The Irish property bubble was the speculative excess element of a long-term price increase of real estate in the Republic of Ireland from the early 2000s to 2007, a period known as the later part of the Celtic Tiger. In 2006, the prices peaked at the top of the bubble, with a combination of increased speculative construction (financed almost entirely by senior debt) and rapidly rising prices; in 2007 the prices first stabilised and then started to fall until 2010 following the shock effect of the Great Recession. By the second quarter of 2010, house prices in Ireland had fallen by 35% compared with the second quarter of 2007, and the number of housing loans approved fell by 73%.[1][2]
The collapse of the property bubble was one of the major contributing factors to the post-2008 Irish banking crisis.
House prices in Dublin, the largest city, were briefly down 56% from their peak and apartment prices down over 62%.[3]
For a time, house prices returned to twentieth century levels and mortgage approvals dropped to 1971 levels.[4] As of December 2012, more than 28% of Irish mortgages were in arrears or had been restructured and commercial and buy-to-let arrears were at 18%.[5] Since early-2013, property prices in the country began to recover with property prices in Dublin up over 20% from their nadir.[6]
The collapse of the Irish property bubble has had a lasting effect on the political, economic, social and financial landscape of Ireland. While early negative effects such as ghost estates and high unemployment have been largely resolved, the residual collapse of the Irish banking and construction sectors has contributed to a countrywide housing crisis that persists as of 2020.[7][8]
^Quarterly House Prices Bulletin Quarter 2 2010(PDF), Department of the Environment, Community and Local Government, archived from the original (PDF) on 31 May 2013, retrieved 26 March 2013
^Planning applications data(PDF), Department of the Environment, Community and Local Government, archived from the original (PDF) on 31 May 2013, retrieved 26 March 2013
^Residential Property Price Index(PDF), An Phríomh-Oifig Staidrimh/Central Statistics Office
^Irish mortgage approvals at 1971 level, Finfacts Team, 22 November 2011
^Mortgage Arrears and Repossession StatisticsQ3 2012, Central Bank of Ireland, archived from the original on 3 December 2013, retrieved 1 March 2013
^Residential Property Prices rise by 13.4% in the year to July, CSO.ie, 27 August 2014
^O’Loughlin, Ed (8 August 2019). "Housing Crisis Grips Ireland a Decade After Property Bubble Burst". The New York Times. Retrieved 25 August 2020.
^Brennan, Joe. "I do not need to remind an Irish audience of the implications of a bursting housing bubble". The Irish Times. Retrieved 25 August 2020.
and 25 Related for: Irish property bubble information
The Irishpropertybubble was the speculative excess element of a long-term price increase of real estate in the Republic of Ireland from the early 2000s...
The Canadian propertybubble refers to a significant rise in Canadian real estate prices from 2002 to present (with short periods of falling prices in...
The Australian propertybubble is the economic theory that the Australian property market has become or is becoming significantly overpriced and due for...
The 2000s United States housing bubble or house price boom or 2000s housing cycle was a sharp run up and subsequent collapse of house asset prices affecting...
The Spanish propertybubble is the collapsed overshooting part of a long-term price increase of Spanish real estate prices. This long-term price increase...
exacerbated by the bursting of the Irishpropertybubble. The Irish name for Ireland is Éire, deriving from Ériu, a goddess in Irish mythology. The state created...
post-2008 Irish financial crisis severely affected the economy, compounding domestic economic problems related to the collapse of the Irishpropertybubble. Ireland...
The Romanian propertybubble was a real-estate bubble in Romania from the early 2000s to 2007. After the relative calm of the 1990s, since 2002 Romania...
The Japanese asset price bubble (バブル景気, baburu keiki, lit. 'bubble economy') was an economic bubble in Japan from 1986 to 1991 in which real estate and...
Biden's] list, will be dealing with the consequences of the biggest financial bubble in U.S. history. Why the biggest? Because it encompasses not just stocks...
The propertybubble in New Zealand is a major national economic and social issue. Since the early 1990s, house prices in New Zealand have risen considerably...
generally considered to have been the first recorded speculative bubble or asset bubble in history. In many ways, the tulip mania was more of a then-unknown...
A cryptocurrency bubble is a phenomenon where the market increasingly considers the going price of cryptocurrency assets to be inflated against their hypothetical...
A stock market bubble is a type of economic bubble taking place in stock markets when market participants drive stock prices above their value in relation...
early 2007, it can be argued that the Polish property market began to show the early signs of a propertybubble: banks increased loan periods from 30 to 50...
detached from economic reality, the Mississippi bubble became one of the earliest examples of an economic bubble. In France, the wealth of Louisiana was exaggerated...
agency to handle the Irish financial crisis and the deflation of the Irishpropertybubble. The NTMA also handles the €8.1 billion Ireland Strategic Investment...
development. After the financial crisis and the collapse of the Irishpropertybubble in the late 2000s, the Battersea Power Station site was bought by...
The notorious economic bubble thus created, which ruined thousands of investors, became known as the South Sea Bubble. The Bubble Act 1720 (6 Geo. 1 c....
The Poseidon bubble was a stock market bubble in which the price of Australian mining shares soared in late 1969, then crashed in early 1970. It was triggered...
the Gardaí. Ireland's newfound prosperity was challenged abruptly in 2008 when the banking system collapsed due to the Irishpropertybubble bursting. Some...
McWilliams when describing the Irishpropertybubble in 2006. It was used as the title of a poetry collection by Irish writer William Wall in 2011. The...
Railway Mania was a stock market bubble in the rail transportation industry of the United Kingdom of Great Britain and Ireland in the 1840s. It followed a...
Global Information