Behind the building boom there’s a nightmare scenario in the making

THERE is no doubt we have never had it so good in this country.

Irish property is worth €667 billion, the equivalent of approximately €150,000 for every man, woman and child. We are awash with paper millionaires, but people would do well to remember Mark Twain’s dictum that the three greatest falsities in life are lies, damn lies, and statistics.

Borrowing is going through the figurative roof. Our debts now stand at over €282 billion. Borrowing jumped by 30% in the past 12 months.