Quotes of the Week

Week starting 26.01.2009

"Everybody is waiting for the bottom and, when the bottom comes, everybody acts and you can then have price inflation -- but I think that's still far off for our economy." Paul O'Connor, The Property Week, Irish Independent, 30.01.2009

"They don’t want to admit that there aren’t sufficient assessors examined to enable a smooth lead into the introduction of BER in Ireland. They are a year behind where they should be on it." IAVI Chief Executive Alan Cooke on SEI, The Irish Times, 29.01.2009

"It has to be remembered that the fortunes of the construction industry are cyclical in nature and while it may be going through a downturn at the moment, it will recover." Sean McCormack, Director of Prosfessional Services, DTZ Sherry FitzGerald, Irish Independent, 28.01.2009

"As a result, house prices will fall dramatically in the next 24 months and this alone will influence many young people and couples to give the keys back. Negative equity causes people to give up hope and throw in the towel because, if there is no short- to-medium term reason for houses prices to rise, there is little point, bar your sense of obligation to the bank, in paying back the loan." David McWilliams, Irish Independent, 28.01.2009

"The main cause of the crisis that we now face was the turn of the housing cycle. The inevitable bursting of our housing bubble triggered a severe contraction in economic activity, a collapse of housing-related tax revenues and an accompanying rapid deterioration in the public finances, and a marked weakening in the stability of the banking system." Alan Ahearne, Lecturer in Economics at NUI Galway, The Irish Times, 27.01.2009

"Any properties coming on the market recently are moving quicker because they are priced right. It is sale agreed close to the asking price whereas before Christmas it could be 10% below asking price. It's a little bit more advanced than what is being portrayed." Peter Magee, Director of Sherry FitzGerald, Sunday Tribune, 25.01.2009

"If 2007 was dominated by a stand-off between buyers and sellers who refused to lower their unfeasibly high prices, then 2008 became the year in which the Irish property market was forced not only to take its medicine, but also to swallow a great deal more besides." Mark Keenan, The Sunday Times, 25.01.2009

"With reduced demand and reduced level of activity, take-up is likely to fall below 130,000 square metres during 2009 - that’s a level last seen in the early part of decade following the combined effects of the dot.com crash, the 9/11 terrorist attacks, and the foot and mouth crisis." Paul Scannell, HWBC on occupier activity in the Dublin office market, Sunday Business Post, 25.01.2009

"Clearly the entire market is witnessing unprecedented turbulence. However, it is important to note that investments in our property funds are underpinned by a range of high-quality property assets and should also form part of a fully diversified portfolio for the investor." Spokesman for Hibernian Aviva, Sunday Tribune, 25.01.2009