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Residential property prices decreased by 0.5% nationally in the year to July, according to the latest figures from the Central Statistics Office.
By contrast was no change in the year to June and an increase of 2.2% in the twelve months to July 2019.
In Dublin, residential property prices saw a decline of 1.3% in the year to July – house prices decreased by 1.2% and apartments increased by 0.4%. The highest house price growth in Dublin was in Dun Laoghaire-Rathdown at 1.3%, while Dublin City saw a decline of 2.7%.
Residential property prices in Ireland excluding Dublin were 0.2% higher in the year to July, with house and apartment prices up by 0.3%. The region outside of Dublin that saw the largest rise in house prices was the South-West at 4.3% – at the other end of the scale, the South-East saw a 1.6% decline.
Overall, the national index is 17.7% lower than its highest level in 2007. Dublin residential property prices are 22.7% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 20.2% lower than their May 2007 peak.
Property prices nationally have increased by 83.5% from their trough in early 2013. Dublin residential property prices have risen 91.4% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 83.6% higher than at the trough, which was in May 2013. More
Taxpayers will not have to face increased Local Property Tax bills for 2021 after the Finance Minister decided to defer the valuation date for the tax from November this year to November next year.
Finance Minister Paschal Donohoe said that as with many aspects of the economy, the pandemic has introduced volatility into the residential property market.
Mr Donohoe said he was also conscious of the need to allow sufficient time for the Revenue Commissioners to introduce the necessary changes to the LPT regime before any new valuation date.
“Consequently I have decided to defer the valuation date from November 1, 2020 to November 1, 2021. With this new valuation date, there will be no change in LPT liabilities until 2022 at the earliest,” Mr Donohoe said.
New homes purchased since since the introduction of the tax in 2013 have been exempt.
The Minister said he will bring forward proposals for primary legislation to implement the Programme for Government commitments on LPT in early 2021.
He said these proposals will be designed to ensure fairness and that most homeowners will face no increase in their LPT liabilities.
They will also bring new homes, which are currently exempt from the LPT or outside of the tax, into the taxation system.
“I will also seek to promote the other policy objectives that I consider should underpin the tax, ie protecting the overall LPT yield; maintaining the tax base with a small number of exemptions and upholding the progressivity of the tax,” Mr Donohoe added.
A review into the property tax was undertaken in 2015 but no changes have been made since. More
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