In Ireland we are living through one of the worst housing crisis since the foundation of the State. Today there are over 77,000 houses in mortgage arrears, rental demand is far outstripping supply, there are 91,000 people on social housing waiting lists and more than 7,000 people in emergency accommodation.\ As policy makers scramble to offer solutions it is clear that we are standing at a crossroads and the decisions that are made now will have a lasting impact on generations to come.
IRELAND'S PROPERTY CRISIS offers a snapshot of seven days in Ireland with some of those who are on the frontline of the crisis. Whether they are people finding a way out of negative equity, looking for somewhere to rent, resisting eviction, hoping to buy their first home, or simply trying to find a bed for the night, the series gives an in-depth, personal view to help inform a national discussion at this crucial time in our history.
Runtime: 60 minutes
Ireland's Property Crisis - Irish property bubble - Netflix
The Irish property bubble was the overshooting part of a long-term price increase of real estate in the Republic of Ireland from the late 1990s to 2007, a period known as the Celtic Tiger. In 2006 the prices peaked at the top of the bubble, with a combination of increased speculative construction and rapidly rising prices; in 2007 the prices first stabilised and then started falling until 2010. By the second quarter of 2010, house prices in Ireland had fallen by 35% compared with the second quarter of 2007, and the number of housing loans approved fell by 73%. The fall in domestic and commercial property prices contributed to the post-2008 Irish banking crisis. House prices in Dublin, the largest city, were at one point down 56% from their peak and apartment prices down over 62%. For a time, house prices returned to 20th century levels and mortgage approvals dropped to 1971 levels. As of December 2012, more than 28% of Irish mortgages are in arrears or have been restructured and commercial and buy-to-let arrears are at 18%. Since early 2013 property prices in the country have begun to recover with property prices in Dublin up over 20% from their nadir.
Ireland's Property Crisis - Role of the media - Netflix
Throughout the bubble, newspapers and media played a vital role in hyping property. No national newspaper was without a glossy property supplement and weekend papers were often equally filled with property ads, reviews of new developments, stories of successful purchases, makeovers, and a gamut of columnists relating their property experiences. TV and radio schedules were filled with further property porn - house-hunting programs and house makeover programs were regular features on every channel. Even in July 2007, Irish Independent journalist/comedian Brendan O'Connor urged people to buy property, even as the bubble was clearly bursting. In April 2011, journalist Vincent Browne admitted that the Irish media had played an important role in adding to the frenzy of the Irish property bubble.
Ireland's Property Crisis - References - Netflix