Thursday, 4 September 2008

Developer offers interest free loans

Property developer Bernard McNamara is offering interest-free loans of "up to 30 per cent" of the selling price in an attempt to attract suckers, I mean buyers, to his new development at Elm Park, Dublin 4.

Under the scheme, the asking price for two-bed apartments has been reduced from EUR580,000 (!!!) to the bargain basement level of EUR470,000. Think about that. EUR470,000 for a two-bedroom apartment. Does that still not seem a touch expensive?

It seems that developers will do anything to stimulate interest in their wares other than reduce prices to truly realistic levels. Gombeen Man believes properly prices will have to fall by 50% in order for them to return to a point where ordinary people can afford to buy into the market.

No amount of tinkering or window dressing, by property developers or Government, is going to change that.

See also Cowen to "help" first-time-buyers

Back to Gombeen Nation main page

No comments: