"Second homes face price fall"
Fears that 2nd hand properties in the Mediterranian & Eastern Europe could fall thanks to the credit crunch.
My uniformed instinct leads me to believe that we're only hearing news of this now because Tier1 investor has already sold his properties onto someone else.
Everyone involved in property speculumation was making the same bet, could be a double reaming for those involved because their irish house is falling in value as is their absentee landlord property (which was secured on the ever increasing price of their residential property).
The irish govt might have to relax the restrictions on salmon fishin', the bear market will not be a happy experience.
You know what we are witnessing if you look at what's being going on in the world at present and over the last year is what may go down in history as the first global property crash.