About one in ten property sales was renegotiated due to Covid-19 with an average price reduction of 3%.
That is according to a survey of over 260 estate agents nationwide carried out by the Society of Chartered Surveyors of Ireland.
About two thirds of practitioners said property values had remained unchanged compared to the situation before the pandemic and the subsequent economic shutdown.
28% said prices had declined with 6% saying they had increased.
Figures from the Central Statistics Office last week suggested that annual property price inflation nationally practically came to a standstill in June at 0.1%. Dublin prices were down 0.7%.
The volume of transactions in June dropped by a third compared with the same month last year, the CSO figures indicated.
A separate set of figures from the Banking and Payments Federation showed that mortgage drawdowns amounted to €1.5 billion between April and the end of June, down
Continue reading this atricle at https://www.rte.ie/news/business/2020/0824/1160873-10-of-property-sales-renegotiated-with-small-reduction/