Thursday, Apr 05, 2007
House prices down in Dublin
Fly2Let: Stamp duty worries hit Irish market
Impacts of ECB's rate rises have slowed down the RoI property market. Prices in Dublin are down 2.3% in the last quarter... but no worries here, the UK is different!
And from the Irish Examiner: "The governor of the Central Bank, John Hurley, said: “We continue to have the view that there will be a soft landing.” House prices grew by 22% last year but few economists are expecting them to rise by more than single digits this year. Mortgage holders are likely to face another ECB interest rate rise in the next two months."
Posted by confused76 @ 07:01 PM (191 views) Add Comment
2 Comments
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1. sold 2 rent 1 said...
The Irish market peaked last summer.
The 22% growth in 2006 was all in the first 7 months.
After that prices were flat or falling.
Now the MPC have put rates on hold we will see a massive surge between now and July (perhaps 5-6% for the quarter).
Ireland's HPI for Q2 2006 was 5.5% (for 3 months).
Hold your nerve - it's going to be tough - but no bailing now
2. European-bear said...
Irish property market crash will be spectacular. The pyramid is well quite mind blowing...the story...strong economic grwoth..pulls in more people...more ecomic growth...building lots of houses...building industry booming...more growth...now buidling industry is 18% of GDP so it all feeds on itself....and when it stops, the building industry will collapse, followed rapidly by the economy and a spectacular crash. The crash in UK will be modest in comparison. I would not be surprised if there is a 50% or even 70% fall in Irish housse prices sometime in the next 5 - 10 years. This may be the start or we may yet see a suckers rally...Its a bit like HPI depends on people earning lots of money from...well building houses!!!!