14/01/2009

Dublin Homes Down 15%

Dublin property values have fallen by 15%, according to a survey published by Irish Auctioneers and Valuers Institute.

It is the second consecutive year that the capital has seen a fall in property prices, with a 10% drop the previous year, this suggests that prices have plunged 25% since their peak.

The survey also showed new houses losing about a fifth of their value outside of Dublin, from their peak price.

The survey also shows that rents for retail and office spaces are substantially down with prime retail rents per square metre in Dublin having fallen by around €600 over the course of last year.

The gloomy reported is joined by a the latest economic analysis from consultants PricewaterhouseCooper, which has forecast the economy to plummet from a growth rate of 6% experienced in 2007 to a shrinkage of 4.1% in 2009, following an estimated contraction last year.

The report comes as it was revealed that the eurozone officially fell into recession last week for the first time since the introduction of the euro.

The eurozone is now technically in a recession, driven by contractions in several key economies, according to the report.

(DW/BMcC)

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