Evidence that the property market is slowing down as homes are taking longer to sell.
Property prices have been on the rise for the last number of years but that rate of increase has begun to fall for houses. For apartments, the actual price is falling.
Cronan Corbett has been trying to sell his apartment for months and has had to drop the asking price.
Property Editor at The Irish Times, Jack Fagan, says many apartment owners who are selling have had to drop their asking price by up to ten per cent.
The drop in demand for apartments is largely down to the fact that investors are no longer buying property as the tax incentives have been withdrawn.
Developers have lost their lucrative market.
Tony Gregory TD says that recently developers have begun to offer for sale entire apartment blocks to Dublin Corporation. Other developers have kept the apartments and rented out entire blocks. Tony Gregory believes that the inevitable result will be a drop in prices.
An RTÉ News report broadcast on 25 July 2001. The reporter is Anne Marie Green.
