New figures show that house values have dropped significantly.
According to a new survey, house values fell by an average of 22% nationwide during the past 12 months.
The Sunday Times Property Price Guide shows that values fell the most in County Galway - by up to 50%.
The survey, which assesses house values based on sale prices, says luxury property, apartments and holiday homes have been the worst affected.
Luxury detached residences in south Co Dublin are among the worst hit with prices dropping in value by 57%.
The survey, which assesses house values based on sale prices, shows values fell by 50% in Co Galway, 40% in Co Monaghan, 36% in Meath and over 30% in Dublin 6W and Dublin 13.
