Daft Property - Irish Property News

Roll up for the great property giveaway... Agents say an estimated 24% drop in house prices is far too low... There were double-takes all round last Monday when the Permanent tsb /ESRI house price index announced a 24% drop since February 2007 – a figure many believe to be conservative in the extreme. It's difficult to find out exactly what a property sells for as, under the Data Protection Act, publication of selling prices is prohibited and information is therefore based on asking price. Those involved in the business believe a truer estimate of just how far property prices have plummeted is between 40% and 50%. And counting. Ronan O'Driscoll, director of new homes at Savills, points to "the concrete example" of his own home. "I bought it for €1.9m in 2006, but one on the same road sold recently for around €850,000." The new homes landscape has changed radically in ways other than price, he adds, saying that negotiating a deal on a brand-new property is no