Irish Property Bubble
The property bubble in the Republic of Ireland was an unsustainable bubble in the price of real estate from the 1990s to 2008. As occurred in some West European states, the property bubble peaked in 2006, with a combination of increased speculative construction and rapidly rising prices, stabilized in 2007 and then 'burst', coming to end in 2008. By the second quarter of 2010, house prices in the Republic of Ireland had fallen by 35% compared with the second quarter of 2007, and the number of housing loans approved fell by 73%.
The fall in domestic and commercial property prices contributed to the Irish banking crisis. As of February 2012, prices continue to fall. House prices in Dublin are now down 56% from peak and apartment prices down over 62%. House prices have so far returned to pre year 2000 levels. Mortgage approvals have dropped to 1971 levels. As of August 2012, more than 22% of Irish mortgages are in arrears or have been restructured.
Read more about Irish Property Bubble: The Bubble Years, Growth Background, Crash Predictions, The Crash in 2009, Impacts, Facts and Figures
Famous quotes containing the words irish, property and/or bubble:
“Earth, receive an honoured guest:
William Yeats is laid to rest.
Let the Irish vessel lie
Emptied of its poetry.”
—W.H. (Wystan Hugh)
“Only the old are innocent. That is what the Victorians understood, and the Christians. Original sin is a property of the young. The old grow beyond corruption very quickly.”
—Malcolm Bradbury (b. 1932)
“Each swung in danger on its slender twig,
A bubble on a pipestem, growing big.”
—Robert Frost (1874–1963)