€400m housing development in Cork gets the green light

Just when you thought property development is dead for years to come:

irishtimes.com/newspaper/ire … 35024.html

still hasnt sold the finisheds in Ballincollig…

Is this man insane? The average selling price of these gaffs is going to be €333,333. With the huge glut (and it’s feckin’ massive at this stage), where the hell is the market for another 1,200 houses at those prices?

Would love to know who’s funding this.

If you are an Irish taxpayer then you are probably funding this.

fugging stupidity

Sounds like a case of in too deep to stop, if they stop they might fail and they may owe the bank too much money already so they plough on stupidly until eventually the taxpayer picks it up. I hope jail sentences will be allowed in future for reckless lending, reckless borrowing and f***ing stupidity.

+1

Yep,probably Anglo,now the taxpayer,loans go ahead despite there being no market for the properties,the government obviously have given the green light,when will the government decide to stop building houses that cannot be sold?I think there haven’t been enough protests yet,they obviously think they can get away with it.Expect more of the same.