Exposing the lie of the land

Despite a contraction in value over the past two years, Irish property is still hopelessly overvalued, with prices needing to fall by 50 per cent to correct the glaring imbalance

9th May, 2009

Take a long look at the chart below. Digest it. Maybe look again if you have to. This happened in the most sophisticated economy in the world.

This is what happened to the price of development land in Japan. Prices roared upwards and then collapsed, ending up below where they started at the beginning at the boom. This is likely to happen here; development land is likely to settle back to 1996 prices. We haven’t...

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