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06/05/2011
Irish Property Prices Level Out After Fall
The fall in house prices across the Irish Republic is slowing and may even have levelled off - but no recovery is in sight.
According to a European housing market report published by Standard & Poor's (S&P) Irish house prices have "completed their correction", but market activity is not expected to resume any time soon.
It noted that prices in Ireland have suffered the largest contraction in western Europe, falling 33% from their 2010 peak.
The agency listed oversupply as one of the key factors in the predicted sluggish recovery.
It cited figures from the Bank of Ireland's December 2010 Irish Property Review, which puts oversupply in excess of 300,000 homes and also refers to recent estimates from the Department of the Environment that indicate a much lower number of 23,000 dwellings.
(BMcC/KMcA)
According to a European housing market report published by Standard & Poor's (S&P) Irish house prices have "completed their correction", but market activity is not expected to resume any time soon.
It noted that prices in Ireland have suffered the largest contraction in western Europe, falling 33% from their 2010 peak.
The agency listed oversupply as one of the key factors in the predicted sluggish recovery.
It cited figures from the Bank of Ireland's December 2010 Irish Property Review, which puts oversupply in excess of 300,000 homes and also refers to recent estimates from the Department of the Environment that indicate a much lower number of 23,000 dwellings.
(BMcC/KMcA)
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