Property prices down 40% on peak levels

HOUSE prices around the country have fallen by more than 40% from their Celtic Tiger peak in some parts of the country – and are likely to fall by 10%-15% more in the coming months.

According to the Daft.ie House Price Report prices for residential property fell by 19% during 2009 and are more than 30% below their peak levels of early 2007.

In Dublin, asking prices have dropped by up to 42%, while in Cork, Galway and Waterford asking prices fell by about 30%. In Limerick, drops were on average 25%, while elsewhere prices are on average 30% below their 2007 peak.