Daft Property - Irish Property News

Market hasn't hit bottom despite 40pc drop in four years, say economists... HOUSE prices are likely to continue to fall for another two years, analysts predicted yesterday. It came as a new, official index of residential property prices from the Central Statistics Office showed a 12pc fall in the past year. It also found that the pace of decrease has picked up in the past two months Prices are down 40pc from their peak level in 2007. Dublin has suffered much higher losses in value, with the crash cutting prices almost in half. In the rest of the country they are down by a third. The fall of 47pc in the capital contrasts with a plunge of 35pc elsewhere. Sharp drops in prices were recorded in February and March. The fall of 1.7pc in each month was the highest since July 2009. However, these decreases mainly reflect sales agreed last November when the €85bn IMF/EU bailout was agreed. The fact that the country was being bailed out meant that the only property transacti...