Ghost housing in Ireland (h/t, LG Fountain)

Twenty percent of all houses empty. Greece is just the first of many as Europe collapses.

The obvious question of who people imagined would live in all these new-builds makes Irish people wince now.

But hindsight is a wonderful thing. Only a few years ago, developers feeding money into local government coffers were getting free rein to build row upon row of five-bedroom detached houses on the green outskirts of towns nobody had even thought of commuting from before.

Mr McWilliams says the whole of Ireland is having to come to terms with what he compares to a collective addiction.

“Everyone took the property drug at the same time”, he says, “everyone was up at the same time, everyone was buzzing.

“Now we are all in the middle of this huge comedown. And people are looking around and saying – ‘what happened? Was that us?’ And then we look at our bank statements and we realise – ‘yes, it was'”.

4 Comments

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4 responses to “Ghost housing in Ireland (h/t, LG Fountain)

  1. Anonymous

    Interesting article, I especially enjoyed the video. The woman interviewed seemed to have a very clear understand of all the mistakes made, including her own.

    Thanks to you and LG for pointing out this information.

  2. Anonymous

    Fixed, long-cycle “assets” like houses (or offices/retail) in inland CA, NV, FL, AZ, MI, NJ, NY, IL, etc are deeply problematic/archaic in a world of far more liquid, mobile computing-intensive economies (even vs 10yrs ago when Berries were primitive)

    Need secure, high-income jobs to pay for shelter; can rent, not buy, shelter to maximize career/financial mobility&liquidity

    Decent jobs can easily migrate to locales with more efficient tax and cost regimes, yet where educated, well-paid workers w/kids may want to reside/work

    And, not surprisingly, many of world’s best-run, most profitable cos. continually move HQs and jobs, balancing such parameters of cost vs QOL: very different mobility than in ’90s or ’70s…

  3. duff

    Great article CF. Bring on the bulldozers.