A Tralee auctioneer says the builders and developers of today should not be punished for the mistakes of 20 years ago which led to the property crash in 2008.
Ger Carmody says builders have to pay around 10% interest to borrow money for a new development, and mainstream banks won’t lend to them at all.
In contrast, the public sector or social housing bodies pay around 4% interest to borrow the same money, according to Mr Carmody.
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He acknowledged that the property boom during the Celtic Tiger which led to the crash 17 years ago was, in part, caused by tax cuts for developers.
However, he says current-day builders cannot be beaten with the stick of the past, as these high rates are stifling house building.
