Business Services Industry

Irish owners not smiling.

Australasian Business Intelligence, July, 2007

Jul 04, 2007 (The Australian Financial Review - ABIX via COMTEX) -- An academic in Ireland has sounded a warning about house prices. Professor Morgan Kelly has warned that Irish house prices could drop by as much as 60 in the next eight years. He has studied housing booms and busts in OECD nations. Professor Kelly says that house prices lose up to 70 of what they have gained after a house price bubble. The European Central Bank has been raising interest rates for some time and this is starting to impact on demand for houses in the European Union. Some would argue that the strong economy in Ireland will sustain higher house prices.

Publication Date: 5 July 2007

ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

EUROPEAN CENTRAL BANK

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