Half of Ireland's construction companies have stopped building houses while they attempt to offload existing properties.
A report published today by Merrion Capital said that the current housing oversupply will take more than twelve months to clear up.
"The overall conclusion
from the survey is that house builders expect the downturn in the Irish new residential market to be deeper and more prolonged than they anticipated,'' Merrion told the Irish Times.
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Jason Walsh
Jason Walsh is Ireland correspondent of the Boston-based Christian Science Monitor newspaper and has contributed to other publications including the Irish Examiner, the Irish Times, the Guardian, the Independent, the Sunday Times, the Washington Times, El Mundo, PressEurop and USA Today.