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Irish Property Is At Least 50% Overvalued Admits Industry Boss

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Irish eyes aren't smiling anymore, they're all focused on today's Supreme Court decision:

ANY SUBSTANTIAL “fire sale†of residential or commercial property could result in prices falling by 50 per cent or more, the head of the Construction Industry Federation (CIF) has claimed.

The organisation’s director general Tom Parlon said the prospect of major banks seeking recovery of their debts from developers would have a disastrous effect on property prices and the economy.

He said the whole rationale of establishing the National Asset Management Agency (Nama) was to prevent such a scenario.

Mr Parlon was commenting ahead of today’s Supreme Court appeal by developer Liam Carroll against a High Court decision to remove the protection from creditors that had been given to one of his businesses, the Zoe Group......cont

Irish Times

The property pin

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I hear that the Supreme Court hearing has just been adjourned to 2pm today. I bet there's more than a few people sh/tting themselves right now as the frantic shenanigans carry on behind the scenes:

.....And panic is exactly what High-Court judge Peter Kelly brought about last week, when he refused to extend court protection and appoint an examiner to six companies controlled by property developer Liam Carroll and his Zoe property group. But Liam Carroll isn't the only one panicking. So too are the banks, NAMA and the political establishment and, if the truth be told, the rest of us should be concerned as well......
But NAMA (National asset Management Agency) is now in severe danger of being overtaken by events. And if the Supreme Court upholds Judge Kelly's decision tomorrow, there'll be a whole lot of people running for cover.

Irish Independent

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