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

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.