Luxury homes Dublin 4
'Challenging' is the word that applies to the upper end of the Dublin 4 market where some top of the market homes are estimated to have seen their values fall by up to 70pc. For instance, there's one property on Ailesbury Road that was on the market at €6m but is now €2.5m.
Some observers believe that the more affordable end of the market is close to the bottom, but that the upper end might have a bit further to go because of the lack of bank finance.
Put simply, banks are loathe to lend big blocks of money. Rather than lend one individual €1m to trade up, they would prefer to give e200,000 to five first-time buyers. It's a better move PR-wise, plus that way they're also spreading their risk.
Agents specialising in this area say that sales are slow at the moment. Most people are opting to stay put rather than lose money. The luxury homes coming to the market are typically executor sales.
In terms of demand, there are people waiting in the wings to bag a bargain. There certainly seems to be interest in properties that might have been €3m at the peak but are now in the €1m+ category.
That said, buyers are not necessarily jumping in. They may have sold and gone into rental in the last four years, and are waiting with healthy sums in their bank accounts for the right property to come along.
International interest in such homes is minute too, though one agent says that the upper end of the commercial market is attracting healthy interest, if not exactly a huge volume of sales.