You are on page 1of 19

An Phromh-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

Skehard Road
Cork
Ireland
LoCall: 1890 313 414 (ROI)
0870 876 0256 (UK/NI)

Tel: +353 1 498 4000


Fax: +353 1 498 4229

Tel: +353 21 453 5000


Fax: +353 21 453 5555

Both offices may be contacted through any of these


telephone numbers.
CSO on the Web: www.cso.ie
and go to
Economy: Prices

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.

Director General: Pdraig Dalton


Enquiries:
RPPI Statistics

(021) 453 5207, 453 5450


rppi@cso.ie

General queries

Information Section, 021 453 5021


information@cso.ie

Central Statistics Office


The contents of this release may be quoted provided the
source is given clearly and accurately. Reproduction for own
or internal use is permitted.
ISSN 2009-4043

For more information contact Niall O'Hanlon at 021 453 5207.

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

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

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

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

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

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

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

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

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 months 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%