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04/08/2009
Fire Sale Could Halve Property Prices
A “fire sale” of residential or commercial property could result in prices falling by 50% or more, according to the head of the Construction Industry Federation (CIF).
The organisation’s director general Tom Parlon made the comments in light of today's court appeal by developer Liam Carroll against a High Court decision to remove the protection from creditors that had been given to one of his businesses.
Mr Parlon said the prospect of major banks seeking recovery of their debts from developers would lead to a disastrous effect on property prices and the economy.
The CIF director argued that the whole rationale of establishing the controversial National Asset Management Agency (NAMA) was to prevent such a scenario and avoid fire sales of properties, as banks try to recoup their losses.
Adding insult to injury, the latest edition of the Permanent TSB/ESRI House Price Index published today has shown house prices have fallen by 7.7% in the first six months of this year.
The average price for a house was just over €241,000 in June, compared with more than €260,000 last December, and €311,000 in February 2007.
Prices for first-time buyers have fallen by almost 11% so far this year.
The establishment of the asset management agency is an effort to ensure stability in the market, and to avoid investors from snapping up Irish properties and businesses wholesale at rock bottom prices, and devaluing the economy further.
(DW/KMcA)
The organisation’s director general Tom Parlon made the comments in light of today's court appeal by developer Liam Carroll against a High Court decision to remove the protection from creditors that had been given to one of his businesses.
Mr Parlon said the prospect of major banks seeking recovery of their debts from developers would lead to a disastrous effect on property prices and the economy.
The CIF director argued that the whole rationale of establishing the controversial National Asset Management Agency (NAMA) was to prevent such a scenario and avoid fire sales of properties, as banks try to recoup their losses.
Adding insult to injury, the latest edition of the Permanent TSB/ESRI House Price Index published today has shown house prices have fallen by 7.7% in the first six months of this year.
The average price for a house was just over €241,000 in June, compared with more than €260,000 last December, and €311,000 in February 2007.
Prices for first-time buyers have fallen by almost 11% so far this year.
The establishment of the asset management agency is an effort to ensure stability in the market, and to avoid investors from snapping up Irish properties and businesses wholesale at rock bottom prices, and devaluing the economy further.
(DW/KMcA)
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