Ireland has seen a significant growth in the property market over the last few years, and the market is now showing signs of weakening. In fact, it has seen an average of 15% growth each year since 1996.
Late in 2007, the national property prices began to drop. Over the past year, property prices have fallen by an average of about 6.4%. Looking back, it was quite evident that the boom was bound to end, when compared to how much prices have risen over the last ten years.
In 1996, the average property price in Ireland was €75,000. At the peak of 2006's final year of the boom, those same numbers rose to €310,000. So far this year, the average price of a home is €289,000.
As reported by Times Online, Stephen Jeffery of The Property Finder had this to say. "Rates rose 7 times last year, so they are now nearly 2% higher. We have moved from a buyer's to a seller's market. Realistically, agents should be pricing around 12% below the peak of 2006."
Other factors are causing equally worrisome signs. For example, sales throughout the country are down 60% over 2006.
While these numbers are troublesome to many home owners, it is good news for those first time buyers looking for an opportunity to get into the market.
