Showing posts from September, 2007

Housing Bust Revisited

Housing continues to be a deepening crisis in Ireland, with continued drops in prices even in the highly-prized Dublin market, possible further increases in interest rates, and increased rent hikes for those who are priced out of the market despite this. Meanwhile, take takes plummet as the stamp duty from property related sales implodes (ironically, the blame put on the entire stamp duty debacle - largely a concern of wealthy middle class property owners, has now pretty much been exonerated of the blame for a nose-diving property market).

Meanwhile the build-to-remain-empty market continues to mushroom, with as much as 20% of entire housing stock vacant or underused: there is no proper register of how many of these properties are holiday homes, in need of repair or simply awaiting a sale or new tenant. Thats not even counting speculative investments: with increased protection for tenants, and up to autumn 2006 price increases of 60 euros a day or more tax free, it was hardly worthwh…