But now demolition has begun on some of the last of the
remaining ghost estates, built during the economic boom of 'Celtic
Tiger' years but now deemed 'not economically viable'. There being demolished as the brand new houses
in the estates that's never even been lived. As the bulldozers move in to knock
down the last of Ireland's 'ghost' estates that were built during Celtic Tiger
economic boom Thousands of Irish housing projects were
started during the Celtic Tiger a boom years but abandoned after the crash. So when recession hit in the late 2000s
the credit crunch meant hundreds of thousands of homes were left empty. Many homes unsold of the half-finished
estates lack basic amenities like lighting and schools and are deemed
uneconomically viable. As the Irish
housing minister last month ordered a further 40 of the worst estates be pulled
down at the developers' expense. The Irish
property prices are still almost 50% below their peak in 2007 signal.
Bulldozed as the last remaining units on the Glenatore Esate in Athlone,
Ireland to go, where in 2012 a two-year-old boy was killed after breaking
through a fence onto an unfinished development, are being torn down They were
among the most poignant symbols of the recession, hundreds of unfinished Irish
housing estates that had to be abandoned following the credit crunch of the
late 2000s.Between the mid-1990s and 2007, Irish developers flocked to build
new homes, spurred on by the easy availability of credit, cheap labour from Eastern Europe and a vibrant Dublin Property Market. Not economically viable: A
contractor stands in the rubble of the Glenatore ghost estate. Thousands of
housing estates built during the Celtic Tiger boom years were abandoned
following the late 2000s recession.
Abandoned unsold houses lie next to land bought for development at the
Castlemoyne housing estate in Dublin, Ireland. But then the bottom fell out and
by 2010 there were an estimated 600 ghost estates in Ireland with an estimated
300,000 homes lying empty. Some unlucky buyers were caught in the middle of the
crash and found themselves trapped living in dangerous, unfinished properties
next to rows of empty buildings. In 2009, the Irish government announced that
it would invest €20m in properties on ghost estates to use for social housing,
but the plan was widely criticised because of the lack of basic amenities such
as schools on the estates. As a result many were simply neglected and left
to fall into disrepair. In February 2012, a two-year-old boy died after
drowning in a pool of water on an unfinished ghost estate always the question were these houses built for a speculative.
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