Daft Property - Irish Property News

House prices now under €200k, lowest since 2000... HOUSE prices in Dublin have fallen below the €200,000 barrier for the first time since the early months of 2000. Values fell by almost 17pc last year - the fastest annual decline in almost two years, official figures have revealed. The average cost of a home is now about €165,000 based on prices at the peak of the property boom in February 2007 while in Dublin prices have fallen to €198,260. The Central Statistics Office (CSO) has reported prices down by 47pc in the last five years. On top of that huge crash, the record for December shows house prices falling at their fastest rate since February 2010 and a steady increase in the rate of decline all through 2011. The average price paid for a house nationally in February 2007 was euro €311,078, while in Dublin it was €431,000, according to the accepted report on mortgage drawdowns by Permanent TSB. Based on those figures and the CSO's rate of decline, average prices

An oversupply of housing and continued uncertainty are among reasons there is little hope of growth in the residential market... IN SPITE of last month’s budget measures aimed at stimulating the property market, there are six reasons why the market will remain slow to recover. The National Institute for Regional and Spatial Analysis (NIRSA) at NUI Maynooth is one of the few bodies which has been consistently researching the housing market with any degree of rigour. It believes that the budget measures aimed at boosting the residential property market won’t work. Firstly, prices are still falling, or “unwinding”, and most analysis suggests they will continue to fall for up to the next 24 months. No correction can happen until prices stop falling. But even when they do stabilise, there are other issues to take into account. We have a massive oversupply of housing. CSO figures say 14.7 per cent of the total stock is vacant. My calculations say that excluding second a

MANY PEOPLE selling their homes are still looking for prices higher than buyers are likely to pay – and the difference between asking and selling prices can be as much as 20 per cent. For while property website surveys published this week show residential property price falls since the peak of the property boom of between 43 and 52 per cent nationally, estate agents say that actual selling prices are now down by around 60 per cent and more. The lack of specific information about property sales prices means that buyers and sellers are still largely in the dark about what is actually happening in the property market. This should change in June, when a property price register detailing recent sales, with addresses and prices, is published by the Property Services Regulatory Authority (PSRA). The figures published by property websites MyHome and Daft are all based on asking prices. Meanwhile, the CSO’s most recent residential property price index, published in late December, showed prices