On a Sunday morning in October, Simon Kelly sat in the breakfast room of Dublin’s Morrison Hotel, looking eager to chat. Simon, 38, and his father, Paddy Kelly, 66, were once among Ireland’s most audacious real estate developers. During the boom years, they borrowed about 700 million euros ($950 million) from Anglo Irish Bank Corp. to buy golf resorts and build hotels.
When Graham Dixon arrived at a property auction in Dublin’s affluent Ballsbridge neighborhood last month, he braved a crowd of hundreds only to lose out on a house that sold for almost six times the reserve price.
Liam Boggan used to spend Sunday evenings traipsing to Dublin airport to catch the 9:10 p.m. flight to London for his job at State Street Corp. As Ireland recovers from recession, his commute is now 600 miles shorter.
New Zealand is “like Ireland in 2007” and it’s only a matter of time before its currency enters a meaningful depreciation, according to Stephen Jen, a partner at London-based hedge fund SLJ Macro Partners LLP.