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Ireland property market sees massive oversupply

11-27-2013 01:57 BJT

By CCTV correspondent Lourda Sexton

Ireland’s property market was one of the worst-hit in Western Europe’s real estate crash. Leaving Ireland with a huge oversupply of housing estates. Many have been abandoned and unfinished projects have been dubbed ghost estates. The country's leaders are still trying to figure what to do with hundreds of thousands of excess homes.

Ireland’s boom years in the 1990s, famously known as the celtic tiger, led to a flourishing real estate market. Mass construction of housing estates took place across the country. Bringing with it a massive oversupply of houses, an oversupply that now stands at 230,000 houses according to the department of environment.

During Ireland’s economic collapse many of the country’s property developers went bust, leaving behind unfinished, empty and abandoned projects - now known as ghost estates.

This estate is one of many left unfinished in Ireland, located in the centre of the country. Locals here have been campaigning to get this estate demolished after two years ago a toddler wandered in here and tragically drowned, but this estate is only one of many in Ireland that are left unfinished and create a safety hazard.

According to the central statistics office, almost 3,000 ghost estates are dotted around Ireland, many left unoccupied and others unfinished. The Irish government have announced they will support the demolishment of some of these estates, those that are commercially unviable, left with little building started in areas with no housing demand.

But many in Ireland don’t agree with this.

"The council should be taking charge of an estate that is run down and that and try make it safe for anybody and ultimately try get them finished."

"Certainly there are some people here that are homeless and would need it, if there was some material to be put in to finish it off and give people a home during the recession. There are tough times at the moment you know."

While others welcome the government taking action.

"...the strategy to now is to let these whither on the vine and hope the market returns and let the market sort them out, and another developer will come along buy the estate and the properties," said Rob Kitchin, director of National Insitute of Regional and Spatial Analysis.

"That simply has not happened over the last five or six years and it’s not looking to happen as it stands at the minute, given the state of the market in Ireland."

Some abandoned estates were barely started by developers, but others though were almost finished and residents of these have had to endure years of unlivable conditions, and they now hope to see basic services completed.

 

Editor:James |Source: CCTV.com

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