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Old 09-10-2012, 04:29 AM
 
Location: Glasgow Scotland
18,529 posts, read 18,757,013 times
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Ive just returned from a fantastic week in Southern Ireland... recently they needed a bailout to to help out a crisis in the country.... Has anyone actually drove through the counties in Ireland... one house is more luxurious than the next with massive well kept gardens... most houses looked as if they have six bedrooms or more, this wasnt the odd house, this was all over every area.. Im puzzled at why they needed help. as its a beautiful country not unlike Scotland but with less housing problems..
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Old 09-10-2012, 02:33 PM
 
Location: Bay Area
3,980 posts, read 8,990,778 times
Reputation: 4728
Quote:
Originally Posted by dizzybint View Post
Ive just returned from a fantastic week in Southern Ireland... recently they needed a bailout to to help out a crisis in the country.... Has anyone actually drove through the counties in Ireland... one house is more luxurious than the next with massive well kept gardens... most houses looked as if they have six bedrooms or more, this wasnt the odd house, this was all over every area.. Im puzzled at why they needed help. as its a beautiful country not unlike Scotland but with less housing problems..
Ireland's entire economy was built around the housing sector with money being borrowed en masse from the banks by housing developers/ speculators and buyers. Rapidly rising prices (the fastest rise in Europe) and the subsequent massive fall in prices caused the entire industry to collapse...not much different than what occurred in the US. There was also a lot of the usual mortgage fraud and even auctioneers (agents) were in on the whole game. Same thing happened in Spain also.

Oftentimes a buyer would put in an offer on a property, then another "mystery buyer" (which never actually existed) would offer more therefore starting a bidding war (the system is a little different over there). It actually happened to us! The entire system was rigged. Tons of defaults and people at risk of losing their homes now, all struggling to pay their mortgages. Thank god we decided not to buy after that experience.

You may have seen some fine large houses, but you must have missed the hundreds of "ghost estates...housing estates that went up, weren't finished, and were never inhabited. Thousands lost their jobs in construction, real estate etc.
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Old 09-10-2012, 02:42 PM
 
Location: North West Northern Ireland.
20,633 posts, read 23,881,321 times
Reputation: 3107
Because it was in Debt. Trying to be something it wasn't.

And if you travel from Northern Ireland to Donegal you will see that they are in "dire" straights compared to us, (ok maybe an exaggeration but still), No rail up there, rubbish roads, houses with nobody in them, falling population. You name it.
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Old 09-10-2012, 03:19 PM
 
Location: Brisbane
5,059 posts, read 7,504,251 times
Reputation: 4531
Hear is a post i put over in the Aus/NZ section.

This is the number of houses contructed in ireland in each year from 1970, between 1990 and 2006, not only did the number of houses being constructed quadrupal, so did the prices they were selling for.



By contrast hear is Australias , we have a very well documented housing price boom hear that has not burst - yet


Last edited by danielsa1775; 09-10-2012 at 03:39 PM..
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