Post-Crash Ireland Becomes Luxury Bargain Basement
Fancy cars, wines, homes selling at deep discount
By Kevin Spak,  Newser Staff
Posted Dec 4, 2009 11:33 AM CST
A reveler holds an Irish flag while attending the St. Patrick's Day Parade Tuesday, March 17, 2009.   (AP Photo/Frank Franklin II)

(Newser) – In the midst of its worst recession in modern history, Ireland has become a bargain hunter’s paradise, with high-end cars, homes, and wines selling for a song. “It’s a bit like old vultures over the carcass,” one shopper tells Bloomberg. “You’ll see all sorts of places coming down. The recession seems to be biting.”

For most of the decade, Ireland’s economy had been growing at a breakneck pace, spurring demand for the finer things in life. But last year’s crash sent the country into a tailspin that still isn’t easing. The government predicts a whopping 7.5% drop in GDP this year. Now a glut of previously pricey items is clogging the market. “Everyone is looking at how much they have in their pocket,” says one auctioneer. “It’s the fashion. People are looking to buy used goods.”