A new survey by the Global Property Guide (GPG) has revealed that house prices in Ireland have declined more than anywhere else in the developed world.
Prices are down by 15 percent percent over the year to the end of September.
In June, credit rating agency Standard & Poors predicted that house prices would fall another 10 percent this year, reaching bottom in 2011.
The price falls can be contributed to an oversupply of houses and high unemployment.
"Ireland had the worst annual price decline among countries in the survey, with house prices down 14.94 pc over the year to quarter three 2010," the GPG report said.
"Irish house prices have been falling for the past three years, and the declines show no sign of ending."
The report showed that 17 out of 35 countries had increases in house prices over the year to the end of September.
Kersten Mehl of the Irish Auctioneers and Values Association said the decrease in Irish prices was “due to lack of credit in the economy.”
7 Comments
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Switch to the desktop site to post a comment.jan281939 | Sep 12, 2011, 01:06 PM EDT
I sorry to hear that everyone is having a hard time.. Hopefully things will change soon for the better..JS
Dublinjas | Nov 30, 2010, 01:30 AM EST
They should have built the houses in Ireland with Lego bricks to match the reality of the overall fake economy.
seamusmoore | Nov 28, 2010, 07:48 PM EST
the law of physics: what goes up ... must come down. I would bet that the decline is alot smaller in the West and Southwest than in Dublin.
dukmarshal@aol.com | Nov 28, 2010, 05:52 PM EST
I could not believe the prices of homes in Ireland when I was over there 2 years ago. I thought the prices in the silicon valley were high till I got there. In some parts of California prices declined near 50% in the past 3 years.
Pittsburghkid | Nov 28, 2010, 12:34 PM EST
Housing is becoming more affortable in Ireland, sounds good to me. The media has Americans trained to think in terms that what's good for business is good for me. Even when, what's bad for me is good for business. Lower housing prices are good. Of course if you sell your house you get a low price, but the house you buy will also be lower. Then there is the problem being in a mortgage that is underfunded, then you are in trouble. In American, we had fools that took out 2nd mortgages to pay off credit cards. In other words, these fools will be paying for a big mack, that they bought in 1999, until they die.
killowen | Nov 28, 2010, 11:41 AM EST
china if smart will wait a little longer and then pounce.
pndirishandprou | Nov 28, 2010, 10:58 AM EST
I'm afraid real estate prices are still too high in Ireland.