A survey carried out by the Economist magazine is predicting a collapse in property prices in Ireland and worldwide.
The magazine says in many countries the stockmarket bubble has been replaced by a property-price bubble and sooner or later that bubble is going to burst.
The magazine predicts that house prices here will drop by 20% over the next four years.
The Economist studied data going back to 1975 from estate agents, lending institutions and government agencies and found that the price of homes in six big developed countries, including the US will drop dramatically in the near future.
And it says the consequences will be far more serious and painful than the current plunge in the stockmarket.
The authors advise anyone who needs to move for work or family reasons to consider selling and renting until prices drop.
However, they say most people will have to stick it out and watch their wealth dwindle.
Irish auctioneers not concerned
The President of the Irish Auctioneers and Valuers Institute has said there is nothing new or alarming in the survey and the Economist has been predicting a price drop for the past few years.
Aidan O'Hogan said house prices will slow down as supply levels out with demand.
He says a 20% drop would only put Ireland back to the house values at the beginning of 2002, which would not cause great dismay for homeowners.
