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The Madness Of Dublin House Prices

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http://www.irishtimes.com/newspaper/property/2010/0930/1224279983895.html

Read this and wonder how property could become so over priced. 58 million for a house in Dublin.

Thanks to a poster on the NI forum for the link

Complete madness. Thankfully the chickens are coming home to roost for the cowboy developer who bought that house.

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I do suddenly see why Irish people want to lock people up for this ..

I'm assuming that all of this was cash .. No bank would lend that sort of money for a SemiDetached ..

Also its says he "fled the country" does this mean that he could not return for legal reasons? Does he have debts in Ireland ? If he has then surely it's not really his to sell ..

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http://www.timesonline.co.uk/tol/news/world/ireland/article7078722.ece

From The Sunday Times

March 28, 2010

Derek Quinlan reveals personal debts of €600m

Anglo Irish Bank has received a last-ditch bid from a venture capital group to take over the borrowings of Derek Quinlan, to prevent his assets going into the National Asset Management Agency (Nama).

Quinlan owes Anglo €300m, according to a confidential report prepared by the financier for his banks, out of his total personal borrowings of €600m.

The submission is believed to have been made by Integral, a low-profile venture capital fund, interested primarily in Quinlan’s London assets. Phil Millo, a private equity veteran, is believed to be advising Integral on the offer.

Quinlan has substantial debts with his banks, according to a report by professional services firm KPMG for Quinlan last July. It shows that alongside his Anglo debts, he owes Bank of Scotland (Ireland) €130m.

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Allied Irish Banks, Bank of Ireland, Barclays and Royal Bank of Scotland form his second tier of banks. They are owed an average of more than €40m each. Citi, Lombard and First Active are owed smaller sums of less than €11m each.

Quinlan declined to comment on any offer made to Anglo. However, through a spokesman, he commented to The Sunday Times for the first time on his reasons for relocating to Switzerland.

The spokesman said he had made the move for two reasons: “First, privacy, and second, to ensure that available cash derived from asset disposals is freed to repay debt.”

The KPMG report also lists 50 assets in Ireland, Europe and America that Quinlan either owns or part-owns including stakes in prestigious hotels, prime retail projects, office blocks and trophy homes.

Loans secured on many of these assets will be transferred to Nama, the government’s “bad bank”, next week.

Quinlan’s spokesman said: “Derek and his team are working very hard to reduce and contain the fallout to deliver the best possible solution for all stakeholders.” He said Quinlan was “very motivated” to work out his debts.

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http://www.irishtimes.com/newspaper/property/2010/0930/1224279983895.html

Read this and wonder how property could become so over priced. 58 million for a house in Dublin.

Thanks to a poster on the NI forum for the link

Greetings from sunny Dublin. Came back to Ireland after living in UK during late 80's and 90's. Immediately recognised from 2001 on that Ireland was developing a major property bubble. It wasn't that I was particularly intelligent or psychic. In retrospect a donkey could have it seen it coming. But the property pushers managed to take over power by getting their good ole boy Bertie Ahern into power. Ahern inherited a decent export lead economy, but handed it over to the property pushers while maintaining his man of the people image. Tax incentives and propagande were spewed out to continually inflate the bubble.So called economists came out with unbelievable nonsense about how Ireland was different, due to its population structure, developmental lag etc. Any old nonsense was churned out to maintain the mirage that a soft landing was going to happen. Spoke to a guy who shelled out 320k 3 years ago for a 2 bed flat 10 miles from Dublin. This week the neighbouring 3 bed semis going for 260k. They won't fetch half that in a year. A guy I know who had dealings with the government bad bank - "NAMA"- reckons in the same village next year 1 and 2 bed flats may go for 5-10 k as the firesales begin. What is interesting is that Irish people who lived abroad tended to have a more sceptical view of things and in my opinion have not been burnt as much. I find now that guys in their twenties and thirties who bought in the last 3 years or so have hardly got the price of a pint at the weekend. On the plus side though, Dublin has regained some of its old pre bubble charm as the BS artists who talked up the bubble have gone into hiding.

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Single-digit millions are a big comedown for the road, which has just 22 homes, the most expensive of which, Walford, sold for €58 million in 2006 to Gayle Killilea, wife of developer Sean Dunne. The house has remained unoccupied since

The sort of thing you would expect from a flat that was a mortgage fraud.

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I do suddenly see why Irish people want to lock people up for this ..

As someone who had an English based agency selling property overseas, and had a client base that was 50% Irish who were throwing money around like I could never have believed ... imo it was the average man in the street that was as guilty as anyone.

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could not care less about ireland, or what happens to it

Ireland is a big importer from the UK so you may find yourself caring a little more when it starts to effect the UK economy.

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http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/09/why_ireland_cant_afford_to_pun.html

Total foreign bank exposure to Ireland's economy is $844bn, or five times the value of Ireland's GDP or economic output. Of that, German and UK banks are Ireland's biggest creditors, with €206bn and €224bn of exposure respectively.

To put it another way, German and British banks on their own have each extended credit to Ireland greater than Irish GDP. Which doesn't sound altogether prudent, does it?

As for direct bank-to-bank lending, overseas banks have provided Ireland's banks with €169bn of loans, which is also greater than Irish GDP

:lol::lol::lol::lol:

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Ireland is a big importer from the UK so you may find yourself caring a little more when it starts to effect the UK economy.

That is not the biggest problem IMO. Employment is IMO.

We all know what the Irish do in huge numbers when the going gets tough. Flee to other shores. Has happened before and will happen again. Now the UK is not exactly in a great state. However it is not quite as ******ed looking as Ireland.

So we will soon see masses of Irish heading over to these shores for work. Going to put even more strain on employment. Although I do think if someone really wants a job they will get it. However as the numbers looking for similar work increases many more will simply give up.

As for the property bubble over there ? I heard a grea story in about 2007. Bird I worked with was seeing an Irish bloke. She had just bought a new build 2 bedder in Edinburgh, semi rough area, for 175k. When she told this guy about this ?

He said and this is close to an exact quote "If they were that price in Dublin I would have bought 2"

And he meant it. And he was not rich or anything like it. The bubble here was pretty mental. However over there is was ******ing insane.

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That guy Quinlan has left minted. There really must have been a lot of IRA/former IRA involvement or the shootings would have started I'm sure.

The IRA are nothing compared to these gangsters.

Houses like that in Dublin are veeery nice, even if semis.

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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