Quotes of the Week 14/03

“Our survey of estate agents reveals that 63% believe that there has not been an increase in the amount of transactions, relative to viewings, since the Autumn selling season … On prices, over half of the respondents to our survey believe further declines are likely over the next twelve months.” – Goodbody Stockbrokers.

“"Eventually this [slowdown in building activity] will be reflected in supply towards the end of year, when prices should pick up slightly. It won't be an annus horribilis like last year." - Ronan O'Driscoll, Savills HOK.

“While supply now appears likely to be cut this year, the demographic forces, which underpinned demand growth since the mid 1990s, are set to remain very strong in the years ahead, though the period of demand acceleration is over. Thus the market should find an equilibrium rather than see a protracted fall in prices.” – NCB Stockbrokers.

"Moderate reductions [in new developments] won't work, they have to be serious discounts. At this stage just offering free furniture packages is like re-arranging deck chairs on the Titanic." – Unnamed estate agent, The Irish Times.

"We can see now that there are queues outside some developments launched . . . in the last three or four weeks. Customers are voting with their feet and buying new houses again” - John Moran, chairman of the Irish Home Builders' Association and director of Manor Park Homebuilders.

"Feedback from the housing market over recent months suggests that while viewing levels have been relatively good, there is an apathy towards the actual purchase of the property. Originally, this may have stemmed somewhat from uncertainty around whether there would be changes to the stamp duty regime, but more recently, it is probably due to expectations of future declines in capital values and the fear of committing to the purchase too early." – Dermot O’Leary, economist, Goodbody Stockbrokers.

‘Uncertainty about interest rates remains a key issue for the market. Brokers believe that a more favourable interest rate climate would make a major difference to the market in the coming year. With a little luck this will materialise late in 2008' - Mr. Paul Short, President, IMAF.

‘Planners have made the worst decision possible. They've thrown out the 37-storey tower, which was too high but had some architectural merit, and left us with 18-storey blocks with no merit at all.’ - Dermot Lacey, Labour councillor and former lord mayor speaking on the rejection of Sean Dunne’s Ballsbridge tower.

"The massive investment into roads, predominantly along the M1, N2, M7 and N11 corridors, have contributed to these high levels of demand for the new emerging industrial locations. Our research indicates that demand along the M7 is at an all time high of 36pc of the overall demand for the Dublin area, which is currently only accounting for approximately 22pc of take-up." - Garrett McClean, head of industrial property, CBRE.

“The other significant trend is that the lack of suitable office accommodation in major cities is driving corporate occupiers to actively consider decentralising some or all of their operations to secondary cities and other lower cost, peripheral locations. In the Dublin area in particular, we are witnessing a continued demand for flexible lease terms, which is comparable to the rest of Europe, coupled with an increase in the number of clients seeking additional space in suburban locations in order to reduce their operating costs” - Fionnuala O’Buachalla, director, Jones Lang LaSalle (Ireland).

‘‘The Docklands authority is currently studying the options open to it in relation to the feasibility for further development in the North Lotts area, which it believes has significant potential for providing an enhanced residential, commercial and cultural environment, including family living initiatives underpinned by substantial community gain,” – DDDA.