Economic downturn wipes 50pc off value of homes... LARGE detached family homes in the capital have halved in value in the downturn. Estate agents admit four- and five-bedroom detached properties in Dublin are now only fetching 50pc of their 2007 prices. This means upwardly-mobile couples who shelled out an average of €1m at the height of the boom years are now sitting in a house worth just €500,000. The Irish Auctioneers and Valuers Institute (IAVI), which represents auctioneers around the country, says that houses nationally are now worth 40pc less than at the peak. Connacht has seen the smallest drop in house prices but even these are dramatic. The average two-bedroom townhouse in the region has fallen in value by 27.7pc. Things are much worse in Dublin for struggling homeowners who are seeing themselves plunged further into negative equity as prices have plummeted by half. But this is all good news for buyers with cash today. The IAVI annual property survey released shows that new t...
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