<P> These reports were met with hostility by the political establishment; on 4 July 2007, Taoiseach Bertie Ahern stated at a conference in Donegal that he did not understand why people sitting on the sidelines, "cribbing and moaning" about the economy, did not commit suicide . Many bank economists, media commentators, estate agents, property developers and business leaders went on the record to state their belief that the Irish property market was healthy, and that any decrease in house prices was indicative was a soft landing only . </P> <P> By late 2011, house prices in Dublin were down 51% from peak and apartment prices down over 60% . Residential property prices fell nationally by a further 13.6% from the beginning of 2012 to July 2012 . </P> <P> As predicted in earlier reports dating from 2006 and 2007, a property price crash hit Ireland by the first half of 2009 . It coincided with the 2009 recession as both had started to develop in late 2008 following the global economic slowdown and credit control tightening . By June 2009, it was reported that around 40% of the price escalation that had occurred during the property bubble years ("Celtic Tiger Part 2") of 2001--2007 had been lost . As of 2012, house prices are below the 2001 prices and more than the entire gain during the Celtic Tiger years has been erased . </P> <P> There were several groups and organisations that were blamed and that also accused others of causing the crash . Some of the more notable ones were: </P>

When did the property market crash in ireland