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:
“Hindered characters
seldom have mothers
in Irish stories, but they all have grandmothers.”
—Marianne Moore (1887–1972)
“Oh, had I received the education I desired, had I been bred to the profession of the law, I might have been a useful member of society, and instead of myself and my property being taken care of, I might have been a protector of the helpless, a pleader for the poor and unfortunate.”
—Sarah M. Grimke (1792–1873)
“If the bubble reputation can be obtained only at the cannon’s mouth, I am willing to go there for it, provided the cannon is empty.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)