A Complete Explanation Of Everything

That mightn't sound like much on the face of it but if you've been examining the car crash that is the Irish Property Market in any detail, you'll understand the significance.

DAFT - Ireland's biggest online property portal and only real source of a myriad of statistics in relation to the property bubble in this country just passed 40,000 listings today.

daftwatch, some concerned types who frequent the 'pin (see sidebar), graphed it thus:













In Ireland, we were planning on building 85,000 plus units this year, the builders seeing the blood in the water have already taken steps to try and cut their losses and have reduced starts by 25%. Consequently, I'd imagine we'll only build 60,000 units this year. However, with inventory building at a spectacular rate as if both the Autumn selling season of 2006 and the Spring selling season of 2007 did not occur (and in fact, they didn't), we have a situation whereby there were 15,000 properties listed last August and by next August, we should be looking at 60,000 units for sale.

A whole year's worth of construction.

And to top it all, there are somewhere in between 250,000 and 300,000 units lying vacant throughout the country.

For further detailed and informed discussion, check the 'pin.