Tuesday, July 24, 2012

Some good news from the emerald isles

Residential property prices fell by 1.1% nationally last month

In the 12-month period up to June, prices fell by 14.4% nationally. This brings the overall decline nationally to 57% since the peak of the market which the CSO estimates as having been in 2007. House prices are 56% lower in the capital and apartment prices are down 62% since the peak. Residential property prices in the rest of Ireland are now 47% lower than the peak. Many analysts had suggested that recent price rises in Dublin were an indicator that the market had bottomed out, but academics have cautioned that prices would need to show signs of stabilisation for at least six consecutive months to establish a definite trend in this regard.

Posted by khards @ 02:03 PM (1443 views)
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7 thoughts on “Some good news from the emerald isles

  • mark wadsworth says:

    Khards, I thought you said you were off over there, have you taken the plunge or are you waiting until prices “bottom out”?

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  • happy mondays says:

    When will Britain fall? After the Olympics, 2013 or never.. One good thing is that i have not had to listen to many people banging on how much their property is worth, through fear of it collapsing, or realism has set in about home ownership is not the way to Enlightenment !

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  • Been here for around 6 weeks now! After a week of being here house prices had risen for the first time in 5 years. I thought typical.
    I think they might go a little lower, but they are certainly better value than that of the UK, especially when measured in £’s. It’s all relative in house price to earnings ratios.
    Thinking about transferring my money out of the £ before the end of the olympica as the exchange rate probably won’t get much better than it is now. (Personally I think it has been manipulated for the Olympics)..

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  • I see they are nicking Anglo Irish bank people after the shady deals in 2009/10 (mainly property & financial). The Irish bail-out cost 23bn Euros. BBC/Reuters/Sky reports

    By 2015 they should get around to identifying the cheats who brought down the Spanish banking system (plenty of time to find a “fall guy”). Last I heard, Spanish property prices are still dropping….

    Is it the UK’s turn soon?

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  • happy mondays says:

    Khards – from the Irish times – “They also noted that the June drop more than reverses the slight increase seen in May and with weak bank lending, high unemployment and oversupply there is no sign of a turning point in the Dublin market and overall prices will come down
    further”.http://www.irishtimes.com/newspaper/breaking/2012/0724/breaking19.html

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  • All good… Like the UK supply in some areas is particularly tight especially in the desirable suburbs of major cities. There are many underwater kite flying.
    I think what is driving the sales is that many have two properties, where they built a mc.mansion during the boom and are now selling the ‘old house’ – thus can afford to sell the old house at a good price to pay down some debt on the new house.
    Many are not worries about mortgage arrears on their ‘primary residence’ at there are almost no repossessions on the primary residences. The banks do not want the properties on their books and the people do not want to lose their homes.
    This might change later in the year when bankruptcy is reduced from 12 to 3 years. We could see a flood of people returning the keys or going bankrupt – which will lead to more bailouts…. and so on… possibly what one would call a deflationary asset spiral.

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  • I would imagine it’ll soon – if not already – be a good time to go to Ireland. Once they’ve got the house prices back to realistic levels, they’ll be primed for growth. Sadly, our home-ownerist government here is doing everything it can for forestall any recovery.
    The pressure for real change is kept subdued by the vested interests in gov’t and the media, particularly the right-wing press.

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