Economy

Lower Dublin house prices tempt first time buyers.

22 Mar, 2009

After a disasterous six month property standstill, Dublin house prices have now fallen by up to 25 per cent, tempting first-time buyers on to the property market. The price of apartments is down further still, granting many younger people the chance to own a property previously well out of their budget, even last year.

A leading estate agent in Dublin, Robert Ganly, has said: "Things are definitely moving in the houses below the million mark, in terms of activity. The drop in prices is certainly attracting people to view the houses but there still seems to be an issue for some people getting finance."

The existence of stamp duty (the government tax for changing the documents specifying the owner of a particular property) appears to remain a major obstacle to buyers, many holding off in the belief that the government may soon abolish the tax entirely.

The average price paid for a house in Ireland in January 2009 was