A house in Dalkey, on the outskirts of Dublin, that was valued at €6.25 million ($8.51 million) three years ago has been sold for €1.4 million ($1.8 million), according to the Irish Times.

The Fairlawn House on Saval Park Road came on the market in May 2007. Although it was described as “offering immense potential for further development subject to planning permission” by estate agents Lisney, it failed to sell at auction in June 2007 and had been for sale ever since.

The Edwardian five-bedroom house, which stands on an acre of land, has been for sale through different agents with its price sliding along with the crashing property market.

The price dropped from €5 million in 2008 to €3.4 million in 2009, and down again to €1.75 million last September.

It was sold to a local couple for €1.4 million, and a recent cut in stamp duty, a tax based on the documents used to transfer property, from 9 percent to 1 percent will mean a substantial saving for the new owners.

Most top end houses are down by at least 50 percent and even then they are proving difficult to sell.