Sunday 4 December 2016

Result will rattle housing market still reeling from a decade of pain

Published 29/06/2016 | 02:30

With rented properties so uncharacteristically expensive here, the Irish accommodation shortage might just as likely prove to be a big. Photo by Christopher Furlong/Getty Images
With rented properties so uncharacteristically expensive here, the Irish accommodation shortage might just as likely prove to be a big. Photo by Christopher Furlong/Getty Images

As we learned from bitter experience in 2007, the property sector has tended to play down any threat against the domestic market for bricks and mortar.

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Back then, even as the tanks of disaster were rolling on to their lawns, a number of firms stubbornly declared the Irish market to be in rude good health. In the case of Brexit, almost all of the big estate agencies are largely unrattled in public - if somewhat unsettled in private. Uncharacteristically, some even made statements to essentially say "we don't know what will happen".

But the Brexit scenario most likely to threaten bricks and mortar here is the prospect of a general economic wallop to the Irish economy overall. If employment is hit across the board from the fallout, so too will demand for property - and values will fall.

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