The prices asked for property continue to decline according to research from property website daft.ie.
The decline in residential property prices brings the market back to prices last seen in autumn 2005. The average price for a home now stands at €281,000, a fall of over €60,000 from the peak two years ago.
Asking prices are now at a level last seen in the autumn of 2005.
The price fall in Dublin for the first three months of the year is 11 per cent and 4.2 per cent across the rest of the country.
Naoise MacNally, Daft.ie, says that the city centre is dominated by buy-to-let landlords and as rents fall, there may be more incentive for them to sell properties. As supply increases, prices fall.
Estate Agents are claiming that the decline in prices and lower interest rates are leading to an increase in buyer activity in the market. Property journalist at the Sunday Business Posts, Michelle Devane, says people have adopted a wait and see attitude when it comes to getting a bargain property.
An RTÉ News report broadcast on 6 April 2009. The reporter is Gareth O'Connor.
