Glenveagh boss: mortgage rules make it ‘simply impossible’ to buy apartments
Stephen Garvey says that the Greystones development was slow to sell due to the Central Bank’s limits, as potential buyers couldn’t get loans
The Central Bank’s mortgage rules are making it “simply impossible” for people to buy apartments, the head of one of the country’s largest housebuilders has claimed.
Stephen Garvey, the chief executive at Glenveagh Properties, said it was difficult for prospective homeowners to afford certain developments and, as such, the role of institutional investors was important in the housing market.
Glenveagh agreed earlier this year to sell 134 apartments at its Marina Village development in Greystones ...