House prices must drop 40pc to restore investor confidence... PROPERTY prices need to fall by about 40pc or by around €100,000 before it would make sense to consider investing in houses, a report from Irish Mortgage Brokers and an academic indicates. House prices in Dublin need to fall from €283,800 to around €179,000 for property to be a good investment. Similar percentage falls are needed in Cork and Galway, the report by financial adviser Karl Deeter and lecturer Frank Quinn says. "Our calculations indicate that from an investor perspective the time has not yet arrived for a confident return to property for investment," the 'Residential Property Investor Report' says. Asking prices for a house in Cork of €248,000 need to fall to €141,000, while prices in Galway need to drop from €235,000 to around €141,000. The report concludes that "over-valuation is still the dominant characteristic of the Irish residential property market" . The report adds: "Fall
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