Raheny, Killester, Artane, Donnycarney, Old Coolock

Down 20%

While most D5 values crashed by a fifth last year, some homes in more expensive areas such as Raheny managed to do better, falling by just 15%. The average second-hand three-bed semi in Dublin 5 has fallen from €550,000 to €460,000.

Estate agents say many potential buyers who had been relatively keen walked out of the market in the second half of the year because of the credit crunch and negative publicity.

They hope credit will become more readily available in the second half of 2009, tempting buyers forced to sit on the fence to come back into the market. However, some purchasers have voiced concern about the stability of the market and believe prices will fall further in 2009. They will be tempted to hold off in the hope of catching a bargain.

Few investors were in evidence last year, with 95% of purchases made by owner-occupiers. The market is swamped with rental properties and, as a result, rents have fallen by 10% and may go down further.

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