Saturday, October 1, 2011
Irish property prices set to officially halve by end of next year
Irelandâ€™s property boom was the biggest, and the crash the most violent, and according to statisticians, the total decline since the property-price peak in late 2007 is now more than 43 per cent. Auction figures from auctioneer Sherry FitzGerald published this week, are even worse, suggesting that average prices are down by a huge 58 per cent since 2007. Bank stress testing consultants also expect prices to fall a further 20% globally. Since early 1997 Irish property prices quadrupled in 10 years and only two peer countries have see house price rises of remotely similar proportions and these were Britain and Spain. The US saw a much more modest rise over the same period, of about 130 per cent, which was not unusual internationally.