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Irish property slump branded an all-out crash as house prices fall 30 percent

Sunday Times says crash much worse than Britian's in the 90s

By
KELLY FINCHAM,
IrishCentral.com Editor

Published Sunday, October 25, 2009, 2:54 PM
Updated Sunday, October 25, 2009, 3:22 PM

 

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The price of the average Irish home has plummeted by 30 percent in just 12 months
The price of the average Irish home has plummeted by 30 percent in just 12 months

The worsening property slump in Ireland has been branded an all-out crash.

A report in the Sunday Times says the value of Irish homes has fallen by up to 30 percent over the past 12 months.

In comparison, the paper points to the property crash in British during the 1990s where prices took 10 years to fall 30 percent.

They say the worst-hit areas are in Dublin which is home to one-third of the Irish population.

The capital city has seen price falls of between 25 percent and 35 percent with apartments the biggest losers.

Investors have fled from the buy-to-rent market with the results that some new one-beds in Dublin’s city center have dropped by about €100,000 ($140,000).

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