Not a stone will stand upon a stone

Sunday, 15 January, 2012

Boomtime Dublin skyline

Boom skyline: Azerbaijan, Brazil, China or Dubai? No. In fact, the photo was taken in Dublin in July 2005. That was the year in which 80,957 residential houses were built in Ireland. By way of comparison, in the first 10 months of 2011a total of 8,692 houses were completed. Another indicator of the madness was provided by the commercial property sector. In 2005, the sale of the Veterinary Surgeon site by University College Dublin for a price of €171.56 million represented a cost of almost €85 million per acre, or €212 million per hectare. Jason Walsh pointed to the writing on the wall in May 2006 when he wrote: “While there is a high-tech component to the Irish economy, the reality is that Ireland’s over-dependence on construction is leading the country head-first into economic difficulties and whether the landing is soft or hard may not matter very much.” Not a stone will stand upon a stone, he predicted.

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