The prices of homes in Dublin are being discounted by up to €20,000, a report found today.
Asking prices in central Dublin fell by more than 11 per cent in the first three months of the year, according to the latest report by property website daft.ie. The latest drop marks the eighth consecutive quarter that prices have fallen.
After Dublin, the biggest decreases were 10.5 per cent and 9.5 per cent in Sligo and Waterford city respectively. The equivalent drop for Cork city and Limerick city was 5 per cent.
The average national asking price for a home now stands at €281,000, a fall of almost €63,000 from the peak in
mid-2007.
Ronan Lyons, economist at daft.ie, said sellers across the country were forced to discount their prices by a further 12,500 euro on average in the first three months of 2009.
"People selling properties in Dublin cut their prices by over 20,000 euro, indicating that a larger adjustment in property prices is underway in the capital than elsewhere."
He continued: "While oversupply remains significant, with over 60,000 homes for sale around the country, one encouraging sign is that the stock of property available for sale has fallen about
5% since its peak in October 2008."
The Daft House Price Report Q1 2009 is based on asking prices for properties posted for sale on daft.ie.
Each month up to 40,000 properties are posted on the website, which claims one million unique users.
PA