There is no question: we are in midst of another bubble
MANY mainstream economists argue that Dublin is not experiencing a house price bubble at present. They are wrong, just like they were wrong last time.
There is no malice in most cases; they almost certainly believe what they say. The problem is that the data they are using to formulate their opinions is faulty while their definition of what constitutes a bubble is limited.
Loose credit is not the only way to create a bubble; illogical government policies or short-term supply constraints can also push up prices in the short term by creating unnecessary shortages. That's a bubble in most people's book if by bubble, you mean something that can be pricked with a pin and explode.