David McWilliams: Dublin’s housing market not yet ripe for a crash
We are only at stage two of the seven-step boom-to-bust property market cycle
In the past seven years, Dublin prices have increased 72.9 per cent. Photograph: iStock
This week the influential magazine the Economist suggested that Dublin’s house prices are 25 per cent overvalued relative to long-term income. The Economist was one of the early sirens last time out, warning loudly about the Irish property market in 2003, so it has good form.
More worryingly, in the list of 22 cities, although Dublin was not the most overvalued capital city, it is the one that has experienced most rapid house price growth since 2012.