Belfast Telegraph

Dublin homes market 'stabilising'

A house price survey has found further evidence that the property market in Dublin is stabilising.

Daft.ie reported asking prices in the capital were down less than 1% this year and found there were continued declines in the rest of the country with prices down 7% since January.

Ronan Lyons, economist at the online property site, said there has also been a significant drop in the number of homes for sale.

Mr Lyons added: "Credit and confidence remain key to a longer-term stabilisation in the property market, though, and outside the major cities, there are the additional issues of oversupply and weak medium-term demand."

According to the daft.ie study, which examines the asking prices of more than 10,000 homes, the national average is 172,000 euro, down 2.6% in the last quarter and 53% from the peak of the boom in 2007.

Daft also noted the length of time houses and apartments are in estate agents' shop windows. In Dublin at the start of the year 25% of properties on the market were selling within two months, compared with 34% in June, Daft.ie said. Outside the capital, only about 15% of properties sell within that time frame.

The site found asking prices for the average three-bedroom home in greater Dublin range from 167,000 euro in the western suburbs to 320,000 euro in the south of the county. The cheapest three-bed houses in the country are in Longford at 93,000 euro with Cavan and Roscommon also slipping in under the 100,000 euro mark.

Mr Lyons said that the picture in Dublin appeared much healthier than it has been. He said the average asking price in Dublin in June was 214,000 euro while outside the major cities it is down to 149,000 euro with the amount of stock available down to just over 4,000.

The Daft report comes on the back of the official property price register published last week which found Dublin prices had risen slightly in May and overall showed signs of stabilising this year. That report said the property market in Dublin is down 57% since the peak of the boom in early 2007.

Houses are down 55% and apartments 61% while outside the capital the crash was not as severe with prices down 47%.

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