That property stabilisation… January 10, 2013Posted by WorldbyStorm in Economy.
…you’d wonder about the reports that things were at last close to turning a corner when you read the following in the SBP from the weekend. It notes that Laing O’Rourke have no intentions of re-entering the Irish property market in terms of construction projects. And LO’R said they’d await ‘an improvement’ before doing so.
But the key sentences are as follows:
There has been widespread debate about the current status of the Irish residential and commercial property market, with the National Asset Management Agency (Nama) stating last Thursday that there were growing indications that both markets were stabilising.
Reports by the property websites Daft.ie and MyHome.ie, both published last week, also pointed to stabilisation in Ireland, particularly in Dublin. However, prices remain down 60 per cent on peak values, and have not shown any signs of significant recovery with prices outside Dublin still falling.
That’s a downbeat, and accurate, assessment, and markedly different in terms of tone to those we’ve seen elsewhere.