| I lived there at the time, and it may be foolhardy to argue with an Assistant Professor of Economics, but it seems that the author is willfully ignoring the distinction between 'Unfinished' and 'Empty' houses. The Central Statistics Office (which often has difficulty counting things) found around 230,000 empty houses at that time. So while he may have a point that some of the 'Unfinished' ones never made it past the plans, there were also completed and empty housing estates, some of which were bulldozed. https://www.bloomberg.com/news/articles/2012-07-19/ireland-b... Also, the author claims that he couldn't find empty estates near Dublin, but if he went as far as Celbridge he would have found some. Futhermore he seems to jump back and forth between rural Leitrim and Dublin to make his point, depending on what suits his argument. Rural areas had huge ghost estates. https://www.housing.eolasmagazine.ie/cso-publishes-breakdown... You can see a comment below from mandmandam below with a personal take too. The point about there being a credit bubble stands, and the author leaves out the commercial side of the bubble, purely focusing on residential. The wikipedia article is superior to this one, normally I would have more time and respect for Ronan Lyons than this linked instance:
https://en.wikipedia.org/wiki/Irish_property_bubble And as to there being a myth about the Irish property bubble refuting the laws of supply and demand, I don't think anyone has made this point in my earshot or viewing. This third myth is itself a myth of the author's own creation. |