Property slump in Ireland continues
The property slump in Ireland is expected to last for at least another couple of years with house prices continuing to fall according to several sources.
Some experts believe that by the end of 2013 Irish house prices will have dropped by more than 50 per cent from the peak of 2006 leaving thousands of homeowners with negative equity that will take years to dissipate.
Research carried out by the Urish central bank show that the outlook for commercial property also looked bleak with many commercial premises in and around Dublin littered with To Let signs. Some economists suggest that commercial property prices could dive by more than 20 per cent in the coming months should the economy continue to plunge ever downwards.
Reports suggest that Irish banks will request further financial help from the IMF-EU assistance programme later this month.