Ireland's economy completed a remarkable turnaround over the course of the past several years. As recently as 2012, the status the nation currently boasts - as one of the fastest-growing and more stable economies in the whole of the European Union - would have been unthinkable, due to the adversity caused by the 2008 global financial crisis and a massive domestic boom-and-bust period. Now, this level of success is the norm, and it's reflected in a housing market indicative of increased demand to live in Ireland's thriving cities.
Citing data from the International Monetary Fund, the Irish Times reported that Dublin's property prices grew by approximately 10 per cent each year between 2013 and 2018. This figure dramatically outpaced those of 32 other major cities, including Toronto, Sydney, Shanghai and Auckland, as well as their respective nations - all classifiable as either advanced or emerging economies by the IMF.
A meteoric rise in property values might understandably lead economists and Irish government leaders to fear an eventual crash. However, because these prices and Irish economic growth overall are both expected to slow down and then remain at a mild but steady pace of expansion in the years ahead, experts like KBC Bank chief economist Austin Hughes don't think a collapse is likely. Hughes told the Times that Ireland's current conditions don't meet the IMF's criteria for an imminent housing bust.
No economy is perfect, and Ireland has experienced some minor setbacks due to the reverberations of Brexit in the U.K. According to BBC News, Northern Ireland, as part of Britain, bore the brunt of these effects, such as significant contractions in exports and overall output. But the Republic is by no means unscathed, as one of the North's major trade partners, though it can withstand such difficulties due to the strengths elsewhere in its economy.