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I agree about Ireland’s property prices rising miles, the downturn there doesn’t seem to have lasted as long as in Spain, but again I believe it’s more to do with smaller inventory of property for sale compared to demand. Plus a lot of Irish buyers who bought in Spain have returned I believe, even though it’s rainy, itsme knows more on this.
Long term forecasts do change too, depending on worldwide events and crises like the current Eurozone crisis. I think Spain’s property problems were mainly down to over-supply and over-pricing during the boom, plus a lot of mis-selling. It was copied by lots of new ‘hot-spot’ countries unfortunately. The corruption in Town Halls and Planning Depts beggared belief in the boom.
I really can’t think of any similar property market to Spain’s in terms of numbers for sale (all to be absorbed somehow), non regulation even after all these years, long Court procedures and pretty high completion costs. If the figure of 2 million of unsold homes is correct, who knows how long it will take to absorb? 🙄
You are right that you need to be in the country to judge things yourself, and renting for 6 months or more is a good starting point, there are huge discounts on lower end property, less on the better developments so that is a good indicator of what to buy if you ever need to re-sell 🙄