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House price in Ireland with 10.6 percent annual drop in September |
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Saturday, 25 October 2008 |
Houses price in Ireland reported a decline for the 19th consecutive month in September, brought the total annual decrease to 10.6 percent, data show the index for prices of residential properties on the Irish mortgage institution permanent tsb, cited by Reuters.
The average price of housing has fallen by 1.1 percent in September, compared with 0.9 percent for the previous month, the index shows.
The average housing price in the country recorded a decline of 2 899 euros to around 268 thousand euros in September. The overall decline since the end of 2007 is 20 300 euros.
"Looking forward we expect that pattern to continue for some time, because as consumer confidence and the prospects for the economy to remain weak next year," said Nayal O'Greydi, General Manager of Business Strategies in permanent tsb.
Housing prices in the country started to fall in March 2007 for the first time in five years.
Because all the sudden downturn of the property market and the global financial crisis Ireland became the first country in the euro, which entered into recession this year.
According to a Reuters survey of economists various house price in the country will decrease by 9.5 percent this year and 5 percent in 2009. |
Real Estates 
