Categorized | International

Residential Real Estate Prices in Ireland on the Decline

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Ireland’s residential real estate market has had an incredibly tough year. The most recent data coming from the Bureau of Statistics shows just how difficult the year has been in the nation’s real estate market. The numbers show that prices have fallen more than fifteen percent in the Irish residential real estate market, thus emphasizing the extent of the housing crisis being experienced in the country.

Unfortunately for investors in the market, there is no sign yet as to when the market will bottom out. In fact, prices are expected to continue their decline. With that said, even though the low prices would typically suggest a buyer’s market, many investors and potential homebuyers are shying away from Ireland’s housing market due to the fact that prices will be even more affordable in the coming months.

Prices fell over two percent in the last month. During the same month last year, prices only fell approximately one percent from their previous monthly rate.

The housing market in Ireland hit its peak in early 2007, and since that point, they have fallen more than fifty percent. Apartment prices have fallen even further, and are now sixty percent lower than what they were in early 2007.

With the pending European debt crisis, and an overall weak job market through Ireland, it should come as no surprise that the housing market in the nation continues to suffer. Many investors continue to sit on the sidelines, waiting for an indication that the market is bottoming out before they will even consider putting any money into the Irish real estate market.

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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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