The latest property Barometer from Ireland's leading property website MyHome.ie, forecasts a further 10% decline in asking prices in 2010 in its residential property outlook for the year ahead.
Key Points
- The market for three bedroom semi detached homes in the capital will be the first to show signs of asking price stabilisation in the latter part of the year
- MyHome.ie forecasts that the apartment sector will be one of the last to show signs of stabilisation due to an overhang of supply, weak demand and NAMA
- MyHome.ie forecasts a -10% average decline in asking prices in 2010
- The economy is forecast to exit recession in the second half of 2010 but the construction sector recovery will lag the overall recovery by up to twelve months
- The construction sector is forecast to build just 11,000 new private housing units in 2010, with the possibility of only 6,000 new private housing commencements
- Summary of Asking Price Changes in 2009
- National -14.6%
- Dublin -18.3%
- Ex Dublin -12.7%
- New Homes -15%
- Second Hand -14.6%
- Rate of decrease in asking prices slowed both nationally (-3.5%) and in Dublin (-4.1%), when compared to Q3 2009 figures on the Barometer
- In Dublin, asking prices now down by -30.7%, and by -24.77% nationally since the peak
- Download Full MyHome.ie Property Barometer Q4 2009
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