When the global financial crisis burst Ireland’s property bubble from 2008, the sudden credit drought left thousands of apartment projects unfinished, or caught them at the point when developers had substantially completed them but not yet sold the homes to individual buyers. In the traditional, owner-occupier Irish mindset, this was a failure. Heavily indebted developer-owned properties with nobody in a position to raise a mortgage to buy and move into them, or use them as buy-to-let investments for their family’s nest egg, appeared to have no future. For anyone with experience in home building outside Ireland, however, this looked like…

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