The mortgage debt crisis in this country is much worse than the banks' official figures would have us believe... A report published two weeks ago by prestigious think tank Organisation for Cooperation and Development (OECD) on the mortgage crisis here was unambiguous. For a dozen years, Irish house prices raced ahead at the fastest rate and for a longer time than anywhere else in the world. When the bubble burst in 2007, it left Irish households facing – along with the Dutch and the Danes – the highest family debts in the world. A bird's eye view of OECD housing markets by Christophe Andre reveals that Irish house prices since the 1970s were many times above the prices in Britain, Netherlands, Spain and France. Some years, several countries experienced house price booms simultaneously, said Andre, who defines a boom as prices having increased by 25% or more over five years. Doubling of household debt But since 1995, 13 countries of his sample of 17 countries simultaneously sho...
Is Ireland in a new property bubble? Follow us to keep updated for 2024. We take a look at the daft property scene in post Celtic Tiger Ireland! Discover our selection of the top Irish property news and watch house price trends for Ireland and more...