Dublin suffers most as property prices fall 40% across the country

HOME values are falling rapidly towards the point where they were expected to bottom out but there is no consensus as to whether they will drop even further than feared.

Prices of houses and apartments collectively fell 40% since the peak of the property boom four years ago with regional variations showing a 47% fall in Dublin, which accounts for 40% of the market, and a 35% drop elsewhere.

The decline intensified in the last few months and with some economists predicting the slide in values would stop when prices reached 50% of their peak, that could see Dublin properties hitting a plateau within months with the rest of the country following next year.