Irish Recovery Has Winners and Losers

What’s generating interest in Ireland is prime Dublin commercial real estate, the kind of offices where a Google might want to base themselves. Meanwhile Dublin house prices have also started rising again, and were up by around 17.5 percent in 2013.

Sources in the property industry say that they are organizing international investors day-trips to Dublin when they come to look at London property.

Outside Dublin, the story is very different, however.

The ghost estates which litter the countryside, housing estates which were often only part-built, are still lingering, many owned by banks or NAMA after their owners went bust. Some will be assigned to social housing; many will be knocked down; more will be repossessed if their owners’ mortgages are called in. Prices only rose by 0.1 percent last year outside Dublin, and that is at a time when these lower-grade properties are being kept off the market.

These houses, which might once have been starter homes for the hundreds of thousands of mostly young people who have emigrated since the crisis began (including 89,000 people in year to April 2013), are a potent symbol of how much of Ireland is not benefiting from the so-called recovery.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza