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04/07/2011
Irish House Price Fall 'Accelerating'
An influential property website has said on Monday, that the ongoing fall in property prices is "accelerating".
Writing on the site today, lecturer in Finance with Trinity College, Dr Constantin Gurdgiev, said there was a bleak forecast for Irish property markets - both commercial and residential.
Dr Gurdgiev said that Greater Dublin asking prices were now down to just 44% in North County Dublin and 55% in Dublin City Centre compared to their peak.
"The latest data from daft.ie on asking rents and prices clearly shows that there is some room for continued significant losses in residential real estate.
"Across all geographies covered in today's report, asking prices continued to fall and these falls are accelerating once again. Nationwide, asking prices are down 5% in three months through June 2011 - the steepest quarterly decline in 18 months."
The latest Property Barometer has also been issued this morning by another leading property website, MyHome.ie, showing that asking prices had fallen by 4.1% nationally in the first quarter of the year.
The survey also showed that, based on average mix adjusted asking price, the average house price is now €249,000, compared with €260,000 three months ago.
In Dublin, the average price is the €286,000 compared with €302,000 three months earlier.
Ahead of the release of Monday's figures, during the 2011 Housing Practitioner’s Conference in Mullingar at the end of last week, Housing Minister Willie Penrose unveiled "radical" Government plans to transform policy in the housing sector.
Speaking at the conference he said: "Ireland’s housing bubble will never happen again."
During the speech, Mr Penrose committed the Government to new laws that, he said, would transform the sector.
"Based on a number of fundamental principles and goals that will form the foundation of a substantial reform programme, the new framework of housing policy responds to current and emerging conditions in the housing sector, taking account of the dramatic cycle of rapid growth and sudden collapse in the residential property market."
(DW/GK)
Writing on the site today, lecturer in Finance with Trinity College, Dr Constantin Gurdgiev, said there was a bleak forecast for Irish property markets - both commercial and residential.
Dr Gurdgiev said that Greater Dublin asking prices were now down to just 44% in North County Dublin and 55% in Dublin City Centre compared to their peak.
"The latest data from daft.ie on asking rents and prices clearly shows that there is some room for continued significant losses in residential real estate.
"Across all geographies covered in today's report, asking prices continued to fall and these falls are accelerating once again. Nationwide, asking prices are down 5% in three months through June 2011 - the steepest quarterly decline in 18 months."
The latest Property Barometer has also been issued this morning by another leading property website, MyHome.ie, showing that asking prices had fallen by 4.1% nationally in the first quarter of the year.
The survey also showed that, based on average mix adjusted asking price, the average house price is now €249,000, compared with €260,000 three months ago.
In Dublin, the average price is the €286,000 compared with €302,000 three months earlier.
Ahead of the release of Monday's figures, during the 2011 Housing Practitioner’s Conference in Mullingar at the end of last week, Housing Minister Willie Penrose unveiled "radical" Government plans to transform policy in the housing sector.
Speaking at the conference he said: "Ireland’s housing bubble will never happen again."
During the speech, Mr Penrose committed the Government to new laws that, he said, would transform the sector.
"Based on a number of fundamental principles and goals that will form the foundation of a substantial reform programme, the new framework of housing policy responds to current and emerging conditions in the housing sector, taking account of the dramatic cycle of rapid growth and sudden collapse in the residential property market."
(DW/GK)
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Rampant house price rises at the start of the year have shown their first dip according to a new survey released by the Halifax. In July the average house price rise dropped off to 0.7 percent, which has been interpreted as the first sign that the early year rises of almost 11 per cent may be tailing off.
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