After another year of subdued home buying activity, property analysts warned that the Republic’s private residential property market may be in for tougher times in 2016 as the lacklustre economic environment is likely to depress sentiment further.
Adding to the woes is the United States Federal Reserve’s decision to start normalising interest rates, which is expected to keep prospective buyers on the sidelines as they adjust to the new reality. That, coupled with existing property curbs, could cause prices to fall by up to 8 per cent in the next 12 months, analysts told TODAY.