RTTNews - Asking prices for residential property in Ireland fell almost 6% in the second quarter of the year, a latest report published by property website Daft.ie showed Tuesday.

The national average asking prices stood at EUR 263,000, down 19% from the previous year and 23% lower than the peak in 2007.

According to the report, prices fell the most in Dublin city center, a 11% fall in the past three months. In Cork and Limerick city, prices dropped 4% and 6% respectively, while in Galway and Waterford cities, prices fell by just over 2%. The average fall in prices outside the main cities was 4.8%.

Over the past three months, the percentage of properties coming off the market in Dublin has risen steadily, suggesting that if properties are priced correctly, they will sell, Ronan Lyons, economist with Daft.ie said.

Moreover, the the report said the average time-on-market for residential sales properties has increased significantly over the last two years and is now over 7 months, compared with only 6 weeks during the boom.

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