Irish economist David McWilliams has predicted another property crash
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Irish economist David McWilliams has predicted another property crash

 

ECONOMY expert David McWilliams, who predicted the Irish property crash of 2008, has said he has seen worrying signs that another crash is imminent, just nine years after the last.

In a new tv series that will air tonight on TV3, David McWilliams Ireland, McWilliams believes that “the property market will burst again”.

“I believe there is a bubble and it is building very rapidly. The interesting thing is you don’t need credit to have a bubble. A three-bed semi in Dublin was the sort of house I was brought up in. When a house like that costs €450,000, which is 10 times the average wage, you know you’re in very dangerous territory.”

The new series will explore the big issues facing society and the economy with renters. developers, economists and comedians thrashing out the big issues, while skits from Irish comedians such as Oliver Callan and Andrew Maxwell will provide some light relief.

The Irish economy as a whole has been growing in Dublin and the big cities, following the 2008 crash, with unemployment dropping to 6.1% nationwide and expected to drop to just 5.7% next year.

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The news series airs tonight at 10 pm and can be watched anytime on the 3player.

The first episode will focus on property and the rise of house prices.