The assessment has suggested values will continue to drop significantly during next year.
DKM Economic Consultants were commissioned to produce the report on behalf of the Department of Environment, and indicated that house completions could fall by almost half next year.
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It predicts completions will drop to 25,000 in 2009, compared to 43,000 this year and the 78,000 in 2007.
The consultant suggested property values could fall by anything from 20% to 46% during 2009.
Meanwhile, a Dublin conference, due to be held later today, will open up talks on issues facing the ailing construction industry.
A varied assortment of building sector experts will meet to discuss possible options to overcome the troubles being experienced.
Any further government delays in rolling out the National Development Plan will impede any return to normality for builders, according panel member and Fine Gael TD Richard Bruton.
(PR/JM)
