THE media has elevated economists to guru level and dramatised the slowdown in the construction sector.
This is according to Michael O’Flynn, managing director of one of the country’s biggest building firms, O’Flynn Construction, who said he accepts the right of the media to report on what economists are saying but said he has no time for “negative media economists”.
He spoke of a lack of balance in reporting stories and said broadcast media is worst when it comes to dramatising the problems in property.
O’Flynn Construction are the developers of the Elysian development in Cork and Mr O’Flynn said the apartments are being priced at today’s market price, adding that prices will not be coming down.
He said that he is well aware the units won’t fetch the same prices as they would have a few years ago, adding that they will take longer to sell.
Mr O’Flynn also said there’s no doubt that construction firms and property developers have done well over the last few years adding that most of these firms have reinvested in Ireland Inc. “The money isn’t gone and we’re still here,” he said yesterday.
Mr O’Flynn was speaking at the Cork Chamber fifth annual conference.
The conference also heard calls for the immediate appointment of a chairman to Cork Airport.
Former chairman Joe Gantly, speaking as president of Cork Chamber, said an appointment must be made without delay.
Mr Gantly said further development at Cork is hampered by its lack of separation from the Dublin Airport Authority.
He also said sustained and targeted intervention by Government is needed for push forward the Cork docklands development.
Cork Chamber will continue to lobby for additional support for the docklands in the 2009 Finance Bill, Mr Gantly said.
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