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McNamara undone by confidence in market

COLM KEENA The Irish Times 14.01.2010
Bernard McNamara: in the middle of the last decade his name cropped up again and again as Irish commercial property deals created headline after headline

ANALYSIS: The developer’s mid-noughties spending spree on commercial property left him badly exposed to prices crash

Irish tycoon Bernard McNamara 'has no assets left'

An Irish property developer cannot afford to pay 62.5m euro to a group of investors, the Commercial Court in Dublin has heard.

AIB chiefs block Grafton Street sale

JACK FAGAN Irish Times 13.01.2010
AIB, Grafton Street: bank's management rejected offer of €28m, which was over the guide price. Photograph: Aidan Crawley

Newly-appointed AIB managing director Colm Doherty came out against the sale of its Grafton Street branch, even though it attracted an offer of over €28m

Fixer-upper of an Irish house drops by $300,000 in two years

A single house in Drogheda in County Louth sums up the dizzying boom-to-bust of the Irish property market.

The luxurious apartments were built on the site of the former Ormeau bakery

The High Court has ruled in favour of property developer Barry Gilligan in the first 'test case' against buyers involved in a row over new apartments.

bulgaria property shaky on capital better on buy to let

Bulgarian property prices are likely to fall another 10% according to Industry Watch, as quoted by Stroitelstvo Gradut, a Bulgarian weekly.

Developers under pressure to pay debts

RONALD QUINLAN Independent 11.01.2010

Developers’ downward spiral

By Ian Kehoe, Chief news correspondent The Post 11.01.2010
Developers under pressure to pay debts

THREE of the country's biggest developers are coming under increasing pressure to service the massive borrowings associated with their property interests, according to accounts filed with the Companies Office last week.

Developers’ downward spiral

The sale of the former UCD Veterinary College site in Ballsbridge, Dublin 4, represented one of the high water marks of the property boom. After a hard-fought tender process, property developer Ray Grehan confounded the market by paying €171.5 million for the 2.05acre site in 2005.

Blowing Up The Bubble

The Irish Times 08.01.2010

House prices set for further fall

Bloomberg News 06.01.2010
Blowing Up The Bubble

WE’VE HAD the dot.com phenomenon, the Celtic Tiger and the property boom – but are we on the precipice of another bubble? With property on the rocks and equities in the doldrums, investors are piling into everything green, but are there too many similarities between property and the green economy, and are we just setting up another bubble whose time will eventually run out?

House prices set for further fall

Irish house prices may fall for a fourth year in 2010 as the recession persists, a survey of economists said. Home prices will shrink 9 per cent, according to the median of six estimates in a Bloomberg News survey. Prices have already fallen 27 per cent from their peak in early 2007, based on a monthly index by Irish Life and Permanent.

Second-hand houses in Dublin fall 21.5% in year

Charlie Taylor Irish Times 05.01.2010
Irish Housing Market Stabilizing

(RTTNews) - Average prices of second-hand homes in the Republic of Ireland dropped a further 4% in the fourth quarter, bringing the total drop in prices to 20.3% during 2009, but the slump in the housing market maybe beginning to stabilize, the country's largest real estate firm Sherry Fitzgerald said on Monday.

Second-hand houses in Dublin fall 21.5% in year

The average cost of a second-hand property in Dublin fell by a further 4 per cent in the final quarter of 2009, writes Charlie Taylor .

Tax on second home yielded €56m

Emma Kennedy The Post 04.01.2010

Letting agency for returning Irish

Michelle Devane The Post 04.01.2010
Tax on second home yielded €56m

Almost €56 million was raised by local authorities last year from a tax on second properties. The €200 tax on ‘non-principal private residences’ was announced in the October 2008 budget.

Letting agency for returning Irish

A new property letting company has set up in Dublin to find homes for expatriates returning from the Middle East.

AIB chairman has mortgage at Bank of Ireland

DAN O'Connor, the banker widely expected to be coronated as AIB's executive chairman, this week faces excruciating embarrassment as it emerges that he holds mortgages with AIB's main rivals Bank of Ireland and Bank of Scotland.

Nama’s focus should be to protect taxpayer

Finally, the legislation to establish the National Asset Management Agency (Nama) is passed. We now need Nama to get up and running as quickly as possible. Yet, despite amendments to the legislation and some improvements, a number of vital questions remain. Transparency and accountability in Nama’s operation is vital if these concerns are to be addressed. Further key policy decisions remain for our finance minister in dealing with the banking sector.

Homeloans fall 50pc, but new buyers buck gloomy trend

Charlie Weston Personal Finance Editor Independent 13.11.2009
Homeloans fall 50pc, but new buyers buck gloomy trend

THE number of new homeloans given out by the banks and building societies has halved compared with last year, new figures show.

RPT-Irish lower house approves 54 bln-euro "bad bank" law

DUBLIN, Nov 12 (Reuters) - Ireland's lower house of parliament on Thursday approved legislation allowing the government to set up a "bad bank" to pay 54 billion euros ($81 billion) to cleanse banks of risky commercial property loans.

Hypo Real Estate Bank seeing improvements

German state-owned bank Hypo Real Estate today posted a net loss of €574m in the third quarter of 2009, a strong improvement from its loss of €3 billion the same time last year.


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