Daft Property - Irish Property News

THERE was further gloom for homeowners after property prices plunged again last month. Prices have been diving now for almost four years. And there is no let-up in sight, with economists predicting prices will keep going down next year. The average residential property has lost almost €150,000 in value since the peak and is now worth around €169,000, according to the latest gloomy figures. Around €232,000 has been wiped off the value of houses and apartments in Dublin as the capital continues to suffer much sharper price declines than the rest of the country. The new figures from the CSO also show that the annual rate of decline in prices jumped to 15.6pc in November. Prices fell by 1.5pc last month and are now down 46pc from the peak of the market in early 2007, the official figures show. The CSO only gives percentage changes, but analysts have calculated that the price of an average property is now just €169,000. This is down from €314,000 when the property bubble was at its m

92% of lots sold by Allsop... THE BIDDING was brisk at the Allsop Space auction of mostly distressed property in Dublin’s Shelbourne Hotel yesterday, as 1,600 people packed into the auction room and spilled out into the bar and lobby of the hotel. A total of 97 of the 108 properties sold under the hammer with a further two selling after auction, raising a total of €11.4 million. Around half were cash buyers – 30 per cent less than at previous auctions. A small group of protesters from a group calling themselves the Anti-Eviction Taskforce held a low-key protest outside the hotel. However proceedings came to a brief halt when one protester stood up in front of the auctioneer and warned about the “ill will” that could affect buyers of distressed property in communities. “Don’t bid then,” replied auctioneer Gary Murphy from UK-based Allsop, before thanking the protestor for his “kind words”. Around a third of the lots are apartments, and one of the bargains of the auction was a