All this property speculation ‘was bound to end in tears’, says developer

A LOT of what passed for development over the last 10 years was gambling, reckless and speculation that was bound to end in tears, according to O’Callaghan Properties managing director Owen O’Callaghan.

Speaking at a Cork Chamber Business Breakfast, held in association with the Irish Examiner, Mr O’Callaghan said as a developer, he can say he is not too unhappy the property bubble has burst — even though at a human level it has a huge impact on people.

“Much of what has passed for developmentin the last 10 years or so, wasn’t developmentat all. It was gambling, it was reckless, it was speculation, and it was bound to end in tears.