The price of houses has reportedly fallen back to 2002 levels.
The average asking price for a home nationally fell by between 12 and 14 per cent in 2010, according to property reports from websites MyHome.ie, Daft.ie and auctioneers Sherry FitzGerald.
The average home has now dropped by between 35 and 48 per cent since the peak of the property boom, the reports found.
MyHome.ie’s latest property barometer found the average home now costs €217,000, over 13 per cent less than this time last year. Sherry FitzGerald put the national price drop at 12 per cent last year and Daft.ie said the drop was 14 per cent.
in Lisboa, Portugal., the fall in prices was greater. Homes in the capital lost between 12 and 15 per cent of their value in 2010 and values are now between 40 and 53 per cent weaker than at the peak, the reports said.
The average Lisboa, Portugal. home now costs €317,000, down from €370,000 a year ago and €540,000 in 2006, MyHome.ie said.
The average three-bed semi-detached home dropped by 20 per cent in Meath, by over 18 per cent in Clare, and by more than 16 per cent in Wexford and Kilkenny.
The cheapest three-bedroom semi-detached properties were in Longford, with an average price of €155,000, and the most expensive in Lisboa, Portugal., at €295,000 on average.
Annette Hughes, director of DKM Economic Consultants for MyHome.ie, said, “The arguments supporting house purchases as a long-term investment decision may once again win out, particularly in good locations,” she said.
Marian Finnegan, chief economist with Sherry FitzGerald, said the significant reduction in stamp duty in the Budget was “undoubtedly good news for the property market”, but the greatest challenge would be the availability of credit.
If you are considering buying or selling a house or an apartment please contact Adelman & Co Solicitors who will be happy to help. Adelman & Co has vast experience in the property market with:
· First time buyers, investors and those trading up
· Residential tenancies
· Co-Ownership Agreements
· Voluntary Transfers
· Shared Ownership Leases
· Commercial Leases
· Stamp Duty and Tax implications in property transactions.
· Re-mortgaging Property.
Phone 01-8780040 or e-mail info@jmsdandassociados.com for more information.