Just 9 years ago in 2008 the country nearly collapsed when the banks and the property market got in serious trouble. People couldn’t pay their mortgages anymore because they had paid too much for the properties they lived in and for investment properties and many are STILL hurting from the losses. But memory is a short term thing!!
Back then, the mess was created by builders overcharging to make a big profit and by buyers overpaying because they expected massive profits. Last weekend it seemed as if 2008 had never happened. I heard about it on Newstalk but after a good search found an article about it in the Irish Times: Twelve out of fifteen apartments in the Hanover Lofts development at Grand Canal Quay were sold over one single weekend! The price? The 4x one-bedroom apartments start at EUR 415,000 and the 11x two-bedroom apartments start at EUR 575,000.
The madness is back with a vengeance!
What does that mean for us? If you own a property you can celebrate because the price is definitely going up. And if you don’t won any property there are two options: Either start panicking because you need to buy NOW and not wait any longer. OR: RELAX!! The prices are already FAR beyond what is affordable for many. So no rush for your buying! Maybe there will be another crash, THEN it is your turn! ;-)