The Irish property market was in meltdown, but it wasn’t clear yet that we were heading into Western Europe’s biggest real estate crash.
It’s been 10 years since the Irish government nationalised now-defunct Anglo, the bank of choice for Irish developers such as the Kellys because of the speed and laxity with which it handed out money. I’ve been catching up with some of the most prominent players in the property industry collapse to find out whether another one could happen. The answer is yes.
“We totally bought into Ireland’s growth story,” Simon says. In Dublin, sleek bars and restaurants proliferated. Helicopters, yachts, mansions in Spain -”these became almost everyday accouterments to the lifestyles of the rich and Irish. “The property market quickly becomes sour bread.” He switches metaphors, clinging to hope: “The party ended at midnight, and now it’s 2 a.m. and there are still some stragglers hanging around.”