compared with the same month of 2011. See Tables 6, 7 and 8. The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) fell by 1% in June compared with a decline of 1.9% in June last year. Prices were 13.5% lower than in June 2011. See Table 4. Overall Decline House prices in Dublin are 56% lower than at their highest level in early 2007. Apartments in Dublin are 62% lower than they were in February 2007. Residential property prices in Dublin are 57% lower than at their highest level in February 2007. The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 47%. Overall, the national index is 50% lower than its highest level in 2007. See Tables 7, 8, 6, 4 and 1.
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Table 1
National - all residential properties Percentage changes
Period
RPPI current base Jan. 2005 = 100
1 month
3 months
12 months
%
%
%
2005 2006 2007 2008 2009 2010 2011
Year Year Year Year Year Year Year
104.6 119.8 130.0 122.3 99.9 86.8 75.4
2005
January February March April May June July August September October November December
100.0 100.4 100.6 101.3 102.0 102.9 104.3 105.9 107.2 109.0 110.0 111.5
0.4 0.2 0.7 0.7 0.9 1.4 1.5 1.2 1.7 0.9 1.4
1.3 1.6 2.3 3.0 3.8 4.2 4.5 3.9 4.0
2006
January February March April May June July August September October November December
111.8 112.6 113.1 114.6 116.8 119.0 121.3 123.5 125.1 126.0 126.1 127.3
0.3 0.7 0.4 1.3 1.9 1.9 1.9 1.8 1.3 0.7 0.1 1.0
2.6 2.4 1.4 2.5 3.7 5.2 5.8 5.7 5.1 3.9 2.1 1.8
11.8 12.2 12.4 13.1 14.5 15.6 16.3 16.6 16.7 15.6 14.6 14.2
2007
January February March April May June July August September October November December
128.4 129.6 129.9 130.3 130.2 130.2 130.2 130.4 130.5 130.1 130.1 129.5
0.9 0.9 0.2 0.3 -0.1 0.0 0.0 0.2 0.1 -0.3 0.0 -0.5
1.9 2.8 2.0 1.5 0.5 0.2 -0.1 0.2 0.2 -0.1 -0.2 -0.8
14.8 15.1 14.9 13.7 11.5 9.4 7.3 5.6 4.3 3.3 3.2 1.7
14.5 8.5 -5.9 -18.3 -13.1 -13.2
2
Table 1
National - all residential properties (continued) Percentage changes
Period
RPPI current base Jan. 2005 = 100
1 month
3 months
12 months
2008
January February March April May June July August September October November December
128.7 127.6 126.6 125.7 124.6 123.4 122.5 121.5 120.1 117.7 115.7 113.5
% -0.6 -0.9 -0.8 -0.7 -0.9 -1.0 -0.7 -0.8 -1.2 -2.0 -1.7 -1.9
% -1.1 -1.9 -2.2 -2.3 -2.4 -2.5 -2.5 -2.5 -2.7 -3.9 -4.8 -5.5
% 0.2 -1.5 -2.5 -3.5 -4.3 -5.2 -5.9 -6.8 -8.0 -9.5 -11.1 -12.4
2009
January February March April May June July August September October November December
111.3 108.5 105.6 103.3 101.1 99.2 97.5 96.2 95.5 94.4 93.9 92.4
-1.9 -2.5 -2.7 -2.2 -2.1 -1.9 -1.7 -1.3 -0.7 -1.2 -0.5 -1.6
-5.4 -6.2 -7.0 -7.2 -6.8 -6.1 -5.6 -4.8 -3.7 -3.2 -2.4 -3.2
-13.5 -15.0 -16.6 -17.8 -18.9 -19.6 -20.4 -20.8 -20.5 -19.8 -18.8 -18.6
2010
January February March April May June July August September October November December
91.6 90.1 89.7 89.1 88.0 86.9 85.8 85.8 84.9 83.9 83.1 82.7
-0.9 -1.6 -0.4 -0.7 -1.2 -1.2 -1.3 0.0 -1.0 -1.2 -1.0 -0.5
-3.0 -4.0 -2.9 -2.7 -2.3 -3.1 -3.7 -2.5 -2.3 -2.2 -3.1 -2.6
-17.7 -17.0 -15.1 -13.7 -13.0 -12.4 -12.0 -10.8 -11.1 -11.1 -11.5 -10.5
2011
January February March April May June July August September October November December
81.8 80.4 79.0 78.2 77.3 75.7 75.1 73.9 72.8 71.2 70.1 68.9
-1.1 -1.7 -1.7 -1.0 -1.2 -2.1 -0.8 -1.6 -1.5 -2.2 -1.5 -1.7
-2.5 -3.2 -4.5 -4.4 -3.9 -4.2 -4.0 -4.4 -3.8 -5.2 -5.1 -5.4
-10.7 -10.8 -11.9 -12.2 -12.2 -12.9 -12.5 -13.9 -14.3 -15.1 -15.6 -16.7
2012
January February March April May June
67.6 66.1 66.1 65.4 65.5 64.8
-1.9 -2.2 0.0 -1.1 0.2 -1.1
-5.1 -5.7 -4.1 -3.3 -0.9 -2.0
-17.4 -17.8 -16.3 -16.4 -15.3 -14.4
3
Table 2
National - houses Percentage changes
Period
RPPI current base Jan. 2005 = 100
1 month
3 months
12 months
%
%
%
2005 2006 2007 2008 2009 2010 2011
Year Year Year Year Year Year Year
105.0 120.5 131.2 124.0 102.7 90.1 78.4
2005
January February March April May June July August September October November December
100.0 100.5 100.8 101.6 102.3 103.4 105.0 106.6 107.8 109.5 110.5 112.0
0.5 0.3 0.8 0.7 1.1 1.5 1.5 1.1 1.6 0.9 1.4
1.6 1.8 2.6 3.3 4.2 4.3 4.3 3.7 3.9
2006
January February March April May June July August September October November December
112.4 113.1 113.8 115.2 117.4 119.7 122.2 124.4 125.9 126.8 126.9 128.3
0.4 0.6 0.6 1.2 1.9 2.0 2.1 1.8 1.2 0.7 0.1 1.1
2.6 2.4 1.6 2.5 3.8 5.2 6.1 6.0 5.2 3.8 2.0 1.9
12.4 12.5 12.9 13.4 14.8 15.8 16.4 16.7 16.8 15.8 14.8 14.6
2007
January February March April May June July August September October November December
129.3 130.5 130.9 131.7 131.5 131.4 131.4 131.7 132.0 131.4 131.6 130.8
0.8 0.9 0.3 0.6 -0.2 -0.1 0.0 0.2 0.2 -0.5 0.2 -0.6
2.0 2.8 2.0 1.9 0.8 0.4 -0.2 0.2 0.5 0.0 -0.1 -0.9
15.0 15.4 15.0 14.3 12.0 9.8 7.5 5.9 4.8 3.6 3.7 1.9
14.8 8.9 -5.5 -17.2 -12.3 -12.9
4
Table 2
National - houses (continued) Percentage changes
Period
RPPI current base Jan. 2005 = 100
1 month
3 months
12 months
2008
January February March April May June July August September October November December
130.1 128.8 127.7 126.9 126.0 125.1 124.3 123.2 121.9 120.0 118.2 116.2
% -0.5 -1.0 -0.9 -0.6 -0.7 -0.7 -0.6 -0.9 -1.1 -1.6 -1.5 -1.7
% -1.0 -2.1 -2.4 -2.5 -2.2 -2.0 -2.0 -2.2 -2.6 -3.5 -4.1 -4.7
% 0.6 -1.3 -2.4 -3.6 -4.2 -4.8 -5.4 -6.5 -7.7 -8.7 -10.2 -11.2
2009
January February March April May June July August September October November December
113.8 111.0 108.2 106.0 103.6 101.9 100.1 99.0 98.6 97.7 97.2 95.4
-2.1 -2.5 -2.5 -2.0 -2.3 -1.6 -1.8 -1.1 -0.4 -0.9 -0.5 -1.9
-5.2 -6.1 -6.9 -6.9 -6.7 -5.8 -5.6 -4.4 -3.2 -2.4 -1.8 -3.2
-12.5 -13.8 -15.3 -16.5 -17.8 -18.5 -19.5 -19.6 -19.1 -18.6 -17.8 -17.9
2010
January February March April May June July August September October November December
94.7 93.3 92.9 92.4 91.1 90.0 89.0 89.1 88.3 87.3 86.5 86.0
-0.7 -1.5 -0.4 -0.5 -1.4 -1.2 -1.1 0.1 -0.9 -1.1 -0.9 -0.6
-3.1 -4.0 -2.6 -2.4 -2.4 -3.1 -3.7 -2.2 -1.9 -1.9 -2.9 -2.6
-16.8 -15.9 -14.1 -12.8 -12.1 -11.7 -11.1 -10.0 -10.4 -10.6 -11.0 -9.9
2011
January February March April May June July August September October November December
84.9 83.5 82.2 81.3 80.4 78.6 78.1 77.0 76.0 74.3 72.9 71.7
-1.3 -1.6 -1.6 -1.1 -1.1 -2.2 -0.6 -1.4 -1.3 -2.2 -1.9 -1.6
-2.7 -3.5 -4.4 -4.2 -3.7 -4.4 -3.9 -4.2 -3.3 -4.9 -5.3 -5.7
-10.3 -10.5 -11.5 -12.0 -11.7 -12.7 -12.2 -13.6 -13.9 -14.9 -15.7 -16.6
2012
January February March April May June
70.4 69.0 68.9 68.1 68.2 67.6
-1.8 -2.0 -0.1 -1.2 0.1 -0.9
-5.2 -5.3 -3.9 -3.3 -1.2 -1.9
-17.1 -17.4 -16.2 -16.2 -15.2 -14.0
5
National - apartments Percentage changes RPPI current base Jan. 2005 = 100
1 month
3 months
12 months
%
%
%
Year Year Year Year Year Year Year
102.1 115.1 122.1 112.4 85.0 69.1 57.8
January February March April May June July August September October November December
100.0 100.1 99.9 99.7 99.7 99.6 100.0 101.5 103.8 106.2 106.9 108.3
0.1 -0.2 -0.2 0.0 -0.1 0.4 1.5 2.3 2.3 0.7 1.3
-0.3 -0.4 -0.3 0.3 1.8 4.2 6.2 5.3 4.3
January February March April May June July August September October November December
108.4 109.1 109.0 111.0 112.9 114.7 115.7 117.8 119.9 120.9 120.7 120.8
0.1 0.6 -0.1 1.8 1.7 1.6 0.9 1.8 1.8 0.8 -0.2 0.1
2.1 2.1 0.6 2.4 3.5 5.2 4.2 4.3 4.5 4.5 2.5 0.8
8.4 9.0 9.1 11.3 13.2 15.2 15.7 16.1 15.5 13.8 12.9 11.5
January February March April May June July August September October November December
122.5 123.9 123.2 121.6 121.7 122.5 123.0 122.1 121.5 121.5 120.7 121.3
1.4 1.1 -0.6 -1.3 0.1 0.7 0.4 -0.7 -0.5 0.0 -0.7 0.5
1.3 2.7 2.0 -0.7 -1.8 -0.6 1.2 0.3 -0.8 -1.2 -1.1 -0.2
13.0 13.6 13.0 9.5 7.8 6.8 6.3 3.7 1.3 0.5 0.0 0.4
12.7 6.1 -8.0 -24.4 -18.7 -16.3
6
Table 3
National - apartments (continued) Percentage changes
Period
RPPI current base Jan. 2005 = 100
1 month
3 months
12 months
2008
January February March April May June July August September October November December
120.3 120.1 119.5 118.5 116.0 113.5 112.4 111.7 109.9 105.3 102.1 99.3
% -0.8 -0.2 -0.5 -0.8 -2.1 -2.2 -1.0 -0.6 -1.6 -4.2 -3.0 -2.7
% -1.0 -0.5 -1.5 -1.5 -3.4 -5.0 -5.1 -3.7 -3.2 -6.3 -8.6 -9.6
% -1.8 -3.1 -3.0 -2.5 -4.7 -7.3 -8.6 -8.5 -9.5 -13.3 -15.4 -18.1
2009
January February March April May June July August September October November December
97.8 94.8 91.9 89.0 87.4 85.0 83.9 81.4 79.0 77.2 76.6 76.0
-1.5 -3.1 -3.1 -3.2 -1.8 -2.7 -1.3 -3.0 -2.9 -2.3 -0.8 -0.8
-7.1 -7.1 -7.5 -9.0 -7.8 -7.5 -5.7 -6.9 -7.1 -8.0 -5.9 -3.8
-18.7 -21.1 -23.1 -24.9 -24.7 -25.1 -25.4 -27.1 -28.1 -26.7 -25.0 -23.5
2010
January February March April May June July August September October November December
75.1 73.1 71.9 71.3 71.2 70.7 68.3 67.2 65.7 65.1 64.5 64.7
-1.2 -2.7 -1.6 -0.8 -0.1 -0.7 -3.4 -1.6 -2.2 -0.9 -0.9 0.3
-2.7 -4.6 -5.4 -5.1 -2.6 -1.7 -4.2 -5.6 -7.1 -4.7 -4.0 -1.5
-23.2 -22.9 -21.8 -19.9 -18.5 -16.8 -18.6 -17.4 -16.8 -15.7 -15.8 -14.9
2011
January February March April May June July August September October November December
64.7 63.5 61.0 60.4 60.0 59.4 57.6 54.9 53.2 52.2 53.6 53.5
0.0 -1.9 -3.9 -1.0 -0.7 -1.0 -3.0 -4.7 -3.1 -1.9 2.7 -0.2
-0.6 -1.6 -5.7 -6.6 -5.5 -2.6 -4.6 -8.5 -10.4 -9.4 -2.4 0.6
-13.8 -13.1 -15.2 -15.3 -15.7 -16.0 -15.7 -18.3 -19.0 -19.8 -16.9 -17.3
2012
January February March April May June
51.2 48.4 48.6 49.6 48.6 47.6
-4.3 -5.5 0.4 2.1 -2.0 -2.1
-1.9 -9.7 -9.2 -3.1 0.4 -2.1
-20.9 -23.8 -20.3 -17.9 -19.0 -19.9
7
Table 4
National excluding Dublin - all residential properties Percentage changes
Period
RPPI current base Jan. 2005 = 100
1 month
3 months
12 months
%
%
%
2005 2006 2007 2008 2009 2010 2011
Year Year Year Year Year Year Year
104.0 117.2 128.0 122.1 102.8 90.5 79.1
2005
January February March April May June July August September October November December
100.0 100.1 100.3 100.9 101.5 102.6 104.0 105.6 106.5 107.9 108.6 110.3
0.1 0.2 0.6 0.6 1.1 1.4 1.5 0.9 1.3 0.6 1.6
0.9 1.4 2.3 3.1 4.0 3.8 3.8 2.8 3.6
2006
January February March April May June July August September October November December
110.7 111.2 111.6 112.7 114.7 116.4 118.1 119.8 121.5 122.5 122.9 124.0
0.4 0.5 0.4 1.0 1.8 1.5 1.5 1.4 1.4 0.8 0.3 0.9
2.6 2.4 1.2 1.8 3.1 4.3 4.8 4.4 4.4 3.7 2.6 2.1
10.7 11.1 11.3 11.7 13.0 13.5 13.6 13.4 14.1 13.5 13.2 12.4
2007
January February March April May June July August September October November December
125.6 126.9 127.7 128.1 128.7 128.4 128.5 128.5 128.8 128.3 128.6 128.4
1.3 1.0 0.6 0.3 0.5 -0.2 0.1 0.0 0.2 -0.4 0.2 -0.2
2.5 3.3 3.0 2.0 1.4 0.5 0.3 -0.2 0.3 -0.2 0.1 -0.3
13.5 14.1 14.4 13.7 12.2 10.3 8.8 7.3 6.0 4.7 4.6 3.5
12.6 9.3 -4.7 -15.8 -11.9 -12.6
8
Table 4
National excluding Dublin - all residential properties (continued) Percentage changes
Period
RPPI current base Jan. 2005 = 100
1 month
3 months
12 months
2008
January February March April May June July August September October November December
128.5 127.3 126.3 124.8 123.3 122.1 121.4 120.8 120.2 118.4 117.0 114.7
% 0.1 -0.9 -0.8 -1.2 -1.2 -1.0 -0.6 -0.5 -0.5 -1.5 -1.2 -2.0
% 0.2 -1.0 -1.6 -2.9 -3.1 -3.3 -2.7 -2.0 -1.6 -2.5 -3.1 -4.6
% 2.3 0.3 -1.1 -2.6 -4.2 -4.9 -5.5 -6.0 -6.7 -7.7 -9.0 -10.7
2009
January February March April May June July August September October November December
112.7 110.4 108.2 106.6 104.4 102.4 100.4 98.7 98.1 97.3 97.6 96.2
-1.7 -2.0 -2.0 -1.5 -2.1 -1.9 -2.0 -1.7 -0.6 -0.8 0.3 -1.4
-4.8 -5.6 -5.7 -5.4 -5.4 -5.4 -5.8 -5.5 -4.2 -3.1 -1.1 -1.9
-12.3 -13.3 -14.3 -14.6 -15.3 -16.1 -17.3 -18.3 -18.4 -17.8 -16.6 -16.1
2010
January February March April May June July August September October November December
95.9 94.1 93.4 92.9 91.8 90.6 89.2 89.4 88.5 87.4 86.7 86.3
-0.3 -1.9 -0.7 -0.5 -1.2 -1.3 -1.5 0.2 -1.0 -1.2 -0.8 -0.5
-1.4 -3.6 -2.9 -3.1 -2.4 -3.0 -4.0 -2.6 -2.3 -2.0 -3.0 -2.5
-14.9 -14.8 -13.7 -12.9 -12.1 -11.5 -11.2 -9.4 -9.8 -10.2 -11.2 -10.3
2011
January February March April May June July August September October November December
85.7 84.4 83.1 82.0 80.3 78.8 77.8 77.6 76.8 75.3 74.1 73.3
-0.7 -1.5 -1.5 -1.3 -2.1 -1.9 -1.3 -0.3 -1.0 -2.0 -1.6 -1.1
-1.9 -2.7 -3.7 -4.3 -4.9 -5.2 -5.1 -3.4 -2.5 -3.2 -4.5 -4.6
-10.6 -10.3 -11.0 -11.7 -12.5 -13.0 -12.8 -13.2 -13.2 -13.8 -14.5 -15.1
2012
January February March April May June
72.8 70.6 70.2 68.8 68.9 68.2
-0.7 -3.0 -0.6 -2.0 0.1 -1.0
-3.3 -4.7 -4.2 -5.5 -2.4 -2.8
-15.1 -16.4 -15.5 -16.1 -14.2 -13.5
9
Table 5
National excluding Dublin - houses Percentage changes
Period
RPPI current base Jan. 2005 = 100
1 month
3 months
12 months
%
%
%
2005 2006 2007 2008 2009 2010 2011
Year Year Year Year Year Year Year
104.4 117.7 128.8 122.9 104.1 92.1 80.6
2005
January February March April May June July August September October November December
100.0 100.3 100.6 101.2 101.9 103.1 104.7 106.2 107.1 108.3 109.1 110.7
0.3 0.3 0.6 0.7 1.2 1.6 1.4 0.8 1.1 0.7 1.5
1.2 1.6 2.5 3.5 4.2 3.9 3.4 2.7 3.4
2006
January February March April May June July August September October November December
111.1 111.6 112.0 113.2 115.3 117.0 118.7 120.4 122.1 123.0 123.4 124.7
0.4 0.5 0.4 1.1 1.9 1.5 1.5 1.4 1.4 0.7 0.3 1.1
2.6 2.3 1.2 1.9 3.3 4.5 4.9 4.4 4.4 3.6 2.5 2.1
11.1 11.3 11.3 11.9 13.2 13.5 13.4 13.4 14.0 13.6 13.1 12.6
2007
January February March April May June July August September October November December
126.4 127.6 128.4 128.9 129.4 129.1 129.2 129.3 129.7 129.0 129.3 129.1
1.4 0.9 0.6 0.4 0.4 -0.2 0.1 0.1 0.3 -0.5 0.2 -0.2
2.8 3.4 3.0 2.0 1.4 0.5 0.2 -0.1 0.5 -0.2 0.0 -0.5
13.8 14.3 14.6 13.9 12.2 10.3 8.8 7.4 6.2 4.9 4.8 3.5
12.7 9.4 -4.5 -15.3 -11.5 -12.5
10
Table 5
National excluding Dublin - houses (continued) Percentage changes
Period
RPPI current base Jan. 2005 = 100
1 month
3 months
12 months
2008
January February March April May June July August September October November December
129.5 128.4 127.3 125.6 124.2 122.9 122.2 121.5 120.9 119.2 117.9 115.7
% 0.3 -0.8 -0.9 -1.3 -1.1 -1.0 -0.6 -0.6 -0.5 -1.4 -1.1 -1.9
% 0.4 -0.7 -1.4 -3.0 -3.3 -3.5 -2.7 -2.2 -1.6 -2.5 -3.0 -4.3
% 2.5 0.6 -0.9 -2.6 -4.0 -4.8 -5.4 -6.0 -6.8 -7.6 -8.8 -10.4
2009
January February March April May June July August September October November December
113.8 111.4 109.3 107.7 105.6 103.9 101.7 100.1 99.6 98.9 99.2 97.8
-1.6 -2.1 -1.9 -1.5 -1.9 -1.6 -2.1 -1.6 -0.5 -0.7 0.3 -1.4
-4.5 -5.5 -5.5 -5.4 -5.2 -4.9 -5.6 -5.2 -4.1 -2.8 -0.9 -1.8
-12.1 -13.2 -14.1 -14.3 -15.0 -15.5 -16.8 -17.6 -17.6 -17.0 -15.9 -15.5
2010
January February March April May June July August September October November December
97.5 95.6 95.0 94.5 93.3 92.1 90.7 90.9 90.1 89.0 88.3 87.9
-0.3 -1.9 -0.6 -0.5 -1.3 -1.3 -1.5 0.2 -0.9 -1.2 -0.8 -0.5
-1.4 -3.6 -2.9 -3.1 -2.4 -3.1 -4.0 -2.6 -2.2 -1.9 -2.9 -2.4
-14.3 -14.2 -13.1 -12.3 -11.6 -11.4 -10.8 -9.2 -9.5 -10.0 -11.0 -10.1
2011
January February March April May June July August September October November December
87.1 86.0 84.7 83.5 81.9 80.3 79.3 79.1 78.2 76.8 75.6 74.7
-0.9 -1.3 -1.5 -1.4 -1.9 -2.0 -1.2 -0.3 -1.1 -1.8 -1.6 -1.2
-2.1 -2.6 -3.6 -4.1 -4.8 -5.2 -5.0 -3.4 -2.6 -3.2 -4.4 -4.5
-10.7 -10.0 -10.8 -11.6 -12.2 -12.8 -12.6 -13.0 -13.2 -13.7 -14.4 -15.0
2012
January February March April May June
74.3 72.2 71.8 70.3 70.4 69.7
-0.5 -2.8 -0.6 -2.1 0.1 -1.0
-3.3 -4.5 -3.9 -5.4 -2.5 -2.9
-14.7 -16.0 -15.2 -15.8 -14.0 -13.2
11
Table 6
Dublin - all residential properties Percentage changes
Period
RPPI current base Jan. 2005 = 100
1 month
3 months
12 months
%
%
%
2005 2006 2007 2008 2009 2010 2011
Year Year Year Year Year Year Year
105.7 124.4 133.3 122.4 93.8 78.9 67.9
2005
January February March April May June July August September October November December
100.0 101.1 101.2 102.2 102.8 103.5 104.7 106.4 108.5 111.1 112.6 113.7
1.1 0.1 1.0 0.6 0.7 1.2 1.6 2.0 2.4 1.4 1.0
2.2 1.7 2.3 2.4 3.5 4.8 6.1 5.8 4.8
2006
January February March April May June July August September October November December
113.9 114.9 116.0 117.9 120.5 123.6 127.0 130.3 131.6 132.4 131.9 133.1
0.2 0.9 1.0 1.6 2.2 2.6 2.8 2.6 1.0 0.6 -0.4 0.9
2.5 2.0 2.0 3.5 4.9 6.6 7.7 8.1 6.5 4.3 1.2 1.1
13.9 13.6 14.6 15.4 17.2 19.4 21.3 22.5 21.3 19.2 17.1 17.1
2007
January February March April May June July August September October November December
133.4 134.5 133.9 134.0 132.7 133.4 133.3 133.6 133.5 133.1 132.7 131.2
0.2 0.8 -0.4 0.1 -1.0 0.5 -0.1 0.2 -0.1 -0.3 -0.3 -1.1
0.8 2.0 0.6 0.4 -1.3 -0.4 -0.5 0.7 0.1 -0.2 -0.7 -1.7
17.1 17.1 15.4 13.7 10.1 7.9 5.0 2.5 1.4 0.5 0.6 -1.4
17.8 7.1 -8.2 -23.4 -15.8 -14.0
12
Table 6
Dublin - all residential properties (continued) Percentage changes
Period
RPPI current base Jan. 2005 = 100
1 month
3 months
12 months
2008
January February March April May June July August September October November December
128.6 127.7 126.9 127.4 126.9 125.9 124.4 122.5 119.5 116.0 112.5 110.6
% -2.0 -0.7 -0.6 0.4 -0.4 -0.8 -1.2 -1.5 -2.4 -2.9 -3.0 -1.7
% -3.4 -3.8 -3.3 -0.9 -0.6 -0.8 -2.4 -3.5 -5.1 -6.8 -8.2 -7.4
% -3.6 -5.1 -5.2 -4.9 -4.4 -5.6 -6.7 -8.3 -10.5 -12.8 -15.2 -15.7
2009
January February March April May June July August September October November December
108.1 104.1 100.0 96.1 94.1 92.4 91.4 90.7 89.8 88.2 86.2 84.2
-2.3 -3.7 -3.9 -3.9 -2.1 -1.8 -1.1 -0.8 -1.0 -1.8 -2.3 -2.3
-6.8 -7.5 -9.6 -11.1 -9.6 -7.6 -4.9 -3.6 -2.8 -3.5 -5.0 -6.2
-15.9 -18.5 -21.2 -24.6 -25.8 -26.6 -26.5 -26.0 -24.9 -24.0 -23.4 -23.9
2010
January February March April May June July August September October November December
82.7 81.8 81.6 81.0 80.0 79.1 78.4 78.1 77.1 76.5 75.5 75.2
-1.8 -1.1 -0.2 -0.7 -1.2 -1.1 -0.9 -0.4 -1.3 -0.8 -1.3 -0.4
-6.2 -5.1 -3.1 -2.1 -2.2 -3.1 -3.2 -2.4 -2.5 -2.4 -3.3 -2.5
-23.5 -21.4 -18.4 -15.7 -15.0 -14.4 -14.2 -13.9 -14.1 -13.3 -12.4 -10.7
2011
January February March April May June July August September October November December
73.9 72.3 71.0 70.5 70.8 69.1 69.1 66.5 65.1 63.1 62.2 60.7
-1.7 -2.2 -1.8 -0.7 0.4 -2.4 0.0 -3.8 -2.1 -3.1 -1.4 -2.4
-3.4 -4.2 -5.6 -4.6 -2.1 -2.7 -2.0 -6.1 -5.8 -8.7 -6.5 -6.8
-10.6 -11.6 -13.0 -13.0 -11.5 -12.6 -11.9 -14.9 -15.6 -17.5 -17.6 -19.3
2012
January February March April May June
58.3 57.6 58.0 58.3 58.4 57.8
-4.0 -1.2 0.7 0.5 0.2 -1.0
-7.6 -7.4 -4.4 0.0 1.4 -0.3
-21.1 -20.3 -18.3 -17.3 -17.5 -16.4
13
Table 7
Dublin - houses Percentage changes
Period
RPPI current base Jan. 2005 = 100
1 month
3 months
12 months
%
%
%
2005 2006 2007 2008 2009 2010 2011
Year Year Year Year Year Year Year
106.2 126.7 136.3 126.3 98.1 83.6 72.1
2005
January February March April May June July August September October November December
100.0 100.8 101.2 102.4 103.4 104.2 105.6 107.3 109.4 112.0 113.7 114.9
0.8 0.4 1.2 1.0 0.8 1.3 1.6 2.0 2.4 1.5 1.1
2.4 2.6 3.0 3.1 3.8 5.0 6.1 6.0 5.0
2006
January February March April May June July August September October November December
115.2 116.4 117.8 119.4 122.1 125.6 129.9 133.3 134.4 135.3 134.6 136.2
0.3 1.0 1.2 1.4 2.3 2.9 3.4 2.6 0.8 0.7 -0.5 1.2
2.9 2.4 2.5 3.6 4.9 6.6 8.8 9.2 7.0 4.2 1.0 1.3
15.2 15.5 16.4 16.6 18.1 20.5 23.0 24.2 22.9 20.8 18.4 18.5
2007
January February March April May June July August September October November December
135.7 136.7 136.4 137.8 135.9 136.6 135.9 136.8 136.9 136.6 136.7 134.1
-0.4 0.7 -0.2 1.0 -1.4 0.5 -0.5 0.7 0.1 -0.2 0.1 -1.9
0.3 1.6 0.1 1.5 -0.6 0.1 -1.4 0.7 0.2 0.5 -0.1 -2.0
17.8 17.4 15.8 15.4 11.3 8.8 4.6 2.6 1.9 1.0 1.6 -1.5
19.2 7.6 -7.4 -22.3 -14.8 -13.7
14
Table 7
Dublin - houses (continued) Percentage changes
Period
RPPI current base Jan. 2005 = 100
1 month
3 months
12 months
2008
January February March April May June July August September October November December
130.6 128.9 128.2 129.6 130.6 130.7 129.3 127.1 123.9 121.4 118.3 116.7
% -2.6 -1.3 -0.5 1.1 0.8 0.1 -1.1 -1.7 -2.5 -2.0 -2.6 -1.4
% -4.4 -5.7 -4.4 -0.8 1.3 2.0 -0.2 -2.7 -5.2 -6.1 -6.9 -5.8
% -3.8 -5.7 -6.0 -6.0 -3.9 -4.3 -4.9 -7.1 -9.5 -11.1 -13.5 -13.0
2009
January February March April May June July August September October November December
113.2 108.9 104.4 100.2 97.5 95.6 94.8 95.1 95.2 93.7 90.9 88.2
-3.0 -3.8 -4.1 -4.0 -2.7 -1.9 -0.8 0.3 0.1 -1.6 -3.0 -3.0
-6.8 -7.9 -10.5 -11.5 -10.5 -8.4 -5.4 -2.5 -0.4 -1.2 -4.4 -7.4
-13.3 -15.5 -18.6 -22.7 -25.3 -26.9 -26.7 -25.2 -23.2 -22.8 -23.2 -24.4
2010
January February March April May June July August September October November December
86.5 86.3 86.3 85.7 84.3 83.2 83.1 83.2 82.4 81.5 80.6 79.9
-1.9 -0.2 0.0 -0.7 -1.6 -1.3 -0.1 0.1 -1.0 -1.1 -1.1 -0.9
-7.7 -5.1 -2.2 -0.9 -2.3 -3.6 -3.0 -1.3 -1.0 -1.9 -3.1 -3.0
-23.6 -20.8 -17.3 -14.5 -13.5 -13.0 -12.3 -12.5 -13.4 -13.0 -11.3 -9.4
2011
January February March April May June July August September October November December
78.4 76.4 75.2 74.9 75.1 73.3 73.5 71.0 69.8 67.6 66.0 64.0
-1.9 -2.6 -1.6 -0.4 0.3 -2.4 0.3 -3.4 -1.7 -3.2 -2.4 -3.0
-3.8 -5.2 -5.9 -4.5 -1.7 -2.5 -1.9 -5.5 -4.8 -8.0 -7.0 -8.3
-9.4 -11.5 -12.9 -12.6 -10.9 -11.9 -11.6 -14.7 -15.3 -17.1 -18.1 -19.9
2012
January February March April May June
61.4 61.0 61.4 61.5 61.8 61.3
-4.1 -0.7 0.7 0.2 0.5 -0.8
-9.2 -7.6 -4.1 0.2 1.3 -0.2
-21.7 -20.2 -18.4 -17.9 -17.7 -16.4
15
Table 8
Dublin - apartments Percentage changes
Period
RPPI current base Jan. 2005 = 100
1 month
3 months
12 months
%
%
%
2005 2006 2007 2008 2009 2010 2011
Year Year Year Year Year Year Year
103.8 117.5 124.1 113.0 83.9 68.1 57.5
2005
January February March April May June July August September October November December
100.0 101.7 101.3 101.5 101.1 101.5 102.0 103.5 106.0 108.3 109.2 110.0
1.7 -0.4 0.2 -0.4 0.4 0.5 1.5 2.4 2.2 0.8 0.7
1.5 -0.6 0.2 0.5 2.4 4.4 6.2 5.5 3.8
2006
January February March April May June July August September October November December
109.9 110.5 110.6 113.4 115.3 117.4 118.2 120.9 123.1 123.7 123.4 123.7
-0.1 0.5 0.1 2.5 1.7 1.8 0.7 2.3 1.8 0.5 -0.2 0.2
1.5 1.2 0.5 3.2 4.3 6.1 4.2 4.9 4.9 4.7 2.1 0.5
9.9 8.7 9.2 11.7 14.0 15.7 15.9 16.8 16.1 14.2 13.0 12.5
2007
January February March April May June July August September October November December
125.9 127.4 126.0 123.3 123.1 123.9 125.4 124.1 123.4 122.6 121.3 122.6
1.8 1.2 -1.1 -2.1 -0.2 0.6 1.2 -1.0 -0.6 -0.6 -1.1 1.1
1.8 3.2 1.9 -2.1 -3.4 -1.7 1.7 0.8 -0.4 -2.2 -2.3 -0.6
14.6 15.3 13.9 8.7 6.8 5.5 6.1 2.6 0.2 -0.9 -1.7 -0.9
13.2 5.6 -9.0 -25.8 -18.8 -15.5
16
Table 8
Dublin - apartments (continued)
Period
RPPI current base Jan. 2005 = 100
Percentage changes 1 month
3 months
12 months
2008
January February March April May June July August September October November December
122.3 123.4 122.2 121.1 117.8 114.7 112.9 111.8 109.1 103.6 99.5 97.0
% -0.2 0.9 -1.0 -0.9 -2.7 -2.6 -1.6 -1.0 -2.4 -5.0 -4.0 -2.5
% -0.2 1.7 -0.3 -1.0 -4.5 -6.1 -6.8 -5.1 -4.9 -8.2 -11.0 -11.1
% -2.9 -3.1 -3.0 -1.8 -4.3 -7.4 -10.0 -9.9 -11.6 -15.5 -18.0 -20.9
2009
January February March April May June July August September October November December
96.5 93.2 89.9 86.5 85.9 84.6 83.2 80.9 78.1 76.4 75.8 75.2
-0.5 -3.4 -3.5 -3.8 -0.7 -1.5 -1.7 -2.8 -3.5 -2.2 -0.8 -0.8
-6.9 -6.3 -7.3 -10.4 -7.8 -5.9 -3.8 -5.8 -7.7 -8.2 -6.3 -3.7
-21.1 -24.5 -26.4 -28.6 -27.1 -26.2 -26.3 -27.6 -28.4 -26.3 -23.8 -22.5
2010
January February March April May June July August September October November December
74.1 71.7 70.8 70.2 70.5 69.9 67.3 66.1 64.4 64.5 63.4 63.9
-1.5 -3.2 -1.3 -0.8 0.4 -0.9 -3.7 -1.8 -2.6 0.2 -1.7 0.8
-3.0 -5.4 -5.9 -5.3 -1.7 -1.3 -4.1 -6.2 -7.9 -4.2 -4.1 -0.8
-23.2 -23.1 -21.2 -18.8 -17.9 -17.4 -19.1 -18.3 -17.5 -15.6 -16.4 -15.0
2011
January February March April May June July August September October November December
63.7 63.2 61.4 60.3 60.1 59.2 58.1 54.6 52.0 50.8 53.2 53.9
-0.3 -0.8 -2.8 -1.8 -0.3 -1.5 -1.9 -6.0 -4.8 -2.3 4.7 1.3
-1.2 -0.3 -3.9 -5.3 -4.9 -3.6 -3.6 -9.2 -12.2 -12.6 -2.6 3.7
-14.0 -11.9 -13.3 -14.1 -14.8 -15.3 -13.7 -17.4 -19.3 -21.2 -16.1 -15.6
2012
January February March April May June
52.0 48.7 49.8 51.1 50.3 48.6
-3.5 -6.3 2.3 2.6 -1.6 -3.4
2.4 -8.5 -7.6 -1.7 3.3 -2.4
-18.4 -22.9 -18.9 -15.3 -16.3 -17.9
17
Central Statistics Office
Residential Property Price Index
Background Notes Definition The Residential Property Price Index (RPPI) is designed to measure the change in the average
level of prices paid for residential properties sold in Ireland. The index is mix-adjusted to allow for the fact that different types of property are sold in different periods. Data Source
The RPPI is compiled using data on mortgage drawdowns provided on a monthly basis by 8 of the main Mortgage Lending Institutions under Section 13 of the Housing Act (2002). This data provides details on the characteristics of properties bought (such as building type and size) as well as the price paid. It is transactions based; meaning that prices are recorded only where a sale occurs. Not all residential property transactions are funded by a mortgage (i.e. they are cash based) and these transactions are excluded from the scope of the index. The CSO has conducted an initial preliminary analysis of Stamp Duty returns (ST21 returns) to the Revenue Commissioners. As all transfers of residential property require that a Stamp Duty return is made, this analysis allows us to estimate the total size of the residential property market (excluding the construction of self-build houses). From this we can estimate the coverage provided by the mortgage transactions reported to the CSO. The latest available data is in respect of 2009. The table below shows that, in volume terms, the mortgage drawdowns data covers in excess of 75% of the market, as measured by Stamp Duty returns, in 4 of the 5 years between 2005 and 2009. Coverage of stamp duty returns versus mortgage drawdown returns 2005-2009
Mix Adjustment
Year
Stamp duty returns where only a residential property is transacted
Mortgage drawdown returns
% coverage
2005
80,685
71,138
88
2006
86,086
66,749
78
2007
66,090
51,852
78
2008
42,682
29,763
70
2009
19,719
18,596
94
Residential properties are heterogeneous, meaning that no two houses or apartments are exactly identical. This poses a challenge when trying to construct a price index as there is a need to separate pure price change from differences in the quality of the products being bought over time. Typically this is done by comparing the prices of exactly the same products, time after time. This is, for example, the method used in the Consumer Price Index. However, in the case of residential properties, price is determined by many characteristics (location, size, build type etc) which make direct price comparisons difficult. Furthermore, only a small portion of the total housing stock is sold in any given month. The combination of these factors means that the matching process that would typically be used to calculate a standard or typical price index cannot be used in the case of houses and apartments. The hedonic method is the prevalent statistical process for the measurement of residential price change. In this method, a number of characteristics which influence prices are analysed so that we can estimate and exclude the part of the price change that can be attributed to them. These characteristics are; location, building type, floor area, number of bedrooms, new or old and first time buyer or not. By excluding the price change determined by these characteristics we are left with an index of pure price change for a consistent set of characteristics - or more simply - a residential property price index. This index uses the rolling year hedonic regression model.
Weights
Weights are calculated at the beginning of each year based on the value of transactions during the previous year as given by the mortgage drawdown data. The index is an annual chain-linked Laspeyres-type index. It is calculated by updating the previous month’s weights by the estimated monthly changes in their average prices.
18
Central Statistics Office
Residential Property Price Index
Periodicity The index is compiled on a monthly basis. In order to smooth out short-term volatility in the
series and highlight longer-term trends the published indices are based on a 3 month rolling average, i.e. a simple average of the current month and the previous 2 months. However, care should still be taken when interpreting monthly figures which may indicate short-term volatility rather than underlying change in longer term price trends. Aggregate indices (National - all residential properties, National - houses, National - apartments, National excluding Dublin - all residential properties and Dublin - all residential properties) are compiled using monthly indices rather than the published 3 month rolling average indices . As a result these higher level indices may, in some periods, show a slight variation with their published constituent indices. Geographic Split The indices for Dublin include residential properties in the 4 local authority areas, covering both
Dublin city and county. Calculating percentage changes in the index The movement of the RPPI is expressed as percentage change, rather than a change in index points, because index point changes are affected by the level of the index in relation to its base period, whereas percentage changes are not. The example below illustrates the computation of a percentage change: Percentage change calculation Current Index
79.0
Less previous Index
80.4
Equals in index points
-1.4
Divided by the previous Index
80.4
Equals
-0.0174
Results multiplied by 100 Equals percentage change
19
-0.0174*100 -1.7%
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