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Posts by jkchambers  

Joined: 16 Mar 2007 / Male ♂
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From: Dublin
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19 Aug 2007
Real Estate / The current property boom in Poland is a bubble [342]

House and apartment building in Ireland is now slowing up. Many developers are now cutting staff and closing down building sites. House prices are falling. We are told that they have dropped 2 pc this year. I would think the figure would be 10 to 15pc. That said road building and industrial estate building is going on well and will continue to do so.

There will be some knock on effect to the Irish economy. Already unemployment figures are going up. The government revenue from stamp duty on houses had slowed up. This figure has been huge as average house purchases in the Dublin area attract stamp duty rates of 6 to 9 pc

Over the last 12 to 14 years house prices have risen at an alarming rate. I bought houses in 1995 which are now worth over 10 times what I paid for them. It is really no harm that prices settle and maybe drop a bit. This will now happen because investors and non nationals have fled the market.

I think that prices in Poland will continue to rise for another couple of years. Poland will be in receipt of billions in EU funding and other inward investment. Does anyone know how much is being sent back by Polish workers working abroad ? I read somewhere recently that £11m a day was been sent back from the UK through the banking system. I dont think this counts what comes back in cash.

I really dont think it is fair to compare the Polish and Irish property markets. Ireland has had over a decade of good growth while Polish growth is only starting