Arrears continue to rise:
Mortgage lending continues to fall:
Yet... Dublin prices are apparently in a bubble:
How is this possible?
Easy - when volumes are so low, simply sell a couple of multi-million Euro properties and skew the data.
Taking the numbers for Dublin from the Property Price Register for "July 2011 - June 2012" and "July 2012 - June 2013", we can match changes in sales volume to changes in sales value and see the almost perfect correlation (and the one obvious aberration!):
The numbers are here:
And here are the three years graphed:
- by numbers of sales
- by volume of sales
It's only a bubble if you're selling your multi-million Euro property!