This may be the month when the Irish property bubble officially burst, even though the signs have been obvious for almost a year.
Various property surveys are all showing small declines in average prices. These figures are only the tip of the iceberg but the speculators have fled the market and nothing will sell without a substantial price cut.
The Irish Times is hilariously schizophrenic: the main headline yesterday "Turmoil in financial markets could halt rate rises" - finding a silver lining in speculation by some stockbroker's economist that the ECB may backtrack on signalled interest rate increases. The business section was more realistic and carried a number of articles on property speculation, particularly one by Paul Tansey using CSO statistics on empty housing.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment