Ireland is in the midst of a real estate vacancy crisis just as bad as California and Florida in the United States.
Its go-go real estate boom days are over, and with it comes vacancy rates in new developments of over 50%. Over 600 completely empty residential building developments exist across the country, including places like Dublin and Cork.
A map, made by the country’s National Institute of Regional and Spacial Analysis shows that in some areas, housing vacancies are beyond 50%.
These empty feelings come a long with a full stomach of debt. Ireland’s banking crisis may cost the government 50 billion euros ($70 billion) in the end. It will be difficult to make mortgage loans in an environment so over leveraged already, so many of these developments might just become ghost towns for years to come.
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