Dublin house prices fall 6% this year

The drop was due to a combination of lack of supply, high rents, and the Central Bank’s deposit rules which have stagnated the capital’s market, according to the latest national survey carried out by Real Estate Alliance.

Michael O’Connor, auctioneer and REA chairman, said the reason for the fall in Dublin prices was unusual, as lack of supply normally meant that the cost of homes would increase.

“There are buyers out there but a combination of Central Bank restrictions and the fact that rents are rising and making it harder for first-time buyers to save means the market is stalled at the moment.