The rise and fall of Irish property developers

Laurence Murphy

ERES from European Real Estate Society (ERES)

Abstract: In the late-1990s the manufacturing engine of economic growth in the Irish Celtic Tiger economy was displaced by an increasing reliance on the construction sector, which rose to account for 23 per cent of GNP. From humble beginnings, a small group of property developers rose to national and international prominence. On the back of a massive property boom, these developers assembled multi-billion euro property portfolios and amassed considerable personal wealth. Using case studies this paper examines the role of super-rich property developers in orchestrating spectacular property deals during the boom and how these deals unravelled during the global financial crisis. The paper examines the manner in which the financial problems of individual developers has become socialised through the establishment of the National Asset Management Agency (NAMA) and the impacts of NAMAís strategies on local and international property markets.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2012-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2012_152

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