Monday, November 27, 2006

Irish mortgage debt is double European level

more on the "bubble world tour"

dank geht an Mortgage debt in Ireland is increasing at almost three times the EU average and Irish people owe twice as much on their mortgages as their European counterparts, according to new research.

The European Mortgage Federation (EMF), which represents EU lenders, found that mortgage debt in Ireland increased by 28.5 per cent last year, compared to an EU average of 10.7 per cent.

Only Greece and eastern European countries such as the Czech Republic, Estonia, Latvia and Lithuania had higher mortgage debt growth rates than Ireland.

The average amount owed on a mortgage in Ireland per head of population is €24,082, compared to an EU average of €11,184, according to the EMF.The Irish figure was the third highest amount owed in the EU, with only Danish and Dutch people owing more.

Ten years ago, the average Irish person owed just €3,830 on their mortgage. The EMF said that house price growth in Ireland ''outperforms other EU countries'', with house prices increasing by more than 400 per cent between 1991 and 2005 - twice the EU average.

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