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Irish Times: House prices in Ireland could drop by 80%
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Paul_M_5
Posts: 27 Forumite
Hope this hasn't already been posted, just discovered it:
http://www.irishtimes.com/newspaper/finance/2009/0113/1231738220759.html
Food for thought.
http://www.irishtimes.com/newspaper/finance/2009/0113/1231738220759.html
Food for thought.
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Comments
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Good stuff.
More Ireland house price crashing news here too...From The Sunday Times
January 24, 2009
Property down 20% in a year
A survey of prices that estate agents considered achievable in the current market shows drops of up to 35% in the past 12 months
Property prices fell by an average of 20% in the past 12 months, and by up to 35% in some areas, according to The Sunday Times annual property price guide.
This indicates that the country is going through a crash on a par with the worst ever experienced in the developed world.
When last year’s price downturn is added to the falls recorded in 2006 and 2007, the total collapse in prices since Ireland’s property boom ended will be in the order of 30% to 50%, depending on location.
This would put Ireland in the same bracket as Finland in the 1990s and the Netherlands in the 1970s, when both markets suffered falls of 50% in house prices.
..continues0 -
Hope this hasn't already been posted, just discovered it:
http://www.irishtimes.com/newspaper/finance/2009/0113/1231738220759.html
Food for thought.
An even more sobering thought is that the Irish economy is, in many respects, in a much healthier position than the UK. They have the protection of the Euro and they have invested heavily in manufacturing and research (several years ago they overtook the UK as pharmaceutical manufacturers). The UK by contrast has focussed on ever more public sector jobs, public sector projects and government consultants.0 -
>An even more sobering thought is that the Irish economy is, in many respects, in a much healthier position than the UK.<
Can't agree. There has been no industrial growth beyond some film making and IT manufacturing which exploited tax-breaks, and that's all now going to Poland (i.e. Dell).0 -
From what I remember 30 years ago Ireland was a laid back rural economy where you went down the pub on your tractor and gave the local copper a lift home.
Whereas GB used to be a warmonger and, well, suppose that’s how we will stay.
Methinks they will cope better than us0 -
An even more sobering thought is that the Irish economy is, in many respects, in a much healthier position than the UK. They have the protection of the Euro and they have invested heavily in manufacturing and research (several years ago they overtook the UK as pharmaceutical manufacturers). The UK by contrast has focussed on ever more public sector jobs, public sector projects and government consultants.
Actually, it's even worse if that's possible. No real strong indiginous industry other than farming and a house price boom that made the UK's look almost mild.
There was a lot of US and overseas investment from companies looking to have an EU presence back when Ireland was cheap but the cost of living there went up to one of the highest in Europe during the boom years (largely driven by stupidly high house prices) and now the new Eastern European member states is where its at for foreign investors into the EU.
The Euro is a double edged sword. It protects the country from the effects of a currency collapse but the current high value means that Irish workers are not competitive. Not that there's much export business anywhere.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
I thought there were loads of blue-chips in Ireland?
Not to mention the aerospace weapons division in Dublin (Ratheon).0 -
The Times has a very quaint projection for Limerick suburbian property
Prices have fallen 20% in the area in the last year.
Dell has shed 1,900 jobs.
More unemployment is on its way as Ireland suffers from Euro membership.
Rents are set to fall.
Taxes are set to rise as the Irish government deals with its banks.
BUT in spite of all that
Projected change to Jan 2010: none :rotfl::rotfl:
Must be an Estate Agent sourced piece!0 -
[quote=amcluesent;18052439
Can't agree. There has been industrial growth beyond some film making and IT manufacturing which exploited tax-breaks, and that's all now going to Poland (i.e. Dell).[/quote]
I have to disagree. Pharmacuetical manfaucturing is set to exceed $1 trillion within 5 years. Seventeen of the worlds top pharmaceutical manufaturing companies have major manufacturing facilities in Ireland. Pharmaceutical R&D is growing rapidly in Ireland. The big engineering design houses have followed the manufacturing companies to Ireland and now manage big projects within Ireland and around the world from Irish Offices. Ireland also has a rapidly growing engineering industry to support the big manfacturers. A company like Dell was always going to be an obvious candidate for moving to a low salary economy. Most of their bits are already made in the Far East.0 -
An even more sobering thought is that the Irish economy is, in many respects, in a much healthier position than the UK. They have the protection of the Euro and they have invested heavily in manufacturing and research (several years ago they overtook the UK as pharmaceutical manufacturers). The UK by contrast has focussed on ever more public sector jobs, public sector projects and government consultants.
You talk some crap, protection of the EURO :rotfl:'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
The cost of living went up massively in Ireland when they joined the Euro. I don't think it did them any favours then and I don't think it's going to do them any favours now.
They had a much bigger housing boom than we did - hard to believe but they did.
They have a huge number of unskilled people who have been working in the building industry who now have little to offer.
I think things are worse there, much worse.0
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