Sunday, November 26, 2006

Is the Irish mortgage debt out of control?

Irish mortgage debt is double European level

Mortgage debt in Ireland is increasing at almost three times the EU average and Irish people owe twice as much on their mortgages as their European counterparts, according to new research.

Posted by converted lurker @ 08:11 PM (488 views)
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3 thoughts on “Is the Irish mortgage debt out of control?

  • For this to be of any relevance we also need to know what their earnings are in comparison to their EU counterparts.

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  • george monsoon says:

    Nohpc, I have friends and relatives in Ireland.

    The wages vary from county to county. I was recently offered a job in Newbridge, just outside Dublin doing the same job as I do here, but for 8000 euro’s more.
    However, wages in the south appear to be substantially lower than over here.

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  • Seems to be a piece that goes nowhere in particular. After all, isn’t it important to consider how much Irish property is worth on average in relation to mortgage growth, not just the average amount borrowed by each mortgagee in a comparison with other markets that are slower and lower? For example, I bet people in Bulgaria owe a fraction of those in Ireland. But then property in Bulgaria is much lower value.

    Anyway, we were just in Ireland this week and prices have stagnated, if not fallen, in every locale we visited. That seems a much more significant factor in assessing the relatively precarious mortgage position than this story demonstrates through blank ratios.

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