Episode Two
The second episode of the series focuses on the property market in Ireland. McWilliams looks at apartments in Dublin city centre selling for over €1 million, talks to people who live in County Meath – part of Dublin's vast commuter belt – and also to those who have bought derelict cottages in the west of Ireland.
McWilliams also follows a group of Irish people to Bulgaria where many of them are buying soon-to-be-built apartments. He meets a Scottish man living in Bulgaria who is very concerned that rental incomes from the properties will be much lower than the buyers expect.
McWilliams asserts that, like many other countries in the past, Ireland is progressing through a well-known seven-stage cycle (first described by Charles P. Kindleberger) in the property market. He claims that the market is at the stage immediately preceding a price crash, and that it is inevitable that the Irish property bubble will burst.
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