O’Flynn: ‘Ireland has no market’

THERE is no market for property in Ireland at present because of uncertainties related to the implementation of the National Asset Management Agency (NAMA) legislation, according to one of the country’s biggest developers.

Michael O’Flynn, who developed the massive Elysian complex in Cork city centre, also said developers are unable to pursue new business opportunities because they are now in “a pre-NAMA stage”.

“At the moment we don’t have a market. There is no market. Trying to value at market value is a bit of a nonsense when you have no market.