Dublin’s prime residential market plunges 17%

THE value of the prime residential market in Dublin has plunged almost 17% — more than in any other location in a global survey.

Estate agents, Knight Frank said the prime residential market is weakening across the world due to the fallout from the credit crunch and declining economic conditions in western markets.

But Dublin is taking the biggest hit among 20 cities surveyed with values in Ireland’s capital falling 16.7% in the year to June 2008.