A property crash does not happen overnight. As housing prices are soaring across Ireland and demand is no more matching supply, experts are predicting that in seven years, the next property crash will hit the country. Even if it may seem far away, remember that it is in early summer that the foresighted squirrel amasses nuts to make provisions for the harsh days of winter.
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New figures released by the Banking and Payments Federation Ireland (BPFI) have shown that the number of mortgages that are approved has risen by more than 17 percent, year-on-year, to July 2017. The new data shows that there is a “continuing strong demand” for new mortgages in the country.
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Ireland’s economy is “overheating”. The Organisation for Economic Co-operation and Development (OECD) has issued fervent warnings as property prices and lending in the country witnessed a sharp increase. Ireland may be on the verge of sinking in yet another property bubble.
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Irish banks are determined to proceed with massive repossessions. This decision stems from the strong willingness to erase the worst non-performing mortgage loans from their books. In Europe, Irish banks top the list as institutions carrying the largest non-performing home loans.
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Amidst the housing disaster shaking Ireland, Sparkasse, the largest bank in Germany, has proposed to try to pull the country out of this crisis. This non-profit model planned to be established in Ireland for an estimated cost of €200M is applauded by the European Investment Bank. It would bring some level of relief, especially to hard-pressed first-time buyers in Ireland. However, it is not enjoying the same warm welcome on behalf of the Irish authorities.
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