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06/04/2009
Dublin House Prices Down 16%
House prices in Dublin are 16% lower compared with last year, according to a report published today.
Property website Daft.ie says the average national asking price for a home now stands at €281,000, a fall of almost €63,000 from the peak in mid-2007.
After Dublin, the biggest decreases were 10.5% and 9.5% in Sligo and Waterford city respectively. The equivalent drop for Cork city and Limerick city was 5%.
Dr Liam Delaney who writes for the influential site said: "House prices are still falling and this downward trajectory is adversely affecting well-being, just as sentiment is boosted when prices were rising.
"You would have to possess a hard heart not to feel sympathy for those who purchased between 2003 and 2008 and who now face uncertain employment. They are the ones who have lost out from the chaos of what we now think of as the second phase of the Celtic Tiger years, the period of stagnation and illusory growth from about 2000 on."
Ronan Lyons, an economist at Daft.ie, said people selling properties in Dublin cut their prices by over €20,000, indicating that a larger adjustment in property prices is underway in the capital than elsewhere.
The Daft House Price Report Q1 2009 is based on asking prices for properties posted for sale on daft.ie. Each month up to 40,000 properties are posted on the website, which claims one million unique users.
(DW/BMcC)
Property website Daft.ie says the average national asking price for a home now stands at €281,000, a fall of almost €63,000 from the peak in mid-2007.
After Dublin, the biggest decreases were 10.5% and 9.5% in Sligo and Waterford city respectively. The equivalent drop for Cork city and Limerick city was 5%.
Dr Liam Delaney who writes for the influential site said: "House prices are still falling and this downward trajectory is adversely affecting well-being, just as sentiment is boosted when prices were rising.
"You would have to possess a hard heart not to feel sympathy for those who purchased between 2003 and 2008 and who now face uncertain employment. They are the ones who have lost out from the chaos of what we now think of as the second phase of the Celtic Tiger years, the period of stagnation and illusory growth from about 2000 on."
Ronan Lyons, an economist at Daft.ie, said people selling properties in Dublin cut their prices by over €20,000, indicating that a larger adjustment in property prices is underway in the capital than elsewhere.
The Daft House Price Report Q1 2009 is based on asking prices for properties posted for sale on daft.ie. Each month up to 40,000 properties are posted on the website, which claims one million unique users.
(DW/BMcC)
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