Fears of house price collapse dismissed

The Department of Environment has dismissed fears that the current surge in Dublin house prices could collapse again if cash buyers and investors suddenly exit the Irish housing market.

Financial expert and Irish Examiner columnist Brian Lucey made the observation, while also saying that the current spike in property prices in the capital should “terrify” the Government into taking action.

The Trinity College academic’s comments came after Taoiseach Enda Kenny said there was no new property bubble, despite house prices rising at the highest rate on record.