House prices drop by 37 percent across Ireland

Irish house prices have to an average price of $254,000 (€220,000). That is a drop of 37 percent from house prices peak.
These figures have been released by and Irish real estate website
House prices continued their downward slide during the second quarter of 2010. However, there is evidence in the report that properties are selling more quickly than before.
The dip in asking prices have been most dramatic in Dublin as those selling on their property have toned down their expectations. In Dublin property prices in Dublin have almost halved.
Properties in Dublin are also selling much faster that those in Connacht and Ulster.
Prices of properties in Ireland have been declining steadily since 2007 when the country went into recession and unemployment soared.
Economist with, Ronan Lyons said “While falls in asking prices are slower than last year, the market is still in adjustment and the total stock for sale, particularly outside the main cities, remains high.”
“Nonetheless, evidence from Dublin in particular shows that properties are selling. Almost half the number of properties listed in the capital in January are now sale agreed or sold.
“Around the country, about 5,000 properties were listed for sale in April. Of these, 15 per cent of properties have already been sold, while a further 10 per cent are sale agreed. This represents a slight slowing down, compared with the first quarter, when 20 per cent of properties listed in January were sold by April 1st, with a further 10 per cent sale agreed.”
In the past three months prices in Dublin dropped by five percent making their total drop 40 percent, from the peak price.
Elsewhere prices have fallen, on average, 34 percent. In Cork and Limerick prices fell by three and two percent respectively. Prices in Waterford dropped by seven percent.
Donegal, Cavan and Monaghan suffered the greatest drops of 11 percent. Their prices had been largely static prior to the last three months.