I remember someone telling me back in 2007 that you could NOT lose money on property. I begged to differ. That particular person went and bought a property in the autumn of that year for some £300k. It is now valued at <£180k. The market always win and the same dynamic is in place south of the border. Just think about what this means;
HOUSE prices are likely to continue to fall for another two years, analysts predicted yesterday. It came as a new, official index of residential property prices from the Central Statistics Office showed a 12pc fall in the past year.
It also found that the pace of decrease has picked up in the past two months
Prices are down 40pc from their peak level in 2007. Dublin has suffered much higher losses in value, with the crash cutting prices almost in half. In the rest of the country they are down by a third. The fall of 47pc in the capital contrasts with a plunge of 35pc elsewhere.
Sharp drops in prices were recorded in February and March. The fall of 1.7pc in each month was the highest since July 2009.
Ireland is mired in the aftermath of economic collapse and those property prices that were the emblem of the Celtic tiger are now the headstones of a country that has gone bankrupt. It is against this background that tonight sees Ireland hype up the prospects of the ludicrous Jedward in the European Song Contest – I think the term is bread and circuses!