Categorized | International

Housing Prices Still Dropping in Ireland

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Residential real estate prices in Ireland are continuing their downward trend. Over the past twelve months, residential property prices have dropped by more than seventeen percent. That decline has increased each month for the past two years.

 

In the month of January alone, residential real estate prices in Ireland fell just one tenth of a percentage point below two percent. That has progressively gotten worse since hitting one percent last January.

 

Dublin continues to face even bigger struggles, as the city has seen its residential real estate prices drop by as much as four percent in January. Prices are now more than twenty-one percent less than where they were last year.

 

Housing prices in Ireland are expected to continue their freefall for some time. Economists have not yet determined when prices will stop falling, which does not bode well for the market as a whole. The struggles experienced in Dublin are baffling, as other major cities across Europe have outperformed the small cities and rural areas in their respective nations.

 

Ireland has not been able to escape that fears that a debt crisis would cause even greater damage to the overall housing market in the country. While some countries have been able to overcome any negative performance due to the threat, Ireland simply has not shared the same luck.

 

Housing prices in Ireland are now almost fifty percent lower than where they were five years ago, when they hit their highest level ever. They are more than fifty-five percent lower in the major city of Dublin.

 

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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