CBRE slams RTE property crash programme


CBRE slams RTE property crash programme 2007-04-18

Property consultants CB Richard Ellis has dismissed Monday night's 'Future Sock - Property Crash' programme on RTE as 'irresponsible journalism'.The programme explored the possibility of a housing market crash in Ireland over the next few years and showed how recent buyers could see as much as 30pc wiped off the value of their homes.CBRE has slammed the programme's content as 'unbalanced negative speculation' and said it 'could ultimately unnecessarily create imbalance in the Irish economy and property market overall'.'No-one is denying that there has been a notable change in the performance of the Irish housing market in the first quarter of 2007, compared to the extraordinary market conditions witnessed this time last year but the biggest threat to housing market performance is actually confidence,' the firm said.'They [RTE] believe that airing sensationalist programmes like this focussing on 'what if' scenarios' will actually serve to further fuel negative sentiment rather than facilitating the welcome soft landing that has been emerging in recent months.'CBRE claims that buying activity in Ireland has essentially halved in recent months due to 'unfounded negative commentary in the media' and recent political interference.'We are now in a situation where all the fundamentals that have been supporting the Irish housing market for the last decade are still intact but the pace of buying activity has essentially halved as a result of nervousness and uncertainty,' CBRE says.

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