The ghost estates - housing developments that were abandoned when the Irish property boom hit the skids - are being targeted by foreign banks who are considering demolishing them and turning them back into greenfield sites.
Brendan McDonagh, the head of Ireland's National Asset Managment Agency (NAMA), told the Irish Independent that just as his agency was considering returning land purchased for property development back into its original agricultural state, some foreign owned banks Ulster Bank were also looking at similar solutions.
McDonagh added that the ideal solution would be to have people live in the ghost estates, but where that was impractical and the estate was predominantly unoccupied then levelling it could be the best option.
"Unfortunately, some of these ghost estates are in places they shouldn't have been built in, in the first place and demand isn't there," McDonagh said.
Log in with your social accounts:
Or, log in with your IrishCentral account:
Don't have an account yet? Register now !
Join IrishCentral with your social accounts:
Already have an account ? Log in
Or, sign up for an IrishCentral account below:
Make sure we gathered the correct information from you
You already have an account on IrishCentral! Please confirm you're the owner.
Our new policy requires our users to save a first and last name. Please update your account: