Asking prices fall 14% during 2010

Asking prices for residential property around the country fell by almost 5% in the final quarter of 2010, according to the latest report published by property website This means that the total fall during the year was 14%. By the end of 2010, the national average asking price had fallen by 40% from the peak in 2007 and stood at just below €220,000. The typical time it takes to sell a property remains high but has fallen from 41 weeks to 36 weeks over the course of the year.
During 2010, asking prices in Dublin fell 14% on average, compared to a fall of 15% outside major cities. Prices in Galway were 13% lower than a year before, after prices fell sharply in the final 3 months of the year. In Cork, Limerick and Waterford, prices fell by between 10% and 12% over the course of the year. Elsewhere, the extent of price falls varied from less than 10% in Mayo to 20% or more in Wexford and Kilkenny.
Offaly & West Leinster
In the West Leinster counties of Laois, Westmeath, Offaly and Longford, asking prices fell by 5.3% in the final three months of the year, compared to a fall of 3.4% between June and September. The average asking price in Offaly in the final quarter of 2010 was €172,000, a fall of €139,000 from the peak in 2007.
2010 marks the fourth year of correction in Ireland’s property market, with a fall of 14% compared to a fall of 20% in 2009. Ronan Lyons, economist with, said: “Despite another year of price falls, the market does not yet look in balance. On the supply side, the number of properties for sale remains very high, at close to 60,000, while on the demand side, a range of factors continue to weigh on prospective buyers, including tight credit and expectations of higher taxes and interest rates in coming years.”
“Nonetheless, not all parts of the country are adjusting at the same pace,” Lyons continued. “Parts of Dublin have seen price falls of up to 50% from the peak, and we are seeing a steady fall in the total number of properties for sale in the capital. Some counties however, have seen price falls of just 30% and the number of properties for sale remains very high. It is the cities and in particular Dublin that are most likely to stabilise first, and it remains to be see if this happens in 2011.”
The full report is available from and contains a commentary by economist Ronan Lyons.
For further information please contact:
Ronan Lyons (086 604 5655), –

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