The Society of Chartered Surveyors in Ireland has this morning published its annual report on Irish property prices – the report is here, the press release is here. By the tone of headlines at newspapers that had an advance copy, you would think that Dublin was enjoying a robust recovery but in truth, according to the SCSI, prices in 2012 in 12 of the 14 categories surveyed were down on 2011 prices, with one-bedroom apartments suffering most with a 10.2% decline. Two categories, 3-bed and 4-bed semis rose in value in 2012 by 2.7% and 1.1% respectively. The rest declined. This is the summary.
Elsewhere in the report, rents are up slightly in some regions, by 3% in Dublin though there was a decline of 3.2% in Connacht/Ulster.
Turning to commercial, office rents are showing as declining and even prime 3rd generation Dublin offices are down by 3%. Yields have widened up tom 9.5% for Georgian offices, though prime 3rd generation bucked the trend by narrowing from 7.5% to 7.4%.
Dublin prime retail rents are down 10%, retail warehouse rents are down a whopping 40%.
Industrial rents are down 5-10%.
Development land continues to decline, mostly by two-digits.
Whilst capital values for pubs continued to decline, hotels were up by 0.5%.
Agricultural land is up by single digit percent.