Skip to main content

House Prices Take Another Dive...

House prices take another dive bringing annual collapse to 14pc...

House prices took another nosedive towards the end of the summer, official figures have revealed.

The cost of residential property fell 1.6pc in August taking the total collapse over the previous 12 months to 13.9pc.

The Central Statistics Office (CSO) said homes have fallen in value by 43pc since the peak of the market in early 2007.

Over the last four years house prices in Dublin are down 48pc and apartments 57pc, while the fall in residential property prices outside the capital is about 40pc since the bubble burst.

According to Conall Mac Coille, chief economist at Davy Stockbrokers, the prices are based on very low level transactions because mortgage lending remains weak.

“So falling prices reflect distressed vendors being forced to sell despite weak market conditions,” he said.

“Hence residential property prices are likely to continue falling through 2011.”

Report by Ed Carty - Irish Independent

Popular posts from this blog

Property Crash Homes For Sale...

Hundreds of repossessed homes in Ireland to be sold by auction... UK property consultancy Allsop to hold auction in April at Dublin's Shelbourne hotel: Flats in Ireland that could have fetched €150,000 in the Celtic Tiger years are to be put on the market for as little as €25,000 (£21,000) in the country's first ever mass auction of repossessed homes. And, in a sign of how wide the property crash is, the latest item to turn up in liquidation sales in Dublin is a job lot of 15 cranes, including a pair towering over Anglo Irish Bank's half-built headquarters in the city's docklands. "Tower cranes were among the most sought-after heavy plant and machinery 10 years ago," Ricky Wilson of Wilsons Auctions says. "You couldn't buy them quick enough. Now they are left idle for two or three years on sites." He has 15 cranes worth €500,000 going on sale on 26 March, with German, Dutch and Polish buyers expressing interest. But it is the auction ...

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...

Ireland Gets Cheap As Celtic Tiger & Habitat Vanish!!!

Sign of times as Lidl eyes Habitat store... Upmarket furniture store Habitat could be replaced in the city centre by a discount supermarket. German retail giant Lidl is one of only two businesses -- the other an overseas bank -- pitching for the lease of the massive store, located off the bottom of Grafton Street on College Green. Crunch Lidl and fellow discount chain Aldi have seen a significant increase in business since the effects of the credit crunch. They have also been helped by a recent National Consumer Agency survey. The research found that a basket of 28 own-brand goods was more than 50pc cheaper in Lidl than in Tesco or Dunnes Stores. Several leases available on Grafton Street have been slow to sell because of the deterioration in consumer spending. Property adviser CB Richard Ellis has predicted that business premises on the high street will only sell when values have been cut by 50pc. Lidl is not the only big-name trader to have checked out the former Habitat store. Nearb...