Dublin home prices plunged 4 percent in January from December, the Central Statistics Office in Cork said today. Prices fell 21 percent in the Irish capital from a year earlier.
Overall, Irish home prices fell 1.9 percent in January from December, the statistics office said. Prices fell 17.4 percent from a year earlier and 57 percent from their 2007 peak.
“We don’t see any significant improvement in the housing market until the employment situation gets better and bank lending returns to some sort of ‘normality’,” said Alan McQuaid, an economist at Bloxham Stockbrokers in Dublin. “Following the drop of almost 13 percent in house prices in 2011, we are now looking for another double-digit decline in 2012. We are projecting a fall of 10 percent but based on the January numbers the risk is that the decline will be greater than that.”
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