Some housing micro-markets showing signs of recovery

LACK of finance, lack of transparency, and a lack of hard data on what houses are selling for are combining to keep Ireland’s housing market in the doldrums.

And, that stricken market has fragmented into a number of ‘micro-markets’, some of which are recovering, with others still a good way to go to reach bottom, according to a just-released survey of Irish estate agents which said the lack of a functioning banking system was having “a crippling effect on the property market”.

The bad news for home owners, according to the IAVI/SCS 2010 survey, is that prices are continuing to fall. The good news, though, is the rate of decline is moderating from 2009. However, sectors such as apartments continued to see large drops, by as much as 20% to 25% in the past year alone.