Daft Property - Irish Property News

The Economist is at us again: in its survey of global house prices out at the weekend, it said that only four of the 20 markets surveyed had posted year-on-year price declines and only Ireland’s property catastrophe had worsened. We came bottom of its league, with a 17 per cent fall in prices between the third quarters of 2009 and 2010. In another global house price survey, this one from estate agency Knight Frank comparing the second quarters of both years, we only came second from the bottom – Estonia recorded price drops of 31.5 per cent, nearly double the fall here, again, given as 17 per cent. Cold comfort, of course, when the story told by both surveys is that property markets across the world are getting back on their feet, with Asia’s price rises leading the way – and we’re not at the party. If you’re emigrating to Australia and thinking of buying, read The Economist’s words of warning. Aussie house prices rose by 18.4 per cent in the period surveyed and The Economist calls it

House prices now falling faster than ever... HOUSE prices are falling more steeply than ever, as sellers discount heavily to try to secure a sale. Average prices nationally fell by 1.4pc in January, compared to falls of 0.8pc in October, 0.5pc in November and 0.9pc in December, according to the latest Permanent TSB/ESRI house price index. Prices were down by 9.8pc in the 12 months to January, compared to a fall of 9.1pc in the year to December. The average price paid for a house nationally last month was €258,006, down €3,500 on December 2008, and compared with a peak price of €311,078 in January 2007. The price falls have increased in recent months, said Permanent TSB manager of business strategy Niall O'Grady. "The pace of reductions is clearly accelerating due to deepening price discounting in the market in an attempt to clear existing stock," he said. Dublin house prices were worst hit, falling by 1.4pc in January, whereas there was a reduction of 0.6pc for houses out

Well-heeled south Dublin suburbs, commuter enclaves and student cities have all been devastated by the property price slump. But some have been hit worse than others and the pace of the fall in prices is picking up in some counties and cities. Nick Webb reveals where prices are falling fastest ... 1. Galway City 12.2 per cent drop at end of 2008 HOUSE prices in Galway City are falling faster than anywhere else in the Republic, according to new research. In the final quarter of 2008, house prices fell by a staggering 12.2 per cent. That means that between October to Christmas, the average house price in Galway shed €40,000, falling to just over €303,000 or by close to €450 per day. Galway city house prices have fallen by 21.1 per cent since the height of the property madness in mid-2006, according to Daft findings. The price haemorrhage was slower in Galway county, although it was still the seventh fastest falling market in the last quarter, with prices tumbling 7.2 per cent. Last week&

Property spend plunges €40bn... Irish spend on property has crashed by 60pc in 2008 compared to last year, with expenditure down by a crushing 73pc -- or around €40bn -- since the market peaked in 2006. Our property spend is forecast to fall to €15bn this year -- down from €45bn in 2007 and a heady €54.4bn in 2006, according to the latest 'Property Outlook' from Savills. Joan Henry, head of Research at Savills Ireland says that all sectors of the property market have been affected -- most obviously the new homes area. The total spend on new homes is expected to fall from an estimated €23bn in 2007 to just €6bn this year. Spend in the Irish investment market is expected to be down as much as 75pc from last year's €2bn. Spend on domestic land is expected to fall by a staggering 80pc. In the new homes as in the second hand market, prices have fallen by as much as 30pc this year and maybe more if looked at on an individual basis. "Successive price reductions this year, cou

IRELAND had the fourth biggest fall in house prices in the world this year ... Only Estonia, the US and Latvia have been harder hit by the drop in property values, a study by research group Global Property Guide shows. House prices in Ireland fell by 9.6pc in the year to June, according to the index. But when the level of inflation is taken into account, the drop was 13.9pc . The compilers of the index point out that "in Ireland, the 2009 Budget will include a 'stimulus package' helping first-time homebuyers". Latvia recorded the biggest fall in prices, after inflation was taken into account, with a 33pc drop. In the US, the inflation-adjusted fall for the year to June was 19pc. A host of European countries have recorded much smaller falls in house prices than Ireland. In Britain, the inflation-adjusted drop was nearly 10pc and Portugal recorded a fall of 8pc. Spain, which is now experiencing a sharp construction slowdown, recorded an inflation-adjusted decline of 2.