Over-Built In Ireland

The Irish Examiner has a report on housing occupancy. "More than 30,000 of the 77,000 new houses built in 2004 are vacant, according to a stockbroker. This is close to 40% of the houses built last year and it suggests a sharp reduction in building levels is on the cards in the years ahead."

"To hit bubble territory, we would need to see a big change in sentiment, where buyers took the view that capital returns no longer justified the asking prices, he said." If they are empty, what is the return?

They are still building. "Davys said it expects 'completions to fall significantly in the coming years' with the number of houses built falling to 65,000 by 2007. Next year the figure will come in at 72,000, said the brokers."