anyone interested in ireland???

read below...

Irish property prices plunge 50 percent
17/09/2009 7:49:01 AM

Property prices in recession-hit Ireland have plunged by an average of 50 percent since the market peaked in 2007, its finance minister said Wednesday, unveiling a plan to bail out stricken banks.

Brian Lenihan told parliament he was proposing to create a so-called "bad bank" to clear up billions of euros (dollars) worth of property loans gone sour on the books of Ireland's banks and building societies.

He said Ireland was paying the price for the rapid expansion which earned the country's economy the nickname the "Celtic Tiger" and saw property prices soar on the back of cheap credit.

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Prices are still expensive there, compared to incomes. While they've certainly come back a long way, its not 50% for most properties, perhaps more like 20-30% from the peak, but the peak was absolute madness.

The boom there was the worst I've ever seen, think Perth of 2 years ago and double the frenzy. (or Melbourne of last month for that matter)

There had never really been a boom in Irish property before, it has always crept along pretty much at CPI, then the Celtic Tiger happened and people went crazy. However that all stopped about 18 months ago when property prices hit the wall and demand fell off a cliff.

But, it's still very hard for FHBs to get on the ladder, much more than say here in Melbourne, mainly becuase the population is so large compared to the available land, so you have to go a long way out of the city to buy an affordable house. You simply can't get a $300k house within commuting distance of Dublin, or at least not in a suburb you'd want to live in. (Incomes are broadly similar to Aussie big city incomes)

Have a look at this place for over $500k, it's not too far from the city, relatively speaking, but it's not in a great suburb. Sure, you can get cheaper, in places like Ballymun, but that's really scraping the barrel in terms of poor areas. (Incidentally, it's where the band U2 came from, or at least it's where Bono grew up)

The property market in Ireland at the moment is bad and it is forcast that things will not be on the up for quiet a few years yet. In a place like Tallaght that Johnathan pointed out, it is important to buy in the right part,some areas of it are good and some are bad(really bad),it is the biggest housing estate in Ireland with a huge population so it is quiet diverse. It is also just a short trip from Dublin city center on the light rail system that services Tallaght ( The Luas ), which is as handy as a small hammer. Ballymun (Bono was born in Glasnevin, Dublin by the way) has a terrible name as there was a terrible drug problem there due mainly to the housing commissions appartment blocks that were erected there, but now they have been demolished, it really has started to turn around, I have a friend who has purchased a house there 6 months ago.