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Realistbear

Ghost Towns Forming In Ireland

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http://www.bloomberg.com/apps/news?pid=206...id=aW8WQUrh.r_8

Ghost Towns May Haunt Irish Government in Property Loan Gamble

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By Dara Doyle

Sept. 15 (Bloomberg) -- The skeleton of an eight-story Dublin office block lays deserted on the north bank of the River Liffey, just next to the financial district that less than two years ago was the heart of Ireland’s economic boom.

Four cranes stand idle at the site, one of at least 35,000 unfinished or empty new offices and homes that dot Ireland’s landscape after the collapse of its real estate market.

Finance Minister Brian Lenihan will detail tomorrow how much Ireland will pay for about 90 billion euros ($131 billion) of real estate loans now crippling what as recently as 2006 was one of Europe’s most dynamic economies.

Delay the consequences as much as he wants, Gordon has allowe the same madness here and the price will be the same. No economy can survive on rising house prices. Not even a "miracle" economy.

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http://www.bloomberg.com/apps/news?pid=206...id=aW8WQUrh.r_8

Ghost Towns May Haunt Irish Government in Property Loan Gamble

Share | Email | Print | A A A

By Dara Doyle

Sept. 15 (Bloomberg) -- The skeleton of an eight-story Dublin office block lays deserted on the north bank of the River Liffey, just next to the financial district that less than two years ago was the heart of Ireland’s economic boom.

Four cranes stand idle at the site, one of at least 35,000 unfinished or empty new offices and homes that dot Ireland’s landscape after the collapse of its real estate market.

Finance Minister Brian Lenihan will detail tomorrow how much Ireland will pay for about 90 billion euros ($131 billion) of real estate loans now crippling what as recently as 2006 was one of Europe’s most dynamic economies.

Delay the consequences as much as he wants, Gordon has allowe the same madness here and the price will be the same. No economy can survive on rising house prices. Not even a "miracle" economy.

doesn't exactly make a ghost town though unless loads of them are in the same places and outnumber the inhabited dwellings :rolleyes:

As for unfinished office blocks, Leeds' empty big hole where the 54-storey Lumiere should have been trumps an 8-storey office block, not to mention numerous boarded-up blocks of flats & half-done housing estates on any town in the uk you'd care to mention. That effect's already here.

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http://www.bloomberg.com/apps/news?pid=206...id=aW8WQUrh.r_8

Ghost Towns May Haunt Irish Government in Property Loan Gamble

Share | Email | Print | A A A

By Dara Doyle

Sept. 15 (Bloomberg) -- The skeleton of an eight-story Dublin office block lays deserted on the north bank of the River Liffey, just next to the financial district that less than two years ago was the heart of Ireland’s economic boom.

Four cranes stand idle at the site, one of at least 35,000 unfinished or empty new offices and homes that dot Ireland’s landscape after the collapse of its real estate market.

Finance Minister Brian Lenihan will detail tomorrow how much Ireland will pay for about 90 billion euros ($131 billion) of real estate loans now crippling what as recently as 2006 was one of Europe’s most dynamic economies.

Delay the consequences as much as he wants, Gordon has allowe the same madness here and the price will be the same. No economy can survive on rising house prices. Not even a "miracle" economy.

Caught this on R4 on Sunday:

Ireland: From Boom to Bust

All-Irish comments on how it came about:

http://www.bbc.co.uk/iplayer/episode/b00kt...m_Boom_to_Bust/

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doesn't exactly make a ghost town though unless loads of them are in the same places and outnumber the inhabited dwellings :rolleyes:

As for unfinished office blocks, Leeds' empty big hole where the 54-storey Lumiere should have been trumps an 8-storey office block, not to mention numerous boarded-up blocks of flats & half-done housing estates on any town in the uk you'd care to mention. That effect's already here.

Quite.. and the comparrisson Ireland to england is not a valid one in my view... Irelands problems relating to commercial preoperty loans are far greater than those facing england proportionately... equally irelands building problems are arguably far greater when compared to the sze and make up of existing housing stock... I had heard than unfinished and empty residential units are of the same number as the entire currently rented sector...

But when visually looking for black spots I suspect you'll find places in england with the same or worse examples of overbuild/bad build/unfinished build or empty build.

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When I worked out in Silicon Valley the place was full of Irish people who were all busy buying up property back in Eire aiming to get rellocated back there - no doubt they helped to drive the prices up.

Just thought I would share.

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Just back from a long weekend road trip in Ireland (Waterford - Cork - Co. Kerry and back again).

A couple of things struck me:

Lack of police anywhere (and even better - lack of speed cameras). Public sector cuts?

There did seem to be the lack of any sign of huge recession, but we mainly stuck to the tourist trail.

One thing was apparent though: the number of country "new build" houses. They seem to have been thrown up everywhere. Additionally, a high number seemed to be empty.

Ireland didn't seem on its knees, but it did seem to have an underlying malaise that I couldn't quite put my finger on.

Co. Kerry was lovely though. :-)

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Quite.. and the comparrisson Ireland to england is not a valid one in my view... Irelands problems relating to commercial preoperty loans are far greater than those facing england proportionately... equally irelands building problems are arguably far greater when compared to the sze and make up of existing housing stock... I had heard than unfinished and empty residential units are of the same number as the entire currently rented sector...

But when visually looking for black spots I suspect you'll find places in england with the same or worse examples of overbuild/bad build/unfinished build or empty build.

And yet their prices STILL look as daft as ours. ZIRP allowing banks to hold on has a lot to answer for.

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we've got to face up to it, the irish massively outdid us this time around, our pwoperdee bubble was ridiculous, but theirs was easily twice as daft.

still, with a 9 euro ph minimum wage they'll all still be rolling in it, even after their housing squillions have trickled away...

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