Property Prices Retreating To 2005 levels
13th January 2009: Asking prices
fell almost 15% over the course of 2008, according to the latest report from property
website Daft.ie. The decline in prices accelerated in the latter months of 2008,
with asking prices falling 5.8% in the last quarter alone. The national average
asking price fell €58,000 in 12 months to €295,000 - the same level as
in January 2006.
The total fall from the peak of the market in mid-2007 is now over 16%, with many
areas around the country, including Leitrim and Louth seeing falls of almost 20%.
In Wexford, Kildare, and Cavan, prices fell by up to 17%. While South County Dublin
has been hardest hit, with typical asking prices in the area now €150,000 lower
than at the peak.
According to Ronan Lyons, Economist with daft.ie. "The ongoing fall-out from
overproduction of housing in Ireland in recent years has combined with unprecedented
developments in the global economy. As a result, asking prices have tumbled, particularly
towards the end of the year, reversing gains made in 2006."
Looking to the future, Lyons notes that some counties are likely to be slower to
recover than others. "Areas suffering from a glut of properties may need a
longer or a larger adjustment. Ballpark figures, based on the 2006 Census and daft.ie
listings, suggest that as much as 10% of properties are for sale in counties like
Roscommon, Cavan and Leitrim, compared to less than 5% in some counties."
The full report, containing an overview of regional trends and commentary by Ronan
Lyons, economist with Daft.ie, is available online at www.daft.ie/report.
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Property Prices Retreating To 2005 levels
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