Friday, April 20, 2007

Irish Property Market Crashes Faster Than You Can Believe

Property slump bites as staff laid off in leading estate agents

You know its bad when they start firing the estate agents! Interesting, as the RTE documentary pointed out, many of the Irish estate agencies have sold out to big British estate agencies - Savills was one. I wonder if that will have any influence.

Posted by royston @ 02:08 PM (855 views)
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7 thoughts on “Irish Property Market Crashes Faster Than You Can Believe

  • george monsoon says:

    My heart bleeds….

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  • the boss is just saving having to pay next months salaries.

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  • dohousescrashinthewoods says:

    Surely they can get jobs as debt advisors on commission?

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  • nah, not that much money in being a debt advisor. and don’t call me shirley.

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  • talking rot says:

    Stuff Ireland. I want to know if it will happen here. The Times Online reports “Retail sales figures fail to allay fears of rate rise” so there won’t be a rate rise afterall. Well done the unbiased MPC again!

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  • Talking rot, it has started already. The media are trying to hide it by publishing articles of house prices shooting up, based on speculative prices. Don’t you find the timings of these articles and TV programs suspicious? You will see more of them soon in acts of desperation. It will take a few more months to get to a point where they stop trying to hide it and start saying “I told you so”.

    Remember, these are the same people that said Saddam had chemical weapons, North Korea was not a nuclear threat and England were ranked 3rd favourite to win the World Cup 2006. Do you trust them?

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  • It will spread from Ireland to Northern Ireland. The Irish will pull their money out of England and the house of cards will come down. IMHO, it has already begun Unfortunately, it will take a few months for official statistics to confirm this. In the meantime, the VIs will spin like dervishes to try to convince us all to keep pumping money into property. Those foolish enough to fall for their guff will be caught between negative equity and rising mortgage payments – many will be ruined. It’s just like 1989 all over again, only that higher personal levels nationally means that interest rates don’t have to rise so high to reek havoc. However, I think the crash will happen quicker this time for 2 reasons. 1) the internet makes news travel faster and more widely than ever before, and 2) the global nature of the recent property boom (that’s why I posting about Ireland on this site). I think property markets in different countries are going to feed off each others bad news on the way down. The only reason that property crashes have been so drawn out in the past is that people have been able to maintain the illusion that “it couldn’t go that low”, before it did, and then fell further again, and again, etc. Once we are all sliding down, it will be very hard to maintain this illusion.

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