The Economic and Social Research Institute has warned that property prices could fall by 12% by the end of next year as a result of the Covid-19 pandemic.
The ESRI's Kieran McQuinn told Morning Ireland that a new survey looked at likely recovery scenarios and considered that a sluggish outcome is most likely for the property market over the next 18 months.
He said he considered a "V-shaped" recovery - a quick bounce back - as "distinctly unlikely" and that a more gradual recovery through 2021 and into 2022 is more realistic.
Mr McQuinn said it is very clear that a second surge of the coronavirus could have a more significant impact on property prices.