Irish property falling at highest rate in world

The nation led the world in house price declines last year, with a 10.8% fall in values, according to new data from international agents Knight Frank.

The country recorded the largest single decline in values as its debt crisis, rising unemployment levels and subsequent EU bailout drove investor confidence to new lows.

Whilst even North America recorded stagnant growth rather than out and out declines, Irish prices continue to bottom out, a fact of great concern to Director of the Irish Mortgage Corporation Frank Conway. "Even states such as Spain show some signs of stability, which is a concern for Ireland as both states suffered severe property price crashes and increases in the unemployment rates", he told the Irish Examiner.

Top of Knight Frank's list for property growth last year was Hong Kong with a massive 20%, followed by Latvia with 16.9%.