This housing bubble thing is on a world wide tour. In Ireland, they went mad with housing construction. Spain isn't far behind.
In terms of housing investment, our socialist planning rules kept things quiet. Here, all the action was in prices, not construction.
Taken from the New York Times.
8 comments:
The celtic tiger was just a celtic bubble.
I hope this means they stop exporting their tacky leprechaun and clover "culture" to these shores.
Nick
You're a twat, Nick.
yup.
Nick
An Irish friend of mine has several BTL properties in Ireland with total mortgages of £2Million. He thinks he will be fine.
I don't.
VMR.
Your friend is a millionare.
For now.
I am in Ireland at the moment and everywhere I go, I see new developments - concrete block built bungalows in the middle of nowhere... and yes they are empty... well a lot are.
Seems they were built using EU grant money and now they reckon 1 in 6 houses in Ireland are empty.
There has been a boom here - a self feeding one I think.
God knows what all the 1000's of builders will do when this boom ends... I think it has ended in fact.
Property prices are ferocious here still - they have come down by 18% in the last year but I still do not see how anyone can buy at these levels.
I doubt many Brits will be buying either - what with the Euro/£ exchange rate writing off the reduction iin price.
Noticed also that prices in supermarkets here are way over UK for identical items... petrol and diesel is cheaper mind !
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