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Irish Property Market About To R E A L L Y Crash

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I've posted a few times on an Irish property forum and to say it is depressing would understate where they are at. The government is incredibly exposed because of how much they have funded the banks and how much the banks make up as a % of the economy. Prices will continue to fall because they are still incredibly high, and wages will continue to fall and when you combine that with huge tax increases where do you go. I don't mean to demean the suffering of all those going through this but this will be an incredibly important test for the euro and how the euro governments deal with this. Because they are in the euro the currency can't devalue to give their exports a boost helping them recover, so wages have to fall instead which is incredibly difficult with unions. What happens if Ireland goes bust, I imagine the other countries in the common currency will have to bail them out?

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I am convinced that we all should go over there and buy up one of these estates.

Good pubs.

Choose your poison...


Not many pubs (or well-built gaffs) to be found

p.s. the irish hpc site ( http://www.thepropertypin.com ) has started adding to Ghost Estates website using Google StreetView links. Lots of new entries recently (The "Red Pins" on the site. N.b Excellent job by whoevever set up the GE website)

EDIT: clarity

Edited by dryrot
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195,000 Euros for an average house in Ireland.. I think they may be a fair way from the bottom.

What nonsense. It's "stabilising".

From the article: "MyHome said year-to-date prices are down 13 percent from a year earlier, compared with a 14 percent drop in 2009, indicating signs of stabilization."

Phew! :)

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Oh oh:


Ireland faces 34bn bill for Anglo Irish Bank, forced to redraft budget

17:20, Tuesday 5 October 2010

Ireland has put the cost of bailing out Anglo Irish Bank (Dublin: CKL1.IR - news) at 34bn (£29bn), lifting the country's budget deficit to a massive 32pc of GDP as it attempts to draw a line under a crippling banking crisis.

Ireland's central bank said the extra cost of bailing out the banks - Allied Irish Banks and building society Irish Nationwide also need more capital - would force the government to make further budget cuts.

Irish borrowing costs have hit record highs and triggered jitters across Europe as investors worried about the final bill for bailing out banks and country's ability to push through the austerity measures needed to cut its massive debts in the face of faltering growth.

Brian Lenihan , the Finance Minister who has warned that the failure of Anglo Irish Bank would bring down the whole country, said Dublin would aim to slice more than an existing target of 3bn off its 2011 budget.

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