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Ireland’s property crash one of the most expensive – Central Bank research

It could take between seven and 18 years for Irish property prices to
fully recover, according to economists at the Central Bank.

House prices won’t return to 2007 levels for another 7 to 18 years

They also said it may be another two or three years before economic
growth returns to 2007 peak levels.

The economists at the Central Bank had looked at crashes in three
Nordic countries and Japan to estimate how much longer the Irish
crisis will continue.

Their research found that Ireland’s banking crisis is the most
expensive of 147 crashes they examined.

They said that from the point at which property prices began to fall
it could take between 11 and 22 years for them to recover.

The economists also said that unemployment will remain elevated for
some time. They also concluded it could take four to five years for
banks to return to profit.