TO most its home; to the government and bankers its nothing more than an expendable commodity. But whatever the case, it may soon be worth a whopping one trillion euro.
The third largest island in Europe and the twentieth largest island in the world was put up for sale earlier this week on the nations number one property website – Daft.ie.
Taoiseach Brian Cowen is selling the 74,000 km2 site which has full planning permission for 300,000 homes, 8 prisons, 5 public hospitals, one city metro system, 10,000 schools with extensions as well as hundreds of unfinished road developments ranging in size from national primary roads, to larger motorway systems.
Daft founders Brian and Eamonn Fallon, who are handling the sale, explained that Mr Cowen and associates had inherited the island a number of years ago and were selling it now in order to pursue other developments and business opportunities.Brian Fallon said that the timing was not related to the recent economic downturn and when the country is eventually developed it could be sold on again for a huge profit.
“This is probably the biggest property we have ever taken on board.” said Fallon.
“We hope the sale will move along quickly. It’s a cracker of an investment and a bargain at only €900bn. We expect a lot of foreign interest on this one. I’m quiet positive that she’ll fetch the trillion, excluding VAT , stamp duty and commission of course.
Already, we have had a lot of interest from developers in Saudi Arabia and China.”
When Fallon was asked as to why the Taoiseach was selling the country, he replied:”At first Mr.Cowen and associates just wanted to sell the state owned businesses, but then after some deliberation, it was decided to just go ahead and sell whole country. I think they just voted between themselves. Who knows? It’s their decision I suppose..”
But some experts have argued that small country developments are a bad investment in this current economic climate.
Financial consultant Eddie Hobbs has pointed out that the cost of building and fitting out a typical 74,000 km2 west European island has doubled over the last 5 years. This he says is due to the soaring price of oil and fossil fuel production.
He stated: “It would have to take someone with a vast source of mineral wealth to make an offer on Ireland. They would also have to seriously think about what they are getting themselves in for. Buying a small country is no easy task: Look what happened Israel.”