Whats the deal with the price on this?

http://www.daft.ie/searchsale.daft?id=394953

Its been on the market since 2008 at €1.2m down from €1.35m previously.

Whats the point in keeping in on the market for so long at such a ridiculous price?

Perhaps they're just going through the motions of trying to sell it to appease the banks happy but really they're riding out the recession in situe for as long as they can hold out without paying the bank a cent of whats owed on the property. Strategic default.