Irish property guide published

The latest annual survey by The Sunday Times newspaper has revealed that property prices considered achievable by estate agents has actually dropped by as much as 30 per cent in some cases, with the average price of property dropping by 20 per cent in a year...

These figures suggest that the current housing crash is on the same levels with the worst ever experienced in the developed world.

Ireland will be in a similar situation to Finland in the 1990s, where the property market also suffered falls of as much as 50 per cent in the cost of housing.

The report also found that the average price of property in the UK fell by between nine per cent and 16 per cent, which varied by region. America has experienced 15 per cent loss in house prices, which is where the downturn first began.

The report draws comparisons with Britain's last property crash - in the 1990's - when house prices fell by 30 per cent throughout the decade. But, having reviewed Ireland's current market and taking into account the falls of the last 12 months, the report shows that nine regional markets in Ireland have lost as much as this in one year.

Areas worst hit were those that experienced the biggest gains during the housing boom, with Dublin most affected. Prices in the capital fell by an average of 35 per cent in 2008, with one- and two-bed apartments losing an average of £92,340 in value.

Source: www.hotproperty.co.uk