House prices down 9.1%, says online guide
Online property research house Global Property Guide has put Ireland's house-price drop at 9.1% for 2007, when prices are adjusted for inflation.
Noting that the Irish housing market "had the biggest and longest house-price boom among developed countries in recent memory", the guide said prices started falling this year for the first time in 15 years.
In what it calls a "house price plunge', the guide says there was a 4.68% drop in prices year-on-year to October.
"When adjusted for inflation, the drop is more pronounced at 9.1%," according to the guide.
"The Irish housing market is vulnerable to interest rate changes, as 85% of mortgages are variable rate."
Bulgaria saw the world’s strongest house price growth at 30.6% (15.4% in real terms) to end-Q3 2007 from a year earlier.
