Quotes of the Week 25/01

“For house hunters, there will be great deals from the start of the year, as most educated vendors develop acceptance as to where values really are. The wise ones will strike in the first six months.” – Peter Stapleton, MD, Lisney.

"Overall, I would say to people that the market is beginning to stabilise. The worst is over ... this levelling off should begin to reverse itself in early 2009, and we would hope to see the property market growing again some time during that year" - Robert Ganly, IAVI.

“A look at property markets everywhere presents both a terrifying and exhilarating picture. Fortunes will be made and lost in the next five years, as positions are unwound and the subprime mess is sorted out. This will mean pain for some, but will represent opportunities for others to pick up undervalued assets.” – John Mulcahy, MD, Jones Lang LaSalle.

“So far Capel Construction, Albany and Kingscroft have all cut prices -- sometimes almost back to 2005 levels -- in a bid to shift unwanted apartments, particularly those on the outskirts of Dublin.” – Sunday Independent

“Once a property is priced to what the current market will bear, buyers will make offers. It is best to make an offer based upon the prices at which similar homes in the market are selling for. In a buyer’s market, there are more opportunities for negotiation, but making an offer is an important step.” - Nick Hughes, CEO, Coldwell Banker Ireland.

"Things are more static on the availability of credit in Ireland. It is not just that the banks have stopped lending - it is that people have stopped borrowing." – Ulster Bank Chief Economist Pat McArdle

"I have felt for a long time that rates in Europe have peaked. We will get at least a 0.50pc cut and the markets now think that," - Bank of Ireland Chief executive Dan O'Loughlin.

“There is a severe undersupply of accommodation in certain areas, which provides a market opportunity for developers and investors alike.” – Guy Hollis, MD, CBRE Ireland.