Tag Archive | "Ireland"

Housing Prices Still Dropping in Ireland

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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Housing Prices in Ireland Fall to Lowest Level in Twelve Years

Residential real estate prices in Ireland continue to drop, and there appears to be no end in sight regarding their decline. The most recent data indicates that prices have fallen by as much as sixty-five percent in some cities of Ireland over the past five years.

The Irish housing market experienced its peak in 2006. Since that year, housing prices have literally gone into a freefall with no signs of slowing down any time soon. Ireland experienced its largest recorded housing price drop in history in the last quarter, falling eight percent during that time period.

The overall health of the nation’s banks has played a significant role in the housing market’s performance. With many banks failing and others bailing surviving, there has been a severe decline in the amount of mortgage financing made available to the people of Ireland.

Analysts predict that 2012 will continue to be a difficult year for the Irish residential real estate market, as the banks are showing few signs of improvement. In addition, unemployment rates across the country are expected to worsen. The combination of high unemployment and limited mortgage loan funding will continue to be unrelenting on property prices.

Even with prices at unbelievably low levels, the lack of mortgage loan funding has led to a massive decline in property sales as well. To put the decline in perspective, only thirteen thousand mortgages were issued in the past year. When comparing that number to the two hundred thousand that were issued during Ireland’s peak real estate year in 2006, it is apparent that the market is, at best, on life support.

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Irish Property Market Continues to Struggle

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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Residential Real Estate Prices in Ireland on the Decline

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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Ireland Housing Prices Fall Nearly Fifteen Percent

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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