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A little relief on mortgages

Irish Times 11.11.2009

Irish Glass Bottle developer says investors knew risks, court told

Dearbhail McDonald Legal Editor Independent 11.11.2009
A little relief on mortgages

THE APPARENTLY unilateral commitment by banks to try to reach an accommodation with customers who fall into difficulties with the mortgages on their homes is welcome. It goes a step further than the obligation imposed on these institutions by the statutory code of conduct on mortgage arrears, which puts a six-month moratorium on legal action – extended to 12 months in the case of AIB and Bank of Ireland. The requirement by the banks that borrowers must co-operate in trying to find an alternative solution is reasonable.

Developer Bernard McNamara is challenging Davy investors

DEVELOPER Bernard McNamara, who is being sued for almost €100m by clients of Davy stockbrokers over the €412m purchase of the Irish Glass Bottle site, has claimed that private investors who took part in one of the biggest property deals of the decade were aware of planning risks involved in the now infamous transaction.

Court row over developer's €400m estate

MARY CAROLAN Irish Times 10.11.2009
Court row over developer's €400m estate

A DISPUTE related to the treatment of assets and liabilities of the €400 million estate of the late developer Liam Maye, whose company Castlethorn Construction built the Dundrum Town Centre, has come before the Commercial Court.

Every Property is Currently Chased by 5 Potential Buyers - Report

A report by estate agents has revealed that for every property currently for sale on the market, there are an average five potential buyers. As the demand for properties continues to outrace the supply, each buyer has five others to compete with.

Landlords lure tenants with rent deals

Eoin Hahessy Independent 09.11.2009
Landlords lure tenants with rent deals

Desperation has entered the residential rental market in Dublin as letting agents and landlords follow the lead of retailers by trying to entice tenants with special offers.

Bank of Ireland set for state ownership

HAVING lost €979m in the first half of the year after writing off bad debts of €1.8bn, it is hard to resist the conclusion that Bank of Ireland is resigned to falling into majority state ownership.

Property agent still made profit despite adverse trading conditions

Susan Mitchell The Sunday Business Post 09.11.2009
Property agent still made profit despite adverse trading conditions

Estate agent Hooke & MacDonald, which was one of the biggest sellers of Dublin apartments during the boom years, made a profit of about €785,000 last year, despite the collapse in the property market.

Ireland Commercial Real Estate Sees Growth In Transaction Volume

After a difficult year, Ireland's commercial real estate market is starting to show signs of early recovery with the number of small office rental transactions increasing. While investment volumes are increasing from a low in early 2009, vacancy rates in Dublin remain high as landlords are faced with increased pressure to reduce rents, along with offering other incentives, to attract and retain tenants. See the following article from Property Wire for more on this.

Irish overseas owners walking away

Buy Association 06.11.2009

NIB posts losses of €496m as bad loans mount up

Thomas Molloy Independent 05.11.2009
Irish overseas owners walking away

A foreign property investment expert in Ireland has warned that hundreds of investors who bought overseas property at the height of the boom are walking away from their purchases as they cannot afford to meet repayments.

National Irish Bank says the company's pre-tax loss for the first nine months of the year was € 496m. Photo: Steve Humphreys

NATIONAL Irish Bank said yesterday that it lost almost half a billion euros in the first nine months of the year as property loans went wrong.

Investors Seek Commercial Property in Ireland, Funds Chief Says

Dara Doyle and Ian Guider Bloomberg News 05.11.2009
Mamree Lodge, Inistioge, Co Kilkenny: built in 1750, this restored country house with fishing rights on the Nore is for sale for €1.9m

Mamree Lodge near Inistioge, Co Kilkenny, has paddocks for ponies and terraced gardens running down to the River Nore – and it’s been completely restored, writes MICHAEL PARSONS

Investors Seek Commercial Property in Ireland, Funds Chief Says

Nov. 5 (Bloomberg) -- International funds are seeking to buy offices and stores in Ireland, signaling that the commercial real estate market may be close to the bottom, according to the head of a group representing the country’s biggest investors.

O'Gara sued by docklands developer in property row

Irish rugby hero Ronan O'Gara is among a number of investors now facing court action over alleged attempts to escape from property deals made at the peak of the boom.

Irish commercial property market stabilising after hard downturn

Some sectors of the Irish property market are starting to show signs of increased transaction volumes after an extremely difficult year, according to analysts.

I'm selling cut-price housing at a loss, says builder

Yvonne Hogan Property Editor Independent 04.11.2009
I'm selling cut-price housing at a loss, says builder

A BUILDER has claimed property prices have fallen so much that he is losing money on apartments in Dublin.

Retail vacancy rate for County Offaly is currently 27.1% compared with Ireland county average of 14.7%

Figures issued today by business information services company Experian shows that the retail vacancy rate for County Offaly is currently 27.1% which is 12.4% per cent higher than the all Ireland county average of 14.7%.

House prices 'at bottom' - report

Irish Times 03.11.2009

It's one law for bankers, and another for all of us

Alan Ruddock Independent 02.11.2009
House prices 'at bottom' - report

The average price of new homes across the country has now fallen by 40 per cent from its 2007 peak and may have reached the bottom of the current downward cycle, according to The Irish Home Builders’ Association (IHBA).

It's one law for bankers, and another for all of us

The Coalition has chosen to make Nama a morality-free zone where bad behaviour goes entirely unpunished, writes Alan Ruddock

Retail park tenants struggling to make profits

Shoppers bargain-hunting in the North are putting significant pressure on tenants in retail parks in the border counties, according to new research by Retail Excellence Ireland (REI).Traders in Dublin retail parks are also feeling the pinch, due to oversupply in the market.


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