House prices will continue to fall significantly over the coming year, according to an assessment conducted for the Department of the Environment.
The report by DKM Economic Consultants also predicts that the number of housing units completed in 2009 will fall to 25,000, compared to 43,000 this year and 78,000 last year.
It says that average house prices could fall by anything from 20% to 46% during the year.
Meanwhile, the issues facing the construction sector are due to be discussed at a conference in Dublin later today.
A panel of experts from various fields will be discussing ways in which key challenges might be tackled during the ongoing downturn.
Fine Gael TD Richard Bruton, who is on the panel, says any moves by the Government to delay projects under the National Development Plan will impede a return to normal activity levels in the sector.