According to the IMF, Ireland is top of the league table of most overvalued property in the developed world.
Ireland's prices are judged to be 33% more expensive than fundamentals such as salaries would underpin. Therefore we hold most 'vulnerability to a housing correction'.
This is the IMF talking. This article hasn't been properly talked about in the papers. Instead we see headlines like 'Buying a house can now beat renting' on the front page of IT business section.