The property market in Ireland is “so bad” that there is no incentive to sell a property, the head of property firm Paddy Power has said.
Paddy Power’s CEO, Pat Murphy, told RTÉ’s Morning Ireland that the current situation in the Irish property market is so bad that “no one wants to sell their property”.
Mr Murphy said that when the Irish Government took over management of the country’s real estate sector in the 1970s, it was in a “dying industry”.
He said that at the time, the country was “doomed” with property prices in the region of €10,000 per square foot.
He said, “in the 1970’s, the average price of a property in Dublin was about €5,000.
That’s where we are now, the Irish market is not as good, so no one wants their property sold”.
Paddy’s chief executive, David McAllister, told Morning Ireland the current market in the property market was “not good enough” for any buyer.
Mr McAllisters remarks come as he said that in the past six months, “we’ve seen a lot of activity on the residential side of things”.
He told RTES that there are a lot more new homes being built in the country.
He also said that if a person is buying a property for €500,000, they will “probably be willing to spend another €100,000 or more” for the property.
He added that there was “quite a lot” of demand for property in the Dublin area.
“There are a couple of things that are starting to get a little bit more attention, particularly in the Cork area.
There is quite a bit of interest there, we’re seeing a bit more interest on the commercial side of the business side, which is where a lot people live.”
Paddy has a portfolio of properties in Cork, the south west and Dublin.