House prices fell 2.2% in the third quarter of this year, compared with the second, according to new figures from the national estate agents’ association NVM.
It is the sharpest drop since the crisis began, the NVM said. House prices also fell by 2.2% in the first quarter.
The number of houses changing hands fell 17% in the same period.
The NVM said the average price paid for a home is now €209,000, compared with €214,000 in the first quarter.
The organisation expects an improvement in the number of transactions in the fourth quarter as buyers race to beat the introduction of tougher mortgage rules in January.
NVM chairman Ger Hukker made an ‘urgent appeal’ to the two parties currently in talks on forming a new government to take steps to stimulate the housing market and to give long-term guarantees.
‘Otherwise the market will go into hibernation next year,’ he said.