Property market decline 'to continue throughout 2009'

The Irish Auctioneers and Valuers Institute says it does not expect any improvement in the property market until the end of this year at the earliest.

The institute says prices have fallen by between 15% and 50% in different parts of the country over the past year and further falls are expected this year.

It says the buy-to-let market has virtually collapsed in the past 12 months, leading to a particularly severe fall in the price of second-hand apartments compared to other types of property.