Finally -- property prices we can trust - Editorial, Opinion - Independent.ie

Finally -- property prices we can trust - Editorial, Opinion - Independent.ie

Yesterday's brisk bidding at the auction of distressed properties held in Dublin's Shelbourne Hotel showed that, despite all of the gloom and doom, there is significant pent-up demand from buyers, but only at the right price. Since prices peaked in early 2007, house and apartment prices have fallen by at least 50pc.

The value of commercial property and development land has fallen even more steeply. Unfortunately, this new reality has been slow to dawn on sellers, many of whom still continue to quote asking prices that hark back to the heady days of 2006 and 2007. With entirely predictable results.