Categorized | International

Ireland Housing Prices Fall Nearly Fifteen Percent

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The residential real estate market in Ireland continues to suffer, as the average home price has dropped almost fifteen percent for the year. Prices have dropped so much that they are now valued at nearly fifty percent less than they were during the peak real estate years.

The market has been on a continuous decline since the start of its housing crash. In the month of September, the average price dropped roughly one and a half percent from an already depressed value. The average property price has fallen by nearly one hundred and forty thousand pounds since its peak to just over one hundred and seventy-five thousand pounds.

The city of Dublin took one of the biggest hits, particularly in its apartment market. Home prices in the city are down almost sixteen percent in the last year. Apartments in the city have lost roughly sixty percent of their value since the height of the real estate boom in 2007.

The residential real estate market is expected to continue its decline throughout 2012, and into 2013. The nation’s economy has been battered following the global financial crisis. Its weak economic state, in conjunction with its very weak job market has made it very difficult for the housing market to stabilize. Banks have severely tightened lending standards, making it nearly impossible for anybody to secure a mortgage loan in Ireland. As such, only the super affluent is able to buy homes.

Ireland has been one of the hardest hit nations by the global financial crisis, and as such, it is likely that its residential property market will suffer from the current downward trend for quite some time.

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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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