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Irish property prices retreating to 2005 levels

Ronan Lyons, Economist with daft.ie, said: "The ongoing fall-out from overproduction of housing in Ireland in recent years has combined with unprecedented developments in the global economy. As a result, asking prices have tumbled, particularly towards the end of the year, reversing gains made in 2006."

Looking to the future, Lyons said some counties were likely to be slower to recover than others. "Areas suffering from a glut of properties, may need a longer or a larger adjustment. Ballpark figures, based on the 2006 Census and daft.ie listings, suggest that as much as 10% of properties are for sale in counties like Roscommon, Cavan and Leitrim, compared to less than 5% in some counties."

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