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Asking prices for residential properties have fallen by 4.7% in the last three months, according to Daft.ie.
The
property website says the average asking price nationally now stands at
€253,000 - which is €93,000 lower than at the housing market peak in
2007.
Daft's Q3 report highlights how asking prices in different
regions of the around the country are adjusting at greatly varying
speeds, with prices down 35% and 31% in Dublin and Meath respectively.
Meanwhile, in Munster, Kerry and Tipperary are down just 20% and 16% respectively.
Commenting
on the report, Ronan Lyons, Daft.ie economist, counties with larger
decreases in house prices are seeing better levels of transactions than
counties where the falls are lower.
"These latest figures
would suggest that the differences in asking prices regionally may be
having an impact on the number of transactions taking place.
“
Dublin has seen some of the greatest cuts in asking prices, and there
is evidence that this is leading to a greater number of transactions,
with the total number of properties for sale falling by over 12% in the
last year.
“In Munster however, where price drops have been lower, the number of properties available for sale is still rising," he said.
He
added that the likelihood of a universal property tax to replace stamp
duty and NAMA will be the main factors that will influence how the
property market performs in the coming year.
“If done correctly, [property tax] may not only remove uncertainty but also stimulate a healthy level of transactions,” he said.
Regarding
NAMA, he said: “Its enormous size is likely to set benchmarks in many
segments of Ireland's property market but nonetheless it cannot buck
the market and the Government needs to ensure that NAMA is implemented
following the most thorough research possible.”
Source: irishconstruction.com
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