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A year of change

The year 2008 will be remembered as a year of change for the global economy, the Irish economy, and the Irish property market. From a rapidly expanding Irish economy between 2002 and 2006, and in tandem a rapidly expanding property market, to rapid contractions in 2008. The transition from expansion to contraction has been very difficult for most involved in business, and the property sector in particular. Reformation of business structures, changing market conditions, and new realities in product market values, reduced profits, and in many cases substantial losses and significant job losses. These are some of the consequences of the change.

 

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