Ireland's Housing Boom: What has Driven it and Have Prices Overshot?
The Irish housing market is very buoyant. The housing boom is driven by strong economic growth, dynamic demographics and low interest rates. However, large tax advantages and relatively lenient credit policies by banks have also played their part, and prices may have become overvalued. To the extent...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Paris
OECD Publishing
2006
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| Schriftenreihe: | OECD Economics Department Working Papers
no.492 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The Irish housing market is very buoyant. The housing boom is driven by strong economic growth, dynamic demographics and low interest rates. However, large tax advantages and relatively lenient credit policies by banks have also played their part, and prices may have become overvalued. To the extent that high house prices reflect favourable tax treatment, they may lead to economic inefficiencies by drawing excessive resources into residential construction. While a soft landing appears the most likely prospect, a disorderly correction of house prices would pose risks for macroeconomic and possibly financial stability. In this context, one policy lever available to the government would be a phased removal of the tax advantages associated with housing. In addition, banks should remain cautious in their lending and provisioning policies. |
| Beschreibung: | 1 Online-Ressource (26 p.) 21 x 29.7cm. |
| DOI: | 10.1787/752770732812 |
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| spelling | Rae, David VerfasserIn aut Ireland's Housing Boom What has Driven it and Have Prices Overshot? David, Rae and Paul, van den Noord = L'envolée du marché irlandais du logement / David, Rae et Paul, van den Noord L'envolée du marché irlandais du logement Paris OECD Publishing 2006 1 Online-Ressource (26 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.492 The Irish housing market is very buoyant. The housing boom is driven by strong economic growth, dynamic demographics and low interest rates. However, large tax advantages and relatively lenient credit policies by banks have also played their part, and prices may have become overvalued. To the extent that high house prices reflect favourable tax treatment, they may lead to economic inefficiencies by drawing excessive resources into residential construction. While a soft landing appears the most likely prospect, a disorderly correction of house prices would pose risks for macroeconomic and possibly financial stability. In this context, one policy lever available to the government would be a phased removal of the tax advantages associated with housing. In addition, banks should remain cautious in their lending and provisioning policies. Economics Ireland van den Noord, Paul MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/752770732812 Volltext |
| spellingShingle | Rae, David Ireland's Housing Boom What has Driven it and Have Prices Overshot? Economics Ireland |
| title | Ireland's Housing Boom What has Driven it and Have Prices Overshot? |
| title_alt | L'envolée du marché irlandais du logement |
| title_auth | Ireland's Housing Boom What has Driven it and Have Prices Overshot? |
| title_exact_search | Ireland's Housing Boom What has Driven it and Have Prices Overshot? |
| title_full | Ireland's Housing Boom What has Driven it and Have Prices Overshot? David, Rae and Paul, van den Noord = L'envolée du marché irlandais du logement / David, Rae et Paul, van den Noord |
| title_fullStr | Ireland's Housing Boom What has Driven it and Have Prices Overshot? David, Rae and Paul, van den Noord = L'envolée du marché irlandais du logement / David, Rae et Paul, van den Noord |
| title_full_unstemmed | Ireland's Housing Boom What has Driven it and Have Prices Overshot? David, Rae and Paul, van den Noord = L'envolée du marché irlandais du logement / David, Rae et Paul, van den Noord |
| title_short | Ireland's Housing Boom |
| title_sort | ireland s housing boom what has driven it and have prices overshot |
| title_sub | What has Driven it and Have Prices Overshot? |
| topic | Economics Ireland |
| topic_facet | Economics Ireland |
| url | https://doi.org/10.1787/752770732812 |
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