Daft Property - Irish Property News

It's time to give Lisbon lies the red card... Michael O'Leary might be an obnoxious prat, but you have to give him credit for his hard neck. When Michael is trying to put one over he just looks you right in the eye and delivers his baloney with a wink and a smile. Perhaps experience has taught him that few are immune to his brand of leprechaun charm. "Hey, begob, sure 'tis only me, Mickey O -- pulling another fast one on ye, so I am!" If we're going to be smothered in bullshit in the weeks to come (and we are, dear reader, we bloody are), at least O'Leary's variety provides a degree of entertainment -- and we'll get to Mick's bullshit in a moment. There's a blizzard of the stuff headed our way, the intent being to leave us overwhelmed, jaded and ready to obediently swallow not one but two bitter pills prescribed by Mr Cowen's government. Nama is the bigger of the bitter pills -- it's approximately the size of a grand piano -- a mass...

The elements that today might form a national culture – language, religion, nationalism – are no longer so readily identifiable here, where the effect of Tiger affluence was not individualism but conformism... THINGS ARE often studied only when they start to go wrong. The end of things is the moment when we start to understand them: and only when they are understood do we begin to realise what might be lost. For instance, sociology emerged as a discipline in that era when society was no longer felt to fit like a glove. Perhaps the fairly recent development of Irish Studies on campuses is less a cause for celebration than a warning: that the identities which it sponsored were, in effect, being codified before their possible eclipse. Such fears have, of course assailed Irish people long before now. After the defeat at Kinsale, the poets of the 1600s proclaimed the collapse of Gaelic Ireland, but in lines of such throbbing vitality as to rebut that very thesis. A tradition lived on in the...

25,000 families now face losing their homes FEAR: No more breathing space on mortgages... UP TO 25,000 home owners face the chilling prospect of having their homes repossessed because they have fallen significantly behind on mortgage repayments. Irish Life & Permanent (IL&P), which has a 25pc share of the home mortgage market, has confirmed that 6,122 loans are now three months or more in arrears and it is estimated that up to another 20,000 mortgage holders with other lending institutions are in a similar position. Under the State bailout arrangement, banks had agreed to give all mortgage customers one year's breathing space before repossessing. But, for many, that deadline is now imminent. New legal orders coming in to effect on October 1 will make it easier for District Courts to grant uncontested repossessions, which is likely to increase the number of homes being taken over by banks. Under the same act, contested repossession cases will be heard in the Circuit Court ra...

A group of 46 economists has signed an article in today’s Irish Times calling on the Government to reconsider the National Asset Management (Nama) project. They argue that Nama should pay the banks only the current market value for the loans it will assume. In response, economist Alan Ahearne, special adviser to Minster for Finance Brian Lenihan, said last night that a number of claims in the article were incorrect. He added that most of the economists in the country had not signed the article drafted by Prof Brian Lucey of Trinity College. Prof Lucey said he had contacted about 250 lecturers in economics and not one had come back to say they disagreed with the views expressed in his draft. He said a number did not sign because they did not want to get involved in a round-robin exercise. In the article, the economists say the Government will pay significantly above market value for the bad loans advanced by the banks. “The key difficulty facing the Government is that to pay prices now ...

We're facing worst crisis in history of State... FORMER president Mary Robinson yesterday warned the Government that the country is in the grip of possibly the worst crisis in the history of the State. She bluntly told the country's leaders that a lack of a vision of ourselves "lies at the heart of the crises we face" and warned that it was vital that example now come from the top and that the vulnerable be protected. The former UN High Commissioner for Human Rights yesterday became the first former president to deliver the General Michael Collins oration at Beal na mBlath in west Cork. Her speech centred on the scale of the crisis facing Ireland and how those in positions of power should deal with it. "Challenges of this magnitude demand not only detailed solutions but a comprehensive vision of what sort of society we want to see emerge from our current difficulties. "The likelihood is that, in the absence of a vision of our future which enjoys broad suppor...

Why do we always get things wrong? I know, it's the Brits, the Brits, the Brits... As this State flounders towards collapse again, let's ask: why do we always get things wrong? Sure, I know three reliable answers: the Brits, the Brits and the Brits again. Indeed, entire university faculties are given over to discourses on Hibernian victimhood, with self-pity intellectualised through the impenetrable verbal mud of Foucault, Derrida and Fanon. This whingeing school of thought has an academic brand name, Field Day, and a caste of articulate laureates who specialise in the plaints of our woebegone Irish identity . Yet no one considers the possibility that there might be something genetically askew with too many Irish people for us to create an ordered, predictable society that does not fall apart every 15 years or so. So, has our still-small population been cursed with some genetic fault from our founding population which came from Spain 4,000 years ago? A baleful genetic legacy ne...

The Plans That Crashed To Earth... The Celtic Tiger has come and gone and the skyline of our capital city remains much the same. What happened to the skyscrapers that the 'starchitects' were supposed to bring... They were supposed to symbolise the new Ireland, a collection of skyscrapers and internationally renowned buildings that would illustrate to the world the global hub that the country, and in particular Dublin, had become. In the end, they were never built, with some left firmly at ground level as the economy crashed and the myth of Ireland's national wealth was exposed. In other cases, the planners decided against high rise, while a combination of An Bord Pleanála and significant opposition from well-to-do residents of areas like Ballsbridge has seen other plans turned down. This was Celtic Tiger Ireland and it was a new place, some of us said, with new ideas and a new way of looking of things. The housing boom had made most of us appear better off (even if it was ...

Let's try it the French way... It is in the nature of all politicians to give hostages to fortune. So we can't really hold it against Brian Lenihan that he once, by his own account, deputising for Brian Cowen, went to Brussels and said: "Nous cherchons le soft landing." There is a scene in True Confessions (the film from John Gregory Dunne's novel) where seedy New York cop Robert Duvall raids a whorehouse, and one prostitute, in an effort to save her own skin, squeals: "Hey officer, not me. I do awful good French." As we try to drag our bruised bottoms up off the cold, hard landing, we may yet be grateful that our Finance Minister does awful good French. The French, you see, have turned it around (no joke intended). Along with the Germans, their economy grew between April and June, while ours plummeted into an abyss. And there was nothing laissez-faire about it either. They began with the same problems as the rest of us. They had negative growth, they ha...

House buyers were given 100pc loans during crash... Irish banks agreed to provide 100pc mortgages to one-in-four young first-time buyers last year despite a collapse in the property market. Thousands entering the property market for the first time took out mortgages with loan-to-value ratios of over 95pc with up to 5,000 taking out the 100pc housing loan. The Department of the Environment's Housing Bulletin 2008 also revealed that the average age of those who successfully obtained a 100pc mortgage was 31 years. These loans were taken out for between 31 and 35 years, which would indicate that people would be paying back the cost of their home until they retire. Banning Earlier this year, the Financial Regulator said it was considering banning 100pc mortgages and restricting lenders offering homebuyers loans greater than three times their annual salaries. This followed the publication of a report by the British financial regulator which said there was a case for limiting the size of ...

Carroll's property empire crumbles... Fears of new turmoil in the market if banks move in... DEVELOPER Liam Carroll last night lost the battle to protect his multi-billion euro empire, raising fears the property market will be plunged into further turmoil. The Supreme Court rejected his survival plan -- saying it was neither credible nor viable. A number of banks are today expected to begin the process of picking over the bones of his companies, with a view to recouping a fraction of their losses. They will be led this morning by ACC Bank, who may seek to wind up his companies, appoint a liquidator or receivers. The tycoon's Zoe Group of companies is laden down with bank debts of more than €1.2bn -- and a fire sale of his assets could undermine the Government's NAMA plan to remove €90bn of toxic development loans from bank balance books. However, it is unlikely that there will be an immediate rush to sell off assets when there is no demand for in the current climate. Declan...

Thousands seeking help as debts surge... THE number of people turning to a Government money advice service to save themselves from financial ruin will double this year. In response, the Government has been forced to hire a new team of advisers to bolster the under-staffed Money Advice and Budgeting Service (MABS). Despite the public sector recruitment ban, the Department of Finance has given the green light for a team of new recruits. The extent of indebtedness emerged as it was revealed that up to 500 ESB and Bord Gais customers were being disconnected every month because they could not afford to pay their bills. Stark new Department of Social and Family Affairs figures reveal: * The MABS helpline received more than 12,200 calls in the first six months of 2009. This compares with almost 11,000 for all of last year. * MABS staff have been visited by almost 10,000 new clients -- owing an average of €15,100 -- since the beginning of the year. * The vast majority of the debt (65p...

Nobody is laughing as nation gets left in lurch... We are at the brink of being ungovernable as our absentee political class flee the Dail... This may have been the week where the political establishment was caught with its trousers down around its ankles but nobody is laughing. It is not often these days that Leinster House is a catalyst for Christmas images but there was more than a small element of that much loved children's poem 'The Night Before Christmas' surrounding the latest Dail debacle. On 'black Wednesday' the worst exchequer figures in the history of the State were announced, but in the Dail 'not a creature was stirring, not even a mouse'. One supposes we shouldn't have expected anything better. Those absentee Ascendancy landlords who allowed Ireland to rot during the great famine may be one of the most reviled groups in Irish history but, as the economy experiences its worst shock since the famine, it appears as though we have our own home-...

A nation in crisis, politicians invisible... POLL: Seventy-four per cent want Dail to be recalled immediately: The public is demanding that politicians come off holiday following the publication last week of the worst mid-summer economic data in living memory. Almost four months after the Government introduced an emergency Budget designed to stabilise the economy, exchequer figures show that the situation is getting perilously worse. Since that Budget on April 7, tax revenue has continued to decline at an alarming rate and current spending has continued to increase unchecked. The result is that the budget deficit has widened dramatically in a month, by almost €2bn, at a time when the Government had hoped it would reduce following its imposition of painful income and pension levies and tax increases. On top of that, Live Register figures, also published last week, show that almost 350 people a day are now losing their jobs . Politicians, meanwhile, are on holiday, with no intention of r...

Nama turns us into a nation of speculators... OPINION: Builders and developers have finally managed to shape the country in their own image... THE DRAFT National Asset Management Agency (Nama) legislation runs to 136 pages, so it’s not too surprising that most people have missed the interesting section 201. It reads as follows: 201.1: Henceforth, all male children shall be called Seán, Seánie, Paddy, Mick, Tom, Joe, Gerry, Liam or Bernard. All female children shall be christened Seona, Patricia, Michaela, Tomasina, Josephine, Geraldine, Wilma or Bernadine and shall be referred to de facto as Seán, Seánie, Paddy, Mick, Tom, Joe, Gerry, Liam or Bernard. 201.2: From the coming into force of this legislation, all citizens shall be required to receive a daily dosage of testosterone and cocaine to induce feelings of competitive aggression and megalomaniacal omnipotence. 201.3: All male citizens shall wear a pink shirt as a declaration that said citizen is so macho that he can wear pink and n...

Nama will bankrupt us for generations... The Government isn't just passing bad laws, it's putting us all in an economic strait-jacket.. . First, it's necessary to use this space to defend the banks. Over the past week, much of the criticism thrown at senior bankers was unmerited, and it would be unfair not to acknowledge that. It's a dirty job, defending those greedy bastards, but someone's got to do it. I can promise that normal service will be resumed shortly (within a few paragraphs, to be honest -- at which point we'll try to understand why we're now up to our chins in the rising tide of faeces that is Nama). The bankers got a bad rap because one bank, Permanent TSB ("The Bank That Likes to Say Feck Off"), increased interest rates. Other banks acknowledged they have similar intentions. Screams of horror issued from the media and politicians. Oh, dear -- it seems the banks are refusing to operate as social utilities. As though they believe that ...

THE average price of a house in Ireland is now €70,000 less than at the peak of the property boom, according to new figures. Dublin and commuter belt homeowners have been particularly badly hit by the ongoing downturn in house prices. The latest Permanent tsb/ESRI monthly figures on house sales show the average price of a house nationally in June was just over €240,000. This is down from €311,000 in February 2007 when the market peaked. In Dublin, the average price of a home is now just under €320,000. This is a drop of over 15pc on the same time last year, considerably worse than the 10pc average fall outside of the capital. It is expected that the trend will continue for the immediate future, said a spokesperson for Permanent TSB. "The index today confirms the pattern of recent months. Poor demand and significant oversupply have combined to cancel out the benefits of lower interest rates to mean that prices continue to weaken. This pattern is likely to persist for some time,...

Building a case for survival without a solid foundation... IN a certain fairytale, a vain emperor struts through the streets showing off his "new clothes". The adoring crowd applauds the naked emperor until a small child cries out: "But he has nothing on!" Yesterday, Judge Peter Kelly, head of the Commercial Court, gave short shrift to developer Liam Carroll's "fanciful" scheme to turn a €1bn-plus loss into a €300m profit in three years. Liam Carroll, a reclusive director of 203 companies, is the developer least likely to exhibit any degree of vanity. But he is naked. He is broke. His companies are insolvent. Not only insolvent, but so interconnected in a "byzantine" corporate structure that if one company falls, the empire does too. Carroll knows this. The Government knows this. Carroll's benign lenders, who are rolling up his interest with "great forbearance", know this. These are the same banks, incidentally, who are hammerin...