Residential property prices continue to fall with the latest figures from the CSO showing no sign of a slowdown in the decline. Figure 1 shows the continual decline in residential property prices from January 2005 to October 2011.
When we break this down by region (the CSO only provides data on Dublin and Outside Dublin) we can see that residential prices in Dublin have declined more than those in the rest of the country. This may reflect an excess supply of these properties, constructed during the boom.
Justin Doran is a Lecturer in Economics, in the Department of Economics, University College Cork, Ireland.