Dublin house prices 'down 55%'
Irish homeowners are willing to sell residential properties for as little as a quarter of their prices during the country's property boom, according to a paper by an Irish Central Bank economist, citing recent auction data.
"On average, the maximum reserve price was set at 25 per cent of the peak asking price, indicating that sellers are willing to transact at prices up to 75 per cent below" peak levels, Eoin O'Brien, an economist at the bank said.
"Auction properties have sold on average at a discount of almost 70 per cent."
Mr O'Brien cited data drawn from auctions conducted by Allsop Space since last year up to September 28th.
The median price for sold properties was €107,000, and the majority of them were sold on behalf of receivers and liquidators, according to the paper.
Sales prices for Dublin property prices were "broadly in line" with official data, showing a 55 per cent fall in Dublin house prices, according to Mr O'Brien.
The paper looked at about 400 properties sold at auction, with auction results showing a 68 per cent decline in prices from the property peak.