Friday, May 04, 2007
Irish property market in serious trouble
MoneyWeek: Is Ireland heading for recession?
“Property asking prices down 10%.”
It’s a headline to strike fear into the heart of any overstretched homeowner. And it’s precisely the headline that readers of the Irish Times - Ireland’s biggest broadsheet - woke up to last Monday. Asking prices across Dublin have slumped in the past six months, particularly in the wealthier suburbs of the city, amid a glut of property coming onto the market.
It’s certainly a shock for those who thought prices could only ever go up. But as economist Dermot O’Leary of Dublin’s Goodbody Stockbrokers said: “It had to happen at some stage.” Even the IMF and the OECD reckoned the Irish property market was overvalued by at least 25%.
Posted by mary @ 11:02 AM (186 views) Add Comment
3 Comments
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1. sold 2 rent 1 said...
"Overvalued by at least 25%."
We can only wait what history has in store.
I still think it will be more like 70%.
Unimaginable – yes.
A possibility - let's wait and see
2. Bearfacts said...
Un - bloody - believable - that a country could slump into a housing crash with rates at the giddy heights of 3.75% ! Says it all really. Take note all those doomsters in the UK who say the market won't crash unless rates hit 8-10%.
3. cyril said...
I think it is naive to expect the unemployment to be confined to Polish construction workers. Another convenient myth.
More likely the Poles will be in even higher demand if money is tight while the locals will end up on the dole (or take a big pay cut). Nice.