THE runaway property market is finally beginning to cool and some homes are even seeing a drop in prices for the first time in more than a decade.

Estate agents said yesterday they had seen the first evidence of a “soft landing” after years of astounding growth.

But the Irish Auctioneers and Valuers Institute insisted there was no prospect of a property crash.

Its chief executive Alan Cooke said: “The soft landing seems to be happening. It won’t happen across the entire market in one fell swoop and it won’t hit geographically at the same time.”

He said it would affect a range of mortgage holders across different sectors first.

“But it’s only a question of time until it levels out.”

Fintan McNamara, chief executive of the Institute of Professional Auctioneers and Valuers said a number of members had reported a significant drop in interest in property.

“In the mid-market sector there has been phenomenal growth,” he said.

Posted: 07|3|06 at 8:44 am. Filed under: Property & Land.