Let’s face it, a headline such as ‘Property Prices Continue To Fall In April 2012‘ is pretty gloomy. But there’s just no getting around the facts. Post-economic meltdown momentum continues to affect us like a Crash Test Dummy.
Figures from the Central Statistics Offices show that property prices are continuing to fall after a brief pause in March. There are several reasons why the market has not yet reached bottom, but the level of unemployment coupled with the stringent lending criteria by the Banks are two of the main reasons.
Property prices on average have fallen by FIFTY PER CENT since the peak in 2007, with apartments down by up to 60 per cent.
The pick up when it comes will begin in Dublin and the larger cities, with the rest of the country lagging behind.
There is an oversupply of housing particularly outside the main cities, which is going to take several years to work through, consequently prices for property outside the main cities will remain depressed for some time.
So let’s end on a more positive note from 1990.
