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An Update on the Irish Property Market

Taking a look at the state of the property market in Ireland now that prices have been falling for well over a year

Published in: Property in Ireland - Fri, March 27, 2009

An Update on the Irish Property MarketThe rise of the Celtic Tiger has been spectacular and the Irish property market has soared alongside the growth of this European nation.  Following on from an IMF report in 2000 that stated that Irish property prices were unlikely to continue to grow strongly for long, house prices actually went on to triple between 2000 to 2006. 

However, the beginning of 2007 saw demand for residential property begin to fall, and as a whole 2007 saw prices falling by 7.3% on average across the whole nation.  During 2008 prices of residential property in Ireland continued to slide, and at the end of 2008 average house prices had dropped by a staggering 9.1%. 

Taking into consideration the level of inflation of 4.1%, this gave a decline during 2008 in real terms of 13.2%.  The average price of a house in Ireland at the end of 2008 was a whopping £228,000 - but this has dropped from £251,000 at the end of 2007.  In this article we’ll give you a full update on the Irish property market so that you can assess for yourself whether now’s a good time to buy or sell property in Ireland.

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