Irish house prices slump to 2002 levels

Published:  22 October, 2010

DUBLIN: Average house prices in Ireland are now at 2002 levels. Prices fell 36% since their peak in 2006 and 1.3% in the Q3 of this year, new figures show.

This is the lowest quarterly reduction since the second quarter of 2008.

The Permanent TSB/Economic and Social Research Institute House Price Index shows house prices nationally have fallen to €198 689 from €233 137 in the third quarter of 2009, and €311 078 at their peak.

The reduction in average national house prices in the first nine months of this year was 7.6%. This compares to a reduction of 11.7% in the first nine months of last year.

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