Fitch Ratings insist that property prices here may fall by an additional 20%.
Since 2007, the average house price in Ireland has fallen by around 50% but according to Fitch there could be some way yet to go before the property market begins to fully stabilise.
In a statement today, the ratings agency said: “Fitch expects the largest further house price declines for peripheral countries.
“Different from Fitch house price forecast for most countries, the house price assumption for Ireland is a conservative estimate reflecting various downside risks in the market.”
Fitch acknowledged though that it is “also conceivable” that Irish prices will stabilise sooner and at a higher level than its base case assumption suggests.