Lisa O'Carroll

guardian.co.uk

Property prices in Ireland are in freefall, according to housing analysts, whose latest figures show that prices in Dublin have collapsed by 65% in five years and by 60% across the country.

A house price index released by the largest residential sales group – the Sherry FitzGerald Group – found that the pace of deflation has sped up in Dublin, while prices across the country are now at levels last seen 11 years ago.

The group, which has been surveying a weighted basket of 1,500 properties since 1999, said residential property in Dublin was now worth 64.2% less than at the 2006 peak, with a national fall of 58.8%.

Separate surveys by two property websites also found large declines in 2011's asking prices: myhome.ie said sale prices were down 50% since 2006, while its rival website daft.ie reported an 8% drop in the last quarter alone, calling it the largest ever quarterly fall in house prices in Ireland. Continued ......

Houses in Dublin, where prices have crashed in the past five years. Photograph: Barry Mason/Alamy