Quotes of the Week

Week starting 19.01.2009

"In the boom, the purchase of a property became not about buying a home and setting down roots, but a short-term financial investment that has left homeowners with a hangover of concern and obsession with the changing value of their purchase. At a micro level, we have seen that buyers are still active but a lot more reticent and discerning." Edward Carey, President IAVI, 23.01.2009

"When I saw the way the market was going, I realised that a lot of the people who’d bought foreign property in recent years would be trying to sell – and that if they werent able to sell, they’d be looking for equity release. I saw that as a big opportunity." Paul McGlade, ACAP Group, The Irish Times, 23.01.2009

"Enquiries have been steadily increasing over the last two to three months but the issue of obtaining finance is restricting activity." Paul Grimes, Chairman of Real Estate Alliance, Irish Independent, 23.01.2009

"Now, you may have only one or two bidders on a property; whereas you might have had 10 three years ago. So there's less competition and more buyers are willing to walk away if their bid is not accepted." John McGuire, Managing Director of First Credit Mortgages, Irish Independent, 23.01.2009

"We're saying to local authorities to use estate agents to show apartments and houses and let them do what they do and decide on marketing and selling." John O'Connor, Chief Executive, Affordable Homes Partnership, Irish Independent, 22.01.2009

"It is unrealistic to expect land to buck the trend that has everything around it falling." Philip Farrelly, agricultural consultant and investment expert, Irish Independent, 20.01.2009

"Regardless of where the location is, people can look at what a house on the same road achieved during the peak, and then deduct 20–25% from that selling price. At least that's what buyers are doing. It's important to remember that the asking price now is not the closing price that's achieved." Ronan Lyons, Economist, Daft.ie, Sunday Tribune, 18.01.2009