Skip to main content

www.daft.ie & The Irish Property Crash - 2008...

www.daft.ie - Quarter 1 2008 Irish property figures are out - and according to today's Irish Independent Newspaper, we are in the middle of major Property price crash!

There has been widespread price drops across the country and the trend looks set to continue for the foreseeable future...


"ASKING prices for houses in some of the country's most affluent areas have plummeted by a massive 7pc in the space of just three months, according to a new survey published today.

The report reveals property prices in the leafy suburbs of south county Dublin tumbled by an average of €40,000, or 6pc, in the first quarter of 2008.

In Co Wicklow, prices also took a dramatic nose dive of more than €35,000 (7pc).

The average price for a house in south county Dublin now stands at €649,383. Asking prices in Co Wicklow dropped to €445,681, the new survey by Daft.ie has found.

Nationwide, the property slump caused asking prices to fall by 1.2pc.

The drop is in sharp contrast to late 2007, when asking prices remained static and many sellers accepted offers below the advertised price.

Sellers are now finding they have to reduce the asking price in order to attract interest.

The number of properties for sale continued to rise during the first three months of 2008, with stock levels 51pc ahead of last year.

Although prices tumbled dramatically in the most expensive areas of the capital, asking prices in the city centre increased by 3.1pc.

West county Dublin was not so fortunate, with a drop of 2.8pc causing the average asking price to plummet to €336,966.

North county Dublin experienced a drop of 1.1pc, while north Dublin city saw prices tumble by 2.6pc and South Dublin city experienced a 1.3pc drop. The total number of properties in Dublin fell to below 6,000.

In the rest of Leinster, prices in Wexford, Kilkenny and Carlow fell by 3pc in the first quarter of 2008. In Kildare, prices fell 0.6pc to an average asking price of €363,222.

A rush of properties onto the market in early 2008 pushed the total number of properties for sale in Leinster up to over 16,000.

Indicator

In Munster, Cork city prices fell by €20,000 on average in the first three months, with the average asking price plummeting to €355,002. Stock of property for sale fell below 18,000, with one-in-three properties coming onto the market since January 2007 still there.

In Galway city, prices stabilised in early 2008, with a slight rise of 1.2pc in Galway city.

Dermot O'Leary, Chief Economist said the number of properties for sale would be a key indicator of the property market over the coming months.

"Figures indicate that the total number of properties for sale stands over 50pc ahead of last year's levels," he said.

"Prices won't begin to stabilise again until the stock for sale begins to fall.
" "
- Irish Independent Newspaper Report.

Popular posts from this blog

More Allsop Fire Sales...

Allsop plans five fire sales a year... THE UK auction house Allsop and its Irish affiliate Space plans to hold up to five distressed property auctions a year following the success of its first auction last Friday when 81 out of 82 lots were sold for a total of €15 million. The next auction is scheduled for July 7th, when 200 lots will be auctioned, including apartments, tenanted shops, farms and houses. According to Space director Stephen McCarthy, his company is being inundated with requests from receivers, banks and individuals who want to sell their property fast. Many of the properties in Friday’s auction were sold by Bank of Scotland Ireland and it’s believe there is plenty more of this stock to sell. These include apartments in the Castleforbes development in the Dublin docklands, as well as units in Dublin 8 and in Castleknock. However, the agency is also considering taking on more agricultural land. One lot, a 55 acre farm in Co Wickow sold particularly well, making €42...

As Featured On Dublin Postcards, Ad's, U2 Video...

I see in the Irish Independent today an item concerning a favourite, Dublin landmark, of mine... "THEY have featured in numerous postcards and a very famous Guinness ad, but perhaps their most important cameo appearance came when they featured in U2s 'Pride (In The Name Of Love)' video. However, Dublin City Council does not believe the Poolbeg chimneys are iconic enough to place on their Record of Protected Structures. Following a request from Cllr Dermot Lacey (Lab) to have the landmark ESB chimneys placed on the protected record, city councillors heard that city planners had conducted a survey, history and full assessment of the chimneys. They concluded from this that while the Poolbeg chimneys were considered to be of a certain level of architectural, social and historical significance, they were not of sufficient value within the meaning of the Planning and Development Act, 2000. Complex The twin red and white chimney stacks measure 680 feet in height and were construc...

Property Ireland - Irish Land Values Go Up Like A Rocket & Fall Like A Stone...

Land values go up like a rocket and fall like a stone... SITE EVALUATION: Why would a developer bid €225,000 an acre in 1999 and €2.8m an acre in 2007? Bill Nowlan explains WHY HAS THE value of development land fallen so precipitously, by over 50 per cent in the past 12 months, when residential and other property values have only fallen by 25 per cent or 30 per cent? There is an old property cliché which says that "land values go up like a rocket and fall like a stone" and this seems to have been bourne out in Ireland over recent years. Why does this happen? To answer this question requires an insight into the way developers prepare their bids for development land and I set out below a glimpse into that process. Let me start by looking at how a developer in normal times estimates his bid for a plot of land with planning permission, which in estate agents' parlance is ready-to-go. The key starting point in a developers equations is the expected sale price of the finished b...