Skip to main content

Irish House Prices Falling...

10.8pc plunge in Irish house prices...

House prices in Ireland are falling at a double-digit rate but property values in other countries are showing signs of stabilising, research indicated today.

The average cost of a home in Ireland dropped by 10.8pc during 2010 as the market suffered from the fall-out of the country's economic problems, according to estate agent Knight Frank.

The drop was the biggest recorded for the total of nearly 50 countries looked at by the group. The pace of the falls are also showing little sign of easing, with property losing 3.5pc of its value during the final quarter alone.

Steep price falls were also seen in Dubai, with property values diving by 6.1pc during the third quarter of 2010, the latest quarter for which figures are available.

But there was better news for those who have bought second homes in France, with house prices in the country actually rising by 9.5pc during 2010.

The more conservative French mortgage market means that house prices have been hit less hard by the credit crunch than in some other countries.

House prices were also only 1.4pc lower in Italy at the end of 2010 than at the beginning of the year, with the pace of decline easing to just 0.3pc during the final quarter.

Property values in Spain, which has seen a severe house price correction, also showed signs of stabilising during the fourth quarter, edging down by 0.4pc to leave them 3.5pc down for the year, while the cost of a home in Portugal dropped by 4pc during 2010.

Hong Kong saw the strongest annual house price growth of 20pc, followed by Latvia at 16.9pc, and Israel at 16.2pc.

The UK came 31st out of 49 countries, with prices edging ahead by 0.7pc during the whole of 2010 but falling by 2.5pc during the final three months of the year.

Overall, Knight Frank said global house prices had risen by 2.8pc during 2010.

Liam Bailey, head of residential research at Knight Frank, said: "This annual figure hides the fact that a growing number of countries are seeing negative quarterly price movements.

"In the second quarter of 2010 the proportion of countries in our index recording negative quarterly growth was less than a third at 31pc, in the third quarter the figure was 35pc, in our most recent fourth quarter figures the proportion is 41pc.

"Across an increasing number of European countries and also in the US, markets were weaker in the second half of 2010, following a brief revival in the previous 12 months."


Press Association - Irish Independent.

Popular posts from this blog

Ireland's Celtic Tiger Excesses...

'Bang twins' may never get to run a business again... POST-boom Ireland is awash with cautionary tales of Celtic Tiger excesses, as a rattle around the carcasses of fallen property developers and entrepreneurs will show. Few can compete with the so-called Bang twins for youth, glamour and tasteful extravagance. Simon and Christian Stokes, the 35-year-old identical twins behind Bang Cafe and exclusive private members club, Residence, saw their entire business go bust with debts of €9m, €3m of which is owed to the tax man. The debt may be in the ha'penny place compared with the eye-watering billions owed by some of their former customers. But their fall has been arguably steeper and more damning than some of the country's richest tycoons. Last week, further humiliation was heaped on them with revelations that even as their businesses were going under, the twins spent €146,000 of company money in 18 months on designer shopping sprees, five star holidays and sumptu...

I fear a very different kind of property crash

While 80% of people over 40 own their own home just a third of adults under 40 do. This is disastrous for social solidarity and cohesion Changing this system of policymaking requires a government to act in a way that may be uncomfortable for some. Governments have a horizon of no more than five years, and the housing issue requires long-term planning. The Department of Public Expenditure and Reform was intended to tackle some of these problems. According to its website its remit is to “drive the delivery of better public services, living standards and infrastructure for the people of Ireland by enhancing governance, building capacity and delivering effectively”. So how is the challenge of delivering homes for people in 2024 and beyond going to be met? The extent of the problem is visible in the move by companies, including Ryanair, to buy properties to house staff. Ryanair has, justifiably, defended its right to do so. IPAV has long articulated its views on how to improve supply an...

Property Tycoon's Dolce Vita Ends...

Tycoon's dolce vita ends as art seized... THE Dublin city sheriff has seized an art collection and other valuables from the Ailesbury Road home of fallen property developer Bernard McNamara. The collection will be sold to help pay his debts. The sheriff, Brendan Walsh, is believed to have moved against the property developer within the past fortnight, calling to his salubrious Dublin 4 home acting on a court order to seize anything of value from his home to reimburse his creditors. The sheriff is believed to have taken paintings from the family home along with a small number of other items. The development marks a new low for Mr McNamara, once one of Ireland's richest men but who now owes €1.5bn . The property developer and former county councillor from Clare turned the building firm founded by his father Michael into one of the biggest in Ireland. He is the highest-profile former tycoon to date to be targeted by bailiffs, signalling just how far some of Ireland's billionai...