Average price of new home: €199,000 Average price of second-hand home: €220,000

Down 20%

Projected change to Jan 2010: none

Property values have fallen by about 20%, due to a lack of available credit and fears that the market will fall more. While there was little sales activity, most of those that did go through were bargain buys. Character houses are still attracting interest,albeit at lower prices.

Investors have all but disappeared. However, prices and interest rates now cover mortgage repayments on standard properties. Agents believe investors will be lured back by the end of the year.

Rents rallied early in the year, but have fallen sharply since. In outlying areas, such as Belturbet and Ballyconnell, where there is over-supply, they have dropped by up to 25%.

It had been hoped that improvements to the infrastructure, such as the building of the new M3, would help bolster the market, but it did not prove to be the case.

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