It is here, together with the immigration. It's not just a bubble in Spain or Ireland. It's an irrational bubble on top of a demographically driven demand. My guess in Ireland is that the market is about 20% over or so - the OECD say 14%. The average is heavily distorted by mad prices for some "desirable" properties though. I'd say the bottom of the market is maybe 10% over and the middle to top anything up to 50% over.

<my lips are sealed>  for two remarks.

Our knowledge has surpassed our wisdom. -Charu Saxena.