This photo represents a scenario that is being repeated across Munster. Several construction projects in Limerick and Tipperary have appeared to pause in mid construction. Local estate agents tell me that developers are waiting anxiously to assess how the property market will pan out over the next few months.
A colleague of mine from Dublin pointed out that monthly mortgage repayments for new properties in Dublin are cheaper than monthly rent payments. Rent has increased 10% in Dublin in the past year, some of this increase is being attributed to the fact that potential buyers have held off buying as they are waiting to see if prices will continue to fall.