5th May 2009 – A member survey by the Irish Auctioneers & Valuers Institute (IAVI) has confirmed that value of residential property has dropped by an average of 8.7% nationwide in the first three months of the year.

Conducted amongst IAVI members nationwide, this survey shows that the values of residential property in Dublin declined by an average of 5.6%. In Munster, values dropped sharply by an average of 12%. Meanwhile, in Leinster and Connaught/Donegal, values decreased on average 8.5% and 7.5% respectively.

According to Simon Ensor from the Residential Panel of the IAVI National Council, “These results are based on the experience of our members on the ground are consistent with the findings of our 2008 annual survey.

"It is true that the speed of the depreciation has taken some of our members by surprise, but anecdotal evidence suggests that there is a strong belief that prices have reached, or are very close to the bottom. If there is further depreciation, it is likely to result in an over-correction, which would quickly cause prices to rebound to current values.

"With interest rates down to lowest levels combined with significant falls in house prices, a level of affordability has come back into the market that has not been experienced since the mid-1990’s. As a result, it could be an opportune time to avail of the exceptional value currently available," he said.

Ends

For more information, please contact: Carina O’Neill Bracken PR on 01-677 3277 or 087 222 8124

Notes to editor

These are facts from professional practitioners at the coalface of property transactions, rather then sales price or advertising-based statistics. The IAVI represents almost 2,000 property professionals nationwide.