Ireland is bearing the brunt of the global property market slump, according to an international survey.

A Global Property Guide report found that during the 12 months leading to June 21 countries of the 33 investigated sustained a fall in property values.

Ireland came third in a poll of the worst performing European countries, with inflation-adjusted house prices dropping by 13.72%.

The Republic followed Latvia, where prices dipped by a staggering 33% and Estonia, who experienced a 14% dive.

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The US also struggled during the period with an 18.93% drop, prices in the UK fell by 9.77%.

And the situation is set to get worse according to the global group.

Only nine countries averted inflation-adjusted price falls in the second quarter of the year.

The Global Property Guide said: "Since last year, there has been a dramatic turn-around in the world's housing markets.

"Only five countries out of 33, at this stage last year, had seen year-on-year declines in house prices in real terms. This year's total is 21."

Nervous buyers have already negatively impacted the transaction volumes recorded in countries, such as China, were property price rises have been experienced.

(PR/JM)