Of the Week..

NAMA Wine Lake

Graph of the Week

Spanish house price index down from a peak of 125 to 98 in April 2012

Spain featured in the news during the week as fears grew that its banks would force the country to seek an imminent bailout. The problem with the Spanish banks is all too familiar to us in Ireland – they overexposed themselves to property development lending in the 2000s as Spain experienced a property boom on a par with Ireland’s – for more detail on the Spanish property boom and how it compared to Ireland’s, see here. What might be particularly concerning to Irish observers is the relatively modest decline in Spanish residential property prices which have fallen less than 25% from peak in their EuroZone economy. Ours are down 49.9% according to the CSO two weeks ago. And if Spain, which has ghost towns, not just ghost estates and…

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