Irish house prices plunged 18% last year

House prices in Ireland fell by as much as 18% in 2011 bringing the average price of housing down to levels last seen a decade ago. Nationally prices have fallen 52% since 2007.

Between 1997 and 2007, Irish property prices quadrupled – the biggest increase recorded by any European country. The subsequent collapse of the property bubble caused a banking crisis that eventually forced Ireland to accept a bail-out by the European Union and International Monetary Fund in November 2010.

ESO: Background information: Euro zone's poorest face rising home foreclosures http://www.europeansources.info/record/euro-zones-poorest-face-rising-home-foreclosures/

ESO: Background information: ECB helped fuel Irish bubble, says ex-PM http://www.europeansources.info/record/ecb-helped-fuel-irish-bubble-says-ex-pm/

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