The Irish property bubble was the speculative excess element of a long-term price increase of real estate in the Republic of Ireland from the early 2000s to 2007, a period known as the later part of the Celtic Tiger. In 2006, the prices peaked at the top of the bubble, with a combination of increased speculative construction and rapidly rising prices; in 2007 the prices first stabilised and then started to fall until 2010 following the shock effect of the Great Recession. By the second quarter of 2010, house prices in Ireland had fallen by 35% compared with the second quarter of 2007, and the number of housing loans approved fell by 73%.
An advertisement for 100% mortgages seen outside Dublin (17 July 2007).
Ireland, also known as the Republic of Ireland, is a country in north-western Europe consisting of 26 of the 32 counties of the island of Ireland. The capital and largest city is Dublin, on the eastern side of the island. Around 2.1 million of the country's population of 5.15 million people reside in the Greater Dublin Area. The sovereign state shares its only land border with Northern Ireland, which is part of the United Kingdom. It is otherwise surrounded by the Atlantic Ocean, with the Celtic Sea to the south, St George's Channel to the south-east, and the Irish Sea to the east. It is a unitary, parliamentary republic. The legislature, the Oireachtas, consists of a lower house, Dáil Éireann; an upper house, Seanad Éireann; and an elected president who serves as the largely ceremonial head of state, but with some important powers and duties. The head of government is the Taoiseach, who is elected by the Dáil and appointed by the President, who appoints other government ministers.
The Irish Parliamentary Party was formed in 1882 by Charles Stewart Parnell (1846–1891). Charles Stewart Parnell addressing a meeting.
Damage in Dublin city centre following the 1916 Easter Rising
Leinster House , Dublin. In 1922 a new parliament called the Oireachtas was established, of which Dáil Éireann became the lower house.
Éamon de Valera, Irish political leader, pictured outside Ennis Courthouse in 1917. He would later be involved in introducing the 1937 Constitution of Ireland.