As commentators and participants alike in the property market scry around in the latest statistics from ESRI/Permanent TSB and surveys on asking prices from DAFT.ie and myhome.ie to see what direction the residential property market will take, Bank of Ireland Chief Economist Dr. Dan McLaughlin tells the Irish Examiner that unemployment and lack of availability of credit are likely to subdue any recovery. He further says that Ireland should not read too much into a global property recovery (though elsewhere it is clear that the recovery is sporadic and not uniform).
As Paddy Power bookmakers nurse their wounds after the outcome of the UK election where they were backing a Tory outright majority, one wonders if they will also have wounds to nurse in December this year if the fall in property prices is greater than 10% for the year?
UPDATE: TCD Professor of Finance, Brian Lucey, told the Institute of Professional Auctioneers and Valuers, that we are not at the bottom yet and that a further unwinding of prices during the next three years would see us with new house prices of €131,000 – some 60% off peak values. The Independent balances Brian Lucey’s predictions with what it characterises as some good news from CB Richard Ellis economist, Patrick Koucheravy, who says that there has been some pickup in “investment property”.
NAMA Wine Lake 