ireland economic decline slows and property looks promising
News Posted On: 10 July 2009
Ireland's economic decline appears to be slowing. According to figures released by Eurostat, for the first quarter of this year, Irish GDP contracted 8.4% between Q1 last year and Q1 this year, which is an average of 2.1% per quarter. However, the quarter-on-quarter contraction recorded between Q4 last year and Q1 this year was 1.5%, a slow in the contraction of 0.6%.
Ireland's economy has suffered one of the fastest contractions in Europe, certainly among developed nations, equalled only by Spain. It may be that they have gotten the worst of the falls behind them as quickly as possible, and that the decline will steadily ease from now on.
The story has been the same in the property market, with Irish property prices plummeting in the last year, and now down 30% in some places.
This is because Ireland had one of the biggest property booms. During a boom prices become inflated and homes become unaffordable without masses of credit, eventually a correction becomes necessary, with the severity of the correction determined by the level of price over-inflation -- the bigger the bubble the louder the pop if you like.
However, from an investor's vantage point Oreland is currently a very promising choice, according to director of overseas property portal, Les Calvert, he said:
"Ireland has a boom and bust property market, and there will be another bubble before too long. So the equity rich investors are keenly eyeing the Irish property market in search of the biggest bargains."
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