New figures today show that asking prices for residential property fell again during the first three months of the year.
Property website Daft.ie said that asking prices declined by 4.2% in the first quarter of this year to mark the eighth quarter in a row of falling prices.
Daft says that the national average asking price now stands at €281,000, a fall of almost €63,000 since the middle of 2007.
Daft notes that Dublin saw some of the steepest falls in asking prices - down 11% - in the last three month. Prices in Sligo and Waterford fell by 10.5% and 9.5% respectively. However, Cork and Limerick city witnessed falls of just 5%.
The property website said that sellers decreased their prices by a further €12,500 on average in the first three months of 2009.
'People selling properties in Dublin cut their prices by over €20,000, indicating that a larger adjustment in property prices is underway in the capital than elsewhere,' commented Ronan Lyons, economist with Daft.ie.
The economist said that oversupply remains significant with over 60,000 homes for sale around the country. He added, however, that one encouraging sign is the fact that the stock of property available for sale has fallen by about 5% since its peak in October 2008.
