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February 25, 2010

Ireland's Housing Market - a Double Dip?

It's comparable to the US.  Ireland's version of the Case-Shiller Index is the tsb/ESRI House Price Index, produced by the Irish Life & Permanent Group.  According to the tsb/ESRI, prices in the Republic of Ireland peaked in February 2007.  As of December 2009, prices are down 31.5% from the peak and are at early 2003 levels.  Prices were down 18.5% for 2009, and it appears that Ireland may be having a double-dip housing recession, like the US.  Prices declined -1.1% in September and -1.8% in October, then picked up pace for -3.1% in November and -3.6% in December.  Niall O'Grady, of Irish Life said; "2009 was a horrendous year for the Irish housing market...The figures deteriorated as the year progressed with an 8.5% reduction in average prices in quarter 4 - more that twice the pace of decline of any other quarter since the fall commenced. The pessimist will say there's worst to come." Chart, click to enlarge.

Ireland national_prices_large_3010

Posted at 04:34 PM in HOUSING - IRELAND |

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