The ECB has released its latest Financial Stability Review. From a domestic perspective, the report highlights that Ireland has seen the sharpest decline in commercial property values, from the fastest-growing market in early 2007 to the greatest contraction in 2008, with the gap growing over the course of the last few months. Similarly, the Irish residential property market is the worst performing in the euro area.
One reply on “ECB Financial Stability Review: Property Decline worst in Ireland”
The other dimensions on which Ireland is shown as an outlier in the ECB FS Review relate to securitizations.
Apparently during 2007 more securitizations were issued in Ireland than anywhere else in Europe (except the UK)…
… and more of them were subsequently downgraded by the rating agencies.