Soden's pad reduced by another €150,000
The hottest property market in the world has screeched to a halt. Irish house prices are falling in several areas, particularly in Dublin.
Much of this is down to the Central Bank move to cap mortgages after a year in which prices rose an unsustainable 16pc.
One unintended victim has been Central Bank board member Mike Soden, who helped bring in the mortgage restrictions.
Two months ago, I noticed that the asking price for his home on Mespil Road had tumbled by €100,000, from €2.5m to €2.4m. Last week the price of the smashing 3,800 sq ft, three-storey Victorian house was dropped yet again, falling €150,000. Agent Daphne Kaye is now offering the former BoI chief's pad at €2.25m, closer to the €2.3m sought when it first went on the market last summer.
Soden and his wife are moving to their 21st home, which was former Taoiseach Albert Reynolds' old flat near Anglesea Road.
Property prices fell around 2pc in the first two months of the year and around 500 of the 5,000 homes for sale on Daft.ie have changed their asking prices. Mostly downward. Yikes.
Sunday Indo Business