Property prices in Galway City have plunged by 43% since the peak of the property market in 2006 according to the latest report by propert website myhome.ie.
This is the "most dramatic fall recorded in urban areas".
At the peak of the market the median price of property in Galway was €450K. It is now €255,00.
The author of the report, Jean Goggin, an economic consultant with DKM Economic Consultants said that the data suggests that the national property price decline in 2010 is unlikely to exceed the magnitude of decline experienced in 2009 but that we will have to see an improvement in the labour market and the general economy before the property market picks up.
She said: "Last year the overall decline was 14.5% and so far this year the annual decline is 13%. While this suggests some improvement in property market conditions it is clear that we have not yet reached the bottom of the market. However 2011 is likely to bring some improvement in the general economic climate which should boost consumer confidence and provide more certainty to households regarding employment and incomes. We could then see a modest improvement in some segments of the market."
See the full Property Prices report MyHome.ie
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