Warning over end to boom

THE end of the Irish property boom will present Ireland with strong budget challenges in the years ahead, an EU Commission report warned yesterday.

The economy was facing “several macro economic challenges” due to a drop in output to more sustainable levels, said the commission.

It added the Spanish economy, also underpinned by a property boom over the past decade, faced similar challenges, concluding rising interest rates have hurt the spending power of Spaniards.