Categorized | International

Irish Property Market Continues to Struggle

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The latest numbers regarding the performance of the residential real estate market in Ireland indicate that the country is still in a state of disarray. Residential real estate prices have fallen nearly sixteen percent in the last year alone, and more than forty-six percent since they peaked in 2007.

While other European nations have shown some signs of improvement, the market in Ireland has not looked so promising. Across the country, residential property values fell one and a half percent during the month of November. In Dublin, Ireland’s biggest city, property prices fell by roughly the same percent month-over-month. Property prices in Dublin are down almost eighteen percent from what they were one year ago.

In contrast to many other nations, Ireland’s biggest cities are taking the biggest hit in terms of price declines. Dublin has seen more than a fifty percent drop in prices since the 2007 peak, and there is little home for improvement in the near future.

The Irish government has announced that it will take certain measures in 2012 in an effort to improve the status of its residential real estate market. The government will enact a substantial tax relief benefit for first time homebuyers, and those buying a second home will receive a modest tax relief benefit as well.

While the benefits will help mitigate the decline in prices across the country, analysts believe that more needs to be done to improve the Irish residential real estate market. Consumer confidence is at an all-time low with respect to the housing market, as many buyers have opted to hold off on buying a home.

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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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