Irish property price drops worst in the world

Tigris Celtica

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The Irish Independent is reporting that the drops in Irish house prices are the worst in the world and show no signs of abating.

I always told people that the increase in property prices was a bubble that benefitted nobody ( except greedy developers and builders ) unless they were selling up and leaving the property market. Nobody would listen.

When the bubble burst I correctly predicted the level of falls on this forum - and got comments like " You are being pessimistic ! "

And what fuelled the bubble ? - Cheap uncontrolled credit and uncontrolled immigration. We should never have joined the Euro and we should never have allowed over a million economic migrants to enter this country in less than a decade.

Where next for Irish property prices ? Into the abyss I think - I can only see further falls for the next decade at least.
 
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reknaw

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... we should never have allowed over a million economic migrants to enter this country in less than a decade ...
Is this true? Please give supporting figures. Even if we assume that all immigrants were economic, as you claim, I do not believe that we have had a million, or even half a million, of them in any period of less than a decade.:rolleyes::rolleyes::rolleyes:
 

Interista

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I don't doubt that Irish price drops are the steepest in the world. But that has to be set against the fact that house price rises were also the most extreme in the world during the boom years. What we are seeing is a correction to a riduculously inflated market. And it aint over yet.
 

Freedom front

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The Irish Independent is reporting that the drops in Irish house prices are the worst in the world and show no signs of abating.

I always told people that the increase in property prices was a bubble that benefitted nobody ( except greedy developers and builders ) unless they were selling up and leaving the property market. Nobody would listen.

When the bubble burst I correctly predicted the level of falls on this forum - and got comments like " You are being pessimistic ! "

And what fuelled the bubble ? - Cheap uncontrolled credit and uncontrolled immigration. We should never have joined the Euro and we should never have allowed over a million economic migrants to enter this country in less than a decade.


Where next for Irish property prices ? Into the abyss I think - I can only see further falls for the next decade at least.
Agree 100% ,Joining the Euro, Cheap money, Uncontrolled Immigration & FF Corruption
 

Run_to_da_hills

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The more and more of these greedy landlords we see who exploited the market from 1st time buyers fall flat on their faces with negative equity the better.
 

Cael

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I always told people that the increase in property prices was a bubble that benefitted nobody ( except greedy developers and builders ) unless they were selling up and leaving the property market. Nobody would listen.
Actually, you've left out the ones who really benefitted, i.e. the farmers and other landowners. The developers and builders are mostly bankrupt, but the farmers and landowners still have their colossal windfalls. Farmers alone were paid 13 billion euro between 2005 and 2008 for land for roads, houses etc. (That on top of the six billion euro in farmers dole they got in the same period.)
 

Run_to_da_hills

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Actually, you've left out the ones who really benefitted, i.e. the farmers and other landowners. The developers and builders are mostly bankrupt, but the farmers and landowners still have their colossal windfalls. Farmers alone were paid 13 billion euro between 2005 and 2008 for land for roads, houses etc. (That on top of the six billion euro in farmers dole they got in the same period.)
Not to mention the extra advertising revenue thy are recieving from billboard hoardings from their land along the newly rolled out interurbans. These breed of people are just as corrupt as the government that they voted in.
 

rockofcashel

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Actually, you've left out the ones who really benefitted, i.e. the farmers and other landowners. The developers and builders are mostly bankrupt, but the farmers and landowners still have their colossal windfalls. Farmers alone were paid 13 billion euro between 2005 and 2008 for land for roads, houses etc. (That on top of the six billion euro in farmers dole they got in the same period.)
Absolutely Cael, I will go with you on this one. I was part of a residents committee in my local village who were dealing with a farmer as we wanted to move a wall back five yards as it was obscuring a bend on a road, and was the cause of a number of increasingly dangerous accidents. When the council sat down with him to buy 1/25th of an acre, he looked for 5,000 euro.. valuing his property at 125,000 per acre. The council couldn't do it, because if they did, all the other farmers in the area would look for a similar rate for the road building that was going on. Those farmers gouged the economy blind... another reason for that cnut Parlon to be strung up in my opinion
 

Cael

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Absolutely Cael, I will go with you on this one. I was part of a residents committee in my local village who were dealing with a farmer as we wanted to move a wall back five yards as it was obscuring a bend on a road, and was the cause of a number of increasingly dangerous accidents. When the council sat down with him to buy 1/25th of an acre, he looked for 5,000 euro.. valuing his property at 125,000 per acre. The council couldn't do it, because if they did, all the other farmers in the area would look for a similar rate for the road building that was going on. Those farmers gouged the economy blind... another reason for that cnut Parlon to be strung up in my opinion
Thats as good an example of the criminal insanity of capitalism as I have ever heard. People's lives had to be continually put at risk because of the gombeen greed of one farmer.
 

Magror14

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The Irish Independent is reporting that the drops in Irish house prices are the worst in the world and show no signs of abating.

I always told people that the increase in property prices was a bubble that benefitted nobody ( except greedy developers and builders ) unless they were selling up and leaving the property market. Nobody would listen.

When the bubble burst I correctly predicted the level of falls on this forum - and got comments like " You are being pessimistic ! "

And what fuelled the bubble ? - Cheap uncontrolled credit and uncontrolled immigration. We should never have joined the Euro and we should never have allowed over a million economic migrants to enter this country in less than a decade.

Where next for Irish property prices ? Into the abyss I think - I can only see further falls for the next decade at least.
You wouldn't have the Lotto numbers for next Wednesday?
 

GreenIsGood

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The more and more of these greedy landlords we see who exploited the market from 1st time buyers fall flat on their faces with negative equity the better.
the emergence of a gombeen neo-landlord class was one of the most disgusting aspects of the credit bubble.

lots of politcians included.
 

NunoF

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I find it amusing how immigrants get the blame on so many things. It's very convenient.

I came to this country originally in 2006, sent by a multi national company that apparently could not find anyone to do what I came here to do.

I remember every single Irish person advising me against renting a house because, according to them, it was "dead money". Everyone, and I mean everyone, from people working with me, taxi drivers, etc. The advice was always, get a loan and if nothing else you will sell it in a couple of years time, pay the loan and still make a profit.

Of course, at that time, there were already warnings that the housing market was reaching the bursting point and also,that public finances were too reliant on stamp duty.

Did the IRISH listen?? No. They elected Bertie again, they kept buying their rubbish houses, filling them with the cheapest crap from Argos and renting them for extortionate amounts to foreigners.

Now, I know people that at the top of the boom refused a 500 000 euro bid for a property they were asking 550 000, and you know what. What goes around comes around. She'd be lucky now to get 300 000 euro for that house, and I'm in a position to buy, after 4 years renting.

And the immigrants are to blame?

Get a grip on yourself. They were only a vehicle to feed the Irish people greed, not only the bankers and developers. Many were having a ball during the boom, it was in no way only the bankers and developers. Pay the price now. Maybe many of the foreigners you were renting to will now take half of those mortgage burdens of your backs for you.
 
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Goodbody

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It was very easy to tell that it was a bubble. The difficult part was predicting how long it would go on before it would pop. It lasted a lot longer than I expected.
 

captainwillard

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I find it amusing how immigrants get the blame on so many things. It's very convenient.

I came to this country originally in 2006, sent by a multi national company that apparently could not find anyone to do what I came here to do.

I remember every single Irish person advising me against renting a house because, according to them, it was "dead money". Everyone, and I mean everyone, from people working with me, taxi drivers, etc, advice was, get a loan and if nothing else you will sell it in a couple of years time, pay the loan and still make a profit.

Of course, at that time, there were already warnings that the housing market was reaching the bursting point and also,that public finances were too reliant on stamp duty.

Did the IRISH listen?? No. They elected Bernie again, they kept buying their rubbish houses, filling them with the cheapest crap from Argos and renting them for extortionate amounts to foreigners.

Now, I know people that at the top of the boom refused a 500 000 euro bid for a property they were asking 550 000, and you know what. What goes around comes around. She'd be lucky now to get 300 000 euro for that house, and I'm in a position to buy, after 4 years renting.

And the immigrants are to blame?

Get a grip on yourself. They were only a vehicle to feed the Irish people greed, not only the bankers and developers. Mane were having a ball during the boom. Pay the price now. Maybe many of the foreigners you were renting to will now take half of those mortgage burdens of your backs for you.

You are being too kind. There was an underlying racism in Ireland too. All our businessmen were the best and we became increasingly arrogant. It was all hubris.

Are you sure that the E500k house now sells for E300k? I would urge caution as I cannot see how it can be worth any more than 150-200k myself. Dont get burned on the slope of hope.
 

derm0t

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Jul 2, 2009
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I find it amusing how immigrants get the blame on so many things. It's very convenient.

I came to this country originally in 2006, sent by a multi national company that apparently could not find anyone to do what I came here to do.

I remember every single Irish person advising me against renting a house because, according to them, it was "dead money". Everyone, and I mean everyone, from people working with me, taxi drivers, etc, advice was, get a loan and if nothing else you will sell it in a couple of years time, pay the loan and still make a profit.

Of course, at that time, there were already warnings that the housing market was reaching the bursting point and also,that public finances were too reliant on stamp duty.

Did the IRISH listen?? No. They elected Bernie again, they kept buying their rubbish houses, filling them with the cheapest crap from Argos and renting them for extortionate amounts to foreigners.

Now, I know people that at the top of the boom refused a 500 000 euro bid for a property they were asking 550 000, and you know what. What goes around comes around. She'd be lucky now to get 300 000 euro for that house, and I'm in a position to buy, after 4 years renting.

And the immigrants are to blame?

Get a grip on yourself. They were only a vehicle to feed the Irish people greed, not only the bankers and developers. Mane were having a ball during the boom. Pay the price now. Maybe many of the foreigners you were renting to will now take half of those mortgage burdens of your backs for you.
Well said.

If only the immigrants who are now leaving the country could take with them the work they did - the roads they built, the infrastructure, maybe it'd soften the coughs of people like the OP.
 

Harry700

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Jul 11, 2010
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Some economists are predicting house price must fall a further 15% - 20% within 12 months since the mortgage default time bomb has yet to explode plus impact of severely depressed economy stemming from proposed budget cuts.

So, any comments where we go from here on house prices & how this will/has impacted your life (financially, mentally, family etc) ??

Harry
 


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