Irish Times: House prices in Ireland could drop by 80%

whathavewedone

Although if you're wrong, I'll happily move there - got a lot of family there who don't share your optimism unfortunately.

amcluesent

>They had a much bigger housing boom than we did<

As explained here.

macaque_2

StevieJ wrote: »

You talk some crap, protection of the EURO

You have resorted to abuse rather than debate. That is a pity.

In the current circumstances, the Euro does provide a measure of protection for a country like Ireland since it makes borrowing easier (and potentially cheaper). For this reason people have suggested that the UK might like to join the Euro. It is also fair to say that many people in Germany are far from happy that flakey economies like Ireland are sharing their currency.

StevieJ

macaque wrote: »

You have resorted to abuse rather than debate. That is a pity.

In the current circumstances, the Euro does provide a measure of protection for a country like Ireland since it makes borrowing easier (and potentially cheaper). For this reason people have suggested that the UK might like to join the Euro. It is also fair to say that many people in Germany are far from happy that flakey economies like Ireland are sharing their currency.

It will be gone within 2 years, how can applying German montary policy to the Irish economy be good :eek:

GracieP

mbga9pgf wrote: »

Not to mention the aerospace weapons division in Dublin (Ratheon).

Isn't that in Belfast?

All in all the Irish economy is in a much, much worse state than the UK. There are estimates that there are 300,000 (roughly 1 in 6) empty properties in a country where nearly 15% of the workforce worked in residential construction.

That alone would be enough to ruin the country, but we have an extremely heavy and expensive public service, which the country can no longer afford. Another 12% of the workforce worked in commercial and national development construction. Commercial property is as over-built and over-priced as residential and while some national development work will continue, the government can't afford many of their intended projects.

Much of the rest of the economy is service based, and we all know what happens to retail and other customer service based jobs in a recession. And in many areas there is an over-reliance on multi-nationals, many of which are leaving as Irish costs are too high. For example, Dell's recent announcement to end manufacturing in Ireland will directly and indirectly contribute to over 15% of the workforce of the city it was based in losing their jobs. (Including my brother).

The public services in Ireland, which should have been revolutionised during the boom weren't. So the country won't even be going into recession with decent schools, hospitals, public transport or roads in place. And personal debt is quite phenomenal. And our bankruptcy in Ireland is incredibly punative, taking 12 years to come out of and you can have your salary garnished for that time and lose your pension.

To make matters worse we have a government filled with crooks and shysters who make Brown look savvy. A media with almost no teeth who cheerlead the government. An unbelievable level of denial, headed by a former head of government, who two years ago, while in office, commented that those talking down the economy ought to go kill themselves. And a public who think the nasty, theiving, wife-beating crook was our saviour and things are only going to hell because he's gone.:mad:

tirano

What's the difference between Iceland and Ireland?

Answer: one letter and six months

StevieJ

GracieP wrote: »

Isn't that in Belfast?

All in all the Irish economy is in a much, much worse state than the UK. There are estimates that there are 300,000 (roughly 1 in 6) empty properties in a country where nearly 15% of the workforce worked in residential construction.

That alone would be enough to ruin the country, but we have an extremely heavy and expensive public service, which the country can no longer afford. Another 12% of the workforce worked in commercial and national development construction. Commercial property is as over-built and over-priced as residential and while some national development work will continue, the government can't afford many of their intended projects.

Much of the rest of the economy is service based, and we all know what happens to retail and other customer service based jobs in a recession. And in many areas there is an over-reliance on multi-nationals, many of which are leaving as Irish costs are too high. For example, Dell's recent announcement to end manufacturing in Ireland will directly and indirectly contribute to over 15% of the workforce of the city it was based in losing their jobs. (Including my brother).

The public services in Ireland, which should have been revolutionised during the boom weren't. So the country won't even be going into recession with decent schools, hospitals, public transport or roads in place. And personal debt is quite phenomenal. And our bankruptcy in Ireland is incredibly punative, taking 12 years to come out of and you can have your salary garnished for that time and lose your pension.

To make matters worse we have a government filled with crooks and shysters who make Brown look savvy. A media with almost no teeth who cheerlead the government. An unbelievable level of denial, headed by a former head of government, who two years ago, while in office, commented that those talking down the economy ought to go kill themselves. And a public who think the nasty, theiving, wife-beating crook was our saviour and things are only going to hell because he's gone.:mad:

It is not all bad, you have got the EURO, ask the monkey.

mizzbiz

StevieJ wrote: »

It is not all bad, you have got the EURO, ask the monkey.

I think you're being very unfair.

To most, including those embedded in it, the effect of the Euro on such differing economic models is a very unknown quantity. It has had a terrible effect on Greece, Spain, Portugal and Ireland, but we can't know yet what the ultimate outcome will be.

One thing seems certain, if the pound continues to be so devalued, the UK will start to look like an attractive investment proposition to Eurozone countries. But again, there are so many intrinsic factors that to speculate on Ireland or the UK in the next few years is a moot point entirely.

To accuse someone of being a monkey because their views differ, when actually the most qualified economists are sitting on their hands to see the outcome, is everything that is wrong with our society.

WTF?_2

GracieP wrote: »

And our bankruptcy in Ireland is incredibly punative, taking 12 years to come out of and you can have your salary garnished for that time and lose your pension.

Hmm, something for the UK to copy from perhaps. I foresee an explosion in bankruptcies in the UK as it is essentially so easy to run up huge debts on living a celeb lifestyle and then get them wiped.....

tirano

"To most, including those embedded in it, the effect of the Euro on such differing economic models is a very unknown quantity. It has had a terrible effect on Greece, Spain, Portugal and Ireland, but we can't know yet what the ultimate outcome will be."

These four countries are known as the PIGS , the problem they all have is that in a downturn their economy would be strengthened by a currency devaluation, however because they are in the Euro they cannot do this. The I used to stand for Italy, but because Ireland is in freefall it has taken Italys place.