Ireland's House Party What the Estate Agents D
During the peak of the boom in 2006, more new homes were being built for amateur landlords than for genuine homebuyers'-overbuilding was the key feature of the Irish property market. The 'so-called' fundamentals were reversed: supply overwhelmed demand yet prices continued to rise!
Basic Economics tells us that demand is determined by price and quantity. Both soared to new unprecedented levels. The government watched from the sidelines as their coffers brimmed with all the new property loot (VAT, Stamp Duty, Capital Gains and so on).
The party has been over for almost two years, but the hangover may last for another three years or more. Cutting through the typically heavy industry jargon and statistics, Ireland's House Party explains everything the estate agents do not want you to know and looks to the future, outlining what is needed to get us back on track.
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Description
During the peak of the boom in 2006, more new homes were being built for amateur landlords than for genuine homebuyers'-overbuilding was the key feature of the Irish property market. The 'so-called' fundamentals were reversed: supply overwhelmed demand yet prices continued to rise!
Basic Economics tells us that demand is determined by price and quantity. Both soared to new unprecedented levels. The government watched from the sidelines as their coffers brimmed with all the new property loot (VAT, Stamp Duty, Capital Gains and so on).
The party has been over for almost two years, but the hangover may last for another three years or more. Cutting through the typically heavy industry jargon and statistics, Ireland's House Party explains everything the estate agents do not want you to know and looks to the future, outlining what is needed to get us back on track.
