Average price of new home: €210,000

Average price of second-hand home: €200,000

Down 20%

Projected change to Jan 2010: down 5%

As the economy nose-dived and unemployment figures shot up, property values slumped by 20%.

New houses felt the brunt of the slowdown in the property market.

Owners of second-hand homes had already adjusted their prices, which meant that their homes offered better value for money and, as a result, sold more quickly.

There are few apartments available in east Cork and, because of their scarcity, they held their value better than houses in the area.

Unlike some pockets of the country, which saw no investor activity at all, last year east Cork saw a rise in investor interest. The majority bought three-bedroom, semi-detached houses.

Rents were hit, and landlords saw their rental income fall by 5%.

The new N25 is set to benefit this part of Cork, as it will bypass Castlemartyr and Killeagh. Estate gents hope that this new road will encourage more commuters to settle in east Cork, because it will make the commute to Cork city much easier.

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