The Celtic Tiger

Parts of Ireland did not receive electricity until the 1960’s. High unemployment and persistent emigration were the norms right up until the 90’s. In the late 80’s, Intel build a fabrication plant in Ireland. The environment was clean (little previous industrial activity), labor was well educated and cheap, and Irish corporate taxes were around 10%. A silicon valley environment arose in what was previously an economic backwater. Microsoft, Dell, HP, IBM and others established significant operations in Ireland. The money began to flow.

The Landed Irish

The Irish are a landed people and a disproportionate amount of interest in the property market arose. Investments were not diversified and a disproportionate amount of money went into property and related industries. Building began to be a dominant presence in the Irish economy. Interest rates dropped to historic lows. People were earning high wages, out stripping the US and keeping pace with Switzerland and Norway. Prices of houses began to double, triple etc. Houses that were sold for 67,000 pundts ($85,000) in 1996 increased, selling for €740,000 (nearly $1,000,000) in early 2007. Small patches of buildable land were greedily bought and developed. Condo’s were built in thousands in South East Dublin. Little Ireland (4 million people) was cranking out nearly 85,000 dwellings years on end.

Land in South East Dublin eventually achieved prices of €85,000,000 an acre($120,000,000). Commercial rents were in the range of €5,000 a month for a 1000 sq ft unit. Getting on the property market and escaping the cyclic rents has never been easy in Ireland. This was one of the reasons so many of the Irish emigrated over the last 200 years. Getting suitable property has been a perennial problem for church planters in Ireland.

The Opportunity

Obtaining a modern, spacious property in South East Dublin is a clear advantage. To the Irish, it says we are in it for the long haul. It enables us to escape crushing rises in rents during economic upturns. It enables us to build equity and more easily move to a larger premises. It will enable us to have significantly better premises. It will be a much wiser use of money than spending it on rent each month, year after year. It will foster an an increasingly indigenous, self sufficient, self propagating work.

Commercial property is reported to have dropped 85%. Suitable premises are presently available and within our reach. Will you help us to achieve this important milestone?