Mark Keenan: This inflation is very real and there is no sign of it cooling off any time soon
WE forget that, back in 2006 and 2007, it was widely considered a sort of unpatriotic 'heresy' to publicly suggest that Irish property prices could ever take a tumble. Anyone who did so was accused of "talking down the market".
Politicians had somehow linked a healthy property market with Ireland's overall economic prospects to the degree that defending a positive outlook for property became a 'green jersey' issue.
The first reports of falling prices in early 2007 were met with mass derision from the construction, property and banking sectors. More surprisingly, most economists (with notable exceptions) and government politicians also got in on the assassination of media who reported falling prices when the perceived wisdom was that a 'soft landing' was practically inevitable.