Flats and holiday homes face 30% price fall

PRICES for apartments and holiday homes could fall by between 20% and 30% this year, a top property consultant has warned.

Savills Ireland said while prices for mature houses in urban areas may have bottomed out, the apartments market could see price falls of up to 20%, especially for those located in outer suburbs and rural towns.

Savills said there was virtually no market for this sector other than premier properties with sea views in very desirable holiday spots. Values could plummet by up to a further 30% in less popular/oversupplied locations.