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The Irish recovery and hopes for Spain

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The Irish recovery and hopes for Spain

The subprime mortgage crisis in 2007 has found both the Irish and Spanish economies overheated, overweight in the construction sector and less competitive.

Between the end of the 90’s and the time of the downturn both economies had experienced strong growth rates, a significant fall in unemployment and a strong demand for residential and commercial property driven by economic expansion, and ease of finance.

Property value rises had been significant in both markets and this trend was supporting further speculation in the construction sector.

Source : Savills

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Keywords : Savills