“If you’re thinking of shopping for a new home in Ireland, you’d do well to wait,” writes Editor-in-Chief Lynn Mulvihill, a native of Waterford, in this month’s issue of the Overseas Retirement Letter.
“While prices have fallen an average of 50% in Dublin city center, for example,” Lynn continues, “they have further to go countrywide. According to popular Irish economist and writer David McWilliams, ‘We ain’t seen nothing yet.’
“In a recent article in The Irish Independent, McWilliams claims that the rest of the country (outside Dublin) is still grossly overpriced. Compared with the 50% average drop in Dublin, towns like Kildare and Wicklow, the counties that experienced the fastest growth during the Celtic Tiger years, have fallen but 36% and still have a long way to go before hitting bottom.
“How much further could prices drop? An acquaintance who works in the industry told me recently that only when property prices reach levels from 1987 (yes, almost a quarter-century ago) will they be representative of true values.
“What goes up…”