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:
“Of all the characters I have known, perhaps Walden wears best, and best preserves its purity. Many men have been likened to it, but few deserve that honor. Though the woodchoppers have laid bare first this shore and then that, and the Irish have built their sties by it, and the railroad has infringed on its border, and the ice-men have skimmed it once, it is itself unchanged, the same water which my youthful eyes fell on; all the change is in me.”
—Henry David Thoreau (1817–1862)
“Never let the estate decrease in your hands. It is only by such resolutions as that that English noblemen and English gentlemen can preserve their country. I cannot bear to see property changing hands.”
—Anthony Trollope (1815–1882)
“Then a soldier,
Full of strange oaths, and bearded like the pard,
Jealous in honor, sudden, and quick in quarrel,
Seeking the bubble reputation
Even in the cannon’s mouth.”
—William Shakespeare (1564–1616)