Quotes of the Week

Week starting 29.09.08.

"The price decline originated in the Dublin market during the summer months of 2006 however it was almost twelve months later that the price reductions truly spread to the rest of the country. All areas of the country are now enduring significant price falls with the upper end of the market most affected to date." Marian Finnegan, Chief Economist, Sherry FitzGerald Group, 02.10.2008

"The dearth of transactions relative to recent years is evidence of the lack of demand for investment properties in a market where bank funding has effectively dried up and where buyers remain cautious." CBRE investment expert Sean O'Brien, Irish Independent, 01.10.2008

"Of the €12bn invested in property by Irish investors last year, €10bn was invested abroad. The Government's priority should be to keep that money at home." Martin Whelan of the Construction Industry Federation on commercial property, Irish Independent, 01.10.2008

"The amount of capital being made available in the current market is being strangled by the financial institutions who are refusing to lend to developers to finish out existing development or to purchasers who which to purchase units." Ger O' Rourke, Chief Executive Chieftain Group, Irish Independent, 01.10.2008

"At the end of 2007, the real prices of secondhand houses had returned to levels that may be explained by the fundamentals, while those of new houses were still overpriced by about 7 per cent in real terms." European Commission staff report, The Irish Times, 01.10.2008

"There is activity in the property market, but it’s at the lower end. As you move up the price scale, things get much quieter." John O’Sullivan, Lisney, Sunday Business Post, 28.09.2008

"Sovereign wealth funds will become one of the most significant investors in the world’s commercial property markets over the next few years. We believe that some of these funds might consider investing in Ireland, but not while the rate of stamp duty is at 9 per cent." Marie Hunt, director of research at CBRE, Sunday Business Post, 28.09.2008