House prices in the Republic of Ireland declined at a slower pace during the first three months of 2010, the property website Daft.ie. said Wednesday.
House prices dropped 3.4% during three-month ending March, which is the smallest quarterly fall in about two years, Daft.ie reported. The latest decline is slower than the 4% fall in the three-month period ending December. The national average asking price in March 2010 was EUR 234,000, which was 33% below the peak in 2007.
The decline in house prices in Dublin came in line with the national average of 3.4%. The length of time a property remained on the market increased slightly during the first quarter. Currently, the national average time to sell a property is 10 months.
"In some parts of the country, especially Dublin, asking prices have been significantly discounted from peak levels and we are now seeing a steady decrease in the total number of properties sitting on the market," Daft.ie economist Ronan Lyons said. "Almost one in three properties listed in January is either sale agreed or sold suggests that those who price their properties keenly will find a buyer."
Commenting on the Daft.ie report, Brian Lucey, a professor at TCD School of Business, predicted that there could be another 18 months of declining prices.
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