As I said before, AIB are aggressively acting to take properties off developers, especially where they see income. They have always been the hard men in the banking area. I don’t know what the fuck they will do with the stuff once they get it. I think it’s an exercise in taking the income off the developers and making sure that they get their hands on it all… but then they have to pay the exorbitant costs of the receivers. Heads you lose, tails you lose!
For crying out loud, how many Goddam properties can be rented out? Seems like “renting it out” is the answer to ever property problem. And of course when you hear the words “rent it out…” you can throw in the implied suffix: “…until we can sell for what it’s worth”.
Yes…rent them out, rental supply increases, rents fall, property values fall. We all get cheap houses.
There is only one way that this whole mess can go, and that’s cheaper houses. It’s happenning…the huge oversupply, 302500 units, will lead to cheaper houses for those of us who saw what was happenning and who decieded to stay out of the market.
Why should the developers be allowed to own the assets if they are not making their repayments?