Sunday 17 November 2019

House price fall here worst in the world

Shane Hickey

THE average price of a house in Ireland went down by almost 11pc last year -- faster than anywhere else in the world.

A new survey has shown houses in Ireland plummeted in value in 2010, making Ireland the worst performer amongst almost 50 around the globe.

The study, compiled from government statistics by UK property consultancy Knight Frank, puts the slide at 10.8pc in Ireland.

The worldwide trend shows house prices were up 2.8pc in 2010 -- the market here came out bottom.

The largest increase was in Hong Kong with a 20.1pc rise, while both Latvia and Israel were up over 16pc.

However, Ireland is one of 15 countries which saw a drop in the annual survey.

Iceland, a country which has also has a highly volatile financial system, was down 1.4pc while there was a drop of 4.1pc in the United States.

Ireland comes in below Lithuania, where there was a drop of 10.1pc in house prices.

Irish Independent

Editor's Choice

Also in Irish News