Friday, May 2, 2008

Quotes of the Week 02/05

“While The Irish Times has endeavoured to ensure the accuracy of these sales results it cannot accept responsibility if this information, provided by estate agents, is inaccurate.”

It is extremely serious from our perspective. It is the equivalent of creating a false market in the price of shares, which is illegal.” - Ann Fitzgerald, chief executive, National Consumer Agency.

In light of recent events, the IAVI has agreed to find a resolution acceptable to the NCA, on behalf of consumers, and anticipates a speedy resolution to this issue. In addition, we again call for the establishment of National Register of Property Sale Prices to ensure continued transparency in these matters.” - Edward Carey, president, IAVI.

‘‘There is an obligation on licensees [estate agents] to report accurately. If there is evidence of bad practice it is certainly something we would investigate - when we are put on a statutory footing.” - Tom Lynch, chief executive designate, Property Services Regulatory Authority.

From now on IAVI members will be required by the Institute to refrain from publishing any sale figures other than the exact sale price achieved for any property. In future, terms such as ‘region of’, ‘close to’ or ‘above’ cannot be used and the IAVI recognises that the publication of results, when it occurs, needs to be timely.” – IAVI.

There has been a notable improvement in demand for well-priced new homes schemes in good locations over the last couple of months although understandably purchasers remain cautious.” - CBRE Research Report - New Homes Market.

‘‘Those who have slashed their prices have sold,” he said. ‘‘If a developer wants to offload units now he has to offer cheaper prices, because the recent increases in rates means prospective buyers need around 10 per cent of their loan, before they can secure it. If you take the average house price in Dublin at €380,000 - 10 per cent of a loan for this is equivalent to some people’s annual salary - so how can you expect someone to save that amount?” - Michael Dowling, spokesman for the Independent Mortgage Advisors Federation (IMAF).

Until such time as market conditions improve, developers will increasingly focus their attention on securing planning for future projects while many will focus their attentions overseas.” - CBRE Research Report – Development Land.

The reason why a lot of the €600 million worth of commercial property isn’t selling is because it’s either of dubious quality, or it’s too expensive. Stamp duty remains an issue.” - Jones Lang LaSalle: Ireland Investment Market Review.

Too much of what’s been in this town [Dublin] for too long is bad quality, and that needs to be looked at again. It’s about time we stopped covering Meath, Wicklow and Carlow in concrete. I don’t think it’s good enough if we don’t care what we leave behind ourselves after we’ve built.” - Mick Wallace, property developer.

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