Wednesday, June 8, 2011

Free government properdee subsidy

Ireland Seeks to Entice Homebuyers

Ireland is considering desperate measures to revive what remains of the country’s real estate industry. The National Asset Management Agency, set up by the government 18 months ago to acquire risky assets, is trying to lure buyers back into one of the region’s worst-performing property markets. Irish house prices have fallen every month since December 2007. NAMA holds €70bn of risky property loans. One option would be for NAMA to ask the buyer for 80 percent of the purchase price at the time of the transaction and only collect the remaining 20 percent if the market value remained the same or increased by a certain amount.

Posted by little professor @ 04:28 PM (1623 views)
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5 thoughts on “Free government properdee subsidy

  • yorkshireman says:

    NAMA can ask the buyer for 80% of the purchase price ?
    80% of what, I wonder. They are also effectively valuing the houses down by (another) 20%. Who is the bigger fool, they buyer or the seller ?

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  • One option would be for NAMA to ask the buyer for 80 percent of the purchase price at the time of the transaction and only collect the remaining 20 percent if the market value remained the same or increased by a certain amount.

    Oh my. What could possibly go wrong here?

    I’ll tell you what, why don’t we offer magic beans for property? They might not take them today, but tomorrow …

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  • Having just had a look on Rightmove and Prime Location, I would say that many prices have not fallen at all, in a similar fashion the the UK where the banks tell us prices have fallen, but the asking prices have not.

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  • Irish property prices still look ridiculous to me. Where is the crash?

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  • I looked at Irish prices a couple of months ago – down from their dizzy heights sure, but mostly still way above build cost.

    A lot further to go I think..

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