The Latest MyHome.ie Property Barometer shows that in 2009 asking prices fell by 14.6% nationally and by 18% in Dublin. This year I do not expect asking prices to fall to the same extent and believe that overall 2010 will prove to be a better year for the market compared to last, although asking prices will still be down 10% on … average over the course of the year, with the real potential for higher price decreases in some sectors and areas in 2010.
With the economy forecast to exit recession, combined with the creation and functioning of NAMA, plus the benefit of low interest rates and the best housing “affordability” in over two decades, do you think the latter part of 2010 will mark a turning point in the property cycle?
If you think 2010 will present greater challenges that 2009 what will they be? What do you think are the “risks” that face the market? – Rising interest rates for variable rate customers as banks increase rates to improve their balance sheets? Negative Equity? Repossessions? Emigration? Unemployment?
Let us know your views on the outlook for residential market in 2010 here…