Daft Property - Irish Property News

Nation might take 15 years to recover Economy has shrunk by 'catastrophic' 22pc on peak, figures reveal. Ireland's economy has "fallen off a cliff" and could take more than 15 years to recover as new figures reveal it has shrunk by 22 per cent from its peak. A loss of more than a fifth of the country's domestic trade, particularly in the retail sector, in such a short period of time has been branded a catastrophe by the opposition and by the Irish Small and Medium Enterprises Association (ISME). The domestic economy, the day-to-day business of trading, has been decimated and to a far greater extent than previously thought. According to official CSO quarterly National Accounts figures, since the peak of Ireland's economic wealth creation in the first quarter of 2007, Ireland's economy has reduced by a frightening 22 per cent. From that peak period in early 2007, GNP figures (the domestic economy) had plummeted by just under 25 per cent in mi...

The Orphans of Ireland... DINGLE, Ireland — Under a sky that looks like a late-winter coat of sheep fleece, the island of saints and scholars falls away in a sheer drop to the Atlantic. The next parish over, they say from this far western edge of Ireland, is Boston. It is reassuring to an Irish-American on a first-time visit to find the wellspring of poets and balladeers as advertised: those emerald fields, those ruddy-cheeked fishermen warming pub seats, a land of stone and cold wind that produced a lyrical people and a music embraced more than ever by the young. But it is also jarring to see this ancient landscape littered with empty monuments to the kind of excess that helped bring down the global economy. For a time, the Irish thought they would never fall off those cliffs into the sea; a nation of barely 4 million people could defy gravity. If Barack Obama, the president with roots in County Offaly, were to skip across the Irish Sea this week he would find a big part of what affli...

25pc afraid of losing jobs as confidence hits a record low... MORE than a quarter of workers fear that they are about to lose their jobs, while one in five thinks their personal financial circumstances will worsen in the next year. But the number of people who fear redundancy in the private sector is likely to be even higher as the survey did not distinguish between public and private sector workers. The Ipsos Mori poll, seen exclusively by the Irish Independent, reveals that consumers' confidence in their personal finances is at its lowest level since the survey was first conducted in 1999. Recessionary times are striking fear into workers with more than a quarter of workers afraid that they are about to lose their jobs. Younger people are more insecure about their jobs than older workers, the survey conducted among 1,500 people between July and September shows. More than a third of those aged between 16 and 24 are concerned about the possibility of being made redundant. Almost th...

Ireland can breach EU spending rules to boost economy... Ireland will be allowed to breach EU spending guidelines for two years and access significant EU funding ahead of schedule, under an EU-wide financial package to be announced this week. The package will provide a boost for the government, which is preparing for a major shortfall in the annual tax take. Initial estimates show a 25 per cent decrease in the corporation tax take in 2008 and a shortfall of more than 55 per cent in capital gains tax receipts. In a briefing with The Sunday Business Post in Brussels, Catherine Day, secretary general of the European Commission, said the commission stimulus package would contain ‘‘concrete and ambitious proposals’’ to help EU member states to deal with the economic crisis. Day said it was likely that countries would be allowed greater flexibility from the EU Stability and Growth Pact, which limits borrowing by member states to 3 per cent of GDP. The flexibility will be allowed for a two-y...

Shit happens, but why Brian? Brian Cowen seems to have decided to take refuge in a variation on what is known in political speak as the Bart Simpson defence. And no, relax, he's not suggesting we eat his shorts, more the other Bartism: "I didn't do it, nobody saw me do it, you can't prove anything.'' Cowen's version was: "There's no crisis, OK maybe there is a crisis but it's not my fault, why can't you people get it through your thick skulls that there is a crisis." Back at the start of the summer, when even Fine Gael knew there was something wrong, Cowen was telling us that the fundamentals were sound. Having announced a saving of half a billion, which was going to solve all our problems, Cowen and his whole Government then disappeared for the whole summer as the world plunged into crisis. Then they all reappeared after their long break to concede that, all things taken into account and having examined the figures, there might be a p...

Classic song by the spitting image TV show to the tune of the Madness song - Our House. Based on the financial situation of the time, rather like that of today..... Lyrics: Dad believed what Maggie said Get a mortgage buy a home So dad took out a great big loan For a while there we were chuffed Now the market has collapsed And we're absolutely stuffed Our house, in the middle of a slump Our house, no one wants to buy this dump Dad is desperate to sell But now our homes worth even less Than a pension from Maxwell Our living room's a mess Full of magistrates and bailiffs Trying to repossess Our house, in the middle of the boom Our house, it was worth a small fortune Our house, left us in a dreadful state Our house, why the hell'd we decorate We really caught a cold Nowhere we can go to now All the council houses have been sold Our dads taken some stick He's still voting Tory though By God he must be thick Our house, didn't work out like we planned Our house, prices dr...