Let's admit it - Ireland is for sale, writes ISABEL MORTON

I’VE BECOME somewhat contrary these days, alternating between believing that the self-destruct button is on the verge of being pushed and the entire country will go up in a puff of smoke and, in my less pessimistic moments, somehow hoping that as things are so bad now, they can only get better.

In the main, the former dominates my thoughts, particularly when I read articles outlining the doomsday predictions of Bill O’Neill, chief investment officer of Merrill Lynch’s wealth management unit in Europe, the Middle East and Africa, who said recently that it will be 2013 before the housing sector in Ireland will see any meaningful signs of recovery.

He went on cheerfully to warn us that Irish people would be dealing with “the largest downfall in living memory” and that it would go on for another five years.

Just as the tears were beginning to well up in my eyes at the notion of another three years of austerity, misery and depression, I noticed that O’Neill covered his rear end by suggesting that the downturn could be shortened by an export-led recovery and falling costs in the economy.

The Trinity-educated, London-based economist went on to talk us up by listing our good points, including having an incredibly flexible labour market, but then slapped us down again by reminding us that there will be a need for further “bold measures” this year, before finally warning us that things would get worse before they’d get better.

By the time I’d finished reading O’Neill’s rollercoaster predictions I was an emotional wreck – and not much wiser than before I started.

Further contradictions presented themselves when I was chatting with estate agents from two different companies, whose attitudes differed so much that I wondered if they were talking about the same country. One was bouncy and optimistic, apparently of the firm belief that the worst was now over; the other spoke in hushed tones, recounting horror stories that would make the hair stand up on your head. (I debated over which one was more in need of my sympathy.)

Looking for a more balanced view, I spoke to an accountant, who said that most of his clients were “****ed” but that he also had a few on his books who were “raking it in” and were just watching and waiting for the right investment opportunities to present themselves.

However, now that our rather public dilemma is attracting interest from international investors who, like vultures, are circling and assessing the Irish situation, there is a sniff of hope that we may indeed be bouncing up and down at the bottom of the black hole.

Asia’s richest man, Li Ka-Shing, has expressed interest in Irish state-owned infrastructural assets including the ESB, Bord Gais and the country’s ports and there will be many other international investors like him, who are now seeing value in the market and an opportunity to do a deal.

And, like New Zealand, Ireland may soon have to accept the fact that it would be better to have foreign owned banks dominate our market, than have no banks at all.

Given our circumstances we will have to let go any sentimentality regarding Irish-owned assets. Clutching on to romantic notions of independence and autonomy is pointless, as in effect we are now owned by Europe Inc.

One of the reasons we ended up in this fine mess is that we created our own little property world, where we bought and sold almost exclusively from each other. We were having such fun with our Irish friends that we chose to ignore the fact that foreign investors had long since stopped playing the game with us.

Over the last nine months or so, I’ve noticed a marked increase in the numbers of Irish people living abroad expressing interest in investing in residential property in Ireland. For the first time in years, the Irish diaspora can afford to come home.

Recently, a friend who is desperate to sell her holiday home in Kerry in order to reduce her bank loans reported that although the level of interest was low, most of what was coming was from foreigners or people of Irish descent living abroad.

“The Dublin 4 set are no longer buying up but are instead selling out,” she said, referring to the number of holiday homes currently for sale.

Like our house sellers, our country is no longer in a position to negotiate.

These days, you take what you can get and are glad of it.

Let’s just hold up our hands and admit that Ireland is for sale and all offers will be considered.

Then, although we certainly wouldn’t be smiling, we might at least, be doing a bit less keening and crying.

Isabel Morton is a property consultant