Irish property market news and insights – for the industry, by the industry
Before we get stuck into the general property news of the week, below are the local and international stories that might be of particular interest:
- Budget 2021: Government to spend extra €6 billion in largest budget in history of the State: “… negotiations continuing yesterday on a new scheme to see the State take part-ownership of homes in an effort to make owning a property more accessible. The State’s stake would be paid back over time…” https://www.irishtimes.com/business/economy/budget-2021-government-to-spend-extra-6-billion-in-largest-budget-in-history-of-the-state-1.4377012?mode=amp
- Pandemic paradox: Why aren’t house prices falling? Unemployment has soared and uncertainty reigns, yet house prices are holding firm https://www.irishtimes.com/business/personal-finance/pandemic-paradox-why-aren-t-house-prices-falling-1.4373795?mode=amp
- To solve Ireland’s housing crisis, we must fix the market for land: Our housing crisis traces back to a dysfunctional market for land. The good news is that the problems are self-inflicted, and they can be fixed.https://thecurrency.news/articles/24769/to-solve-irelands-housing-crisis-we-must-fix-the-market-for-land/
- Will Budget 2021 finally address the housing market crisis failures? https://amp.independent.ie/business/commercial-property/will-budget-2021-finally-address-the-housing-market-crisis-failures-39599386.html
- Government action underpins strong demand in the new homes market https://www.irishexaminer.com/property/developmentconstruction/arid-40062224.html?type=amp
- Galway’s Bonham Quay scheme recognised for sustainability https://www.irishtimes.com/business/commercial-property/galway-s-bonham-quay-scheme-recognised-for-sustainability-1.4373459?mode=amp
- Cairn offer additional WFH pods and allotments at Newcastle scheme https://www.irishtimes.com/life-and-style/homes-and-property/new-to-market/cairn-offer-additional-wfh-pods-and-allotments-at-newcastle-scheme-1.4372542?mode=amp
- Why an Irish private equity firm wants movement on angel tax relief: Elkstone, founded by chairman Alan Merriman, has said it believes it can unlock close to €50 million to invest in Irish start-ups if it can get one change made to the EIIS, which will bring the scheme closer to other jurisdictions. https://thecurrency.news/articles/25945/how-an-irish-private-equity-firm-wans-movement-on-tax-relief/
- Home Truths: Architects seek tax tweak for apartments to help solve crisis https://amp.independent.ie/life/home-garden/homes/home-truths-architects-seek-tax-tweak-for-apartments-to-help-solve-crisis-39602349.html
- Budget 2021: Who will be the winners and losers? https://www.irishtimes.com/news/ireland/irish-news/budget-2021-who-will-be-the-winners-and-losers-1.4376803?mode=amp
- How real estate can solve its transparency challenge | World Economic Forum https://www.weforum.org/agenda/2020/10/why-real-estate-markets-are-on-the-right-track-with-transparency-efforts/
If you missed last week’s round-up, you can catch up here: https://propertydistrict.ie/category/sunday-property-review/
As always, you might let me know if I have missed out on any relevant property news by emailing carol@propertydistrict.ie.
(Apologies in advance for any typos, it’s difficult to get good help on a Sunday. Also, I use voice to text dictation so just sound out anything that really doesn’t make sense in a strong rural accent and that should help!)
SUNDAY LISTEN
Property Matters: Ireland’s First Weekly Property Radio Show (& Podcast!):
Ireland’s first weekly property radio show, Property Matters, launched In January 2019 on Dublin South FM 93.9 and is now available internationally via iTunes and Spotify podcast (www.iPropertyRadio.com). The team delivers 60 minutes of industry chat weekly with guests from the areas of planning, construction, property and proptech.
Produced by Katie Tallon of Hear Me Roar Media.
A sit down with developer Paddy Kelly: Part 1, on IPropertyRadio
Email the Property Matters team at hello@iPropertyRadio.com
PLACEMAKING
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- Masterplan unveiled for new south Dublin village promising 1,300 homes https://www.dublinlive.ie/news/dublin-news/masterplan-launched-cherrywood-village-promising-19068727
- Local sports facilities to be funded from land sale at St Teresa’s Gardens https://www.rte.ie/news/2020/1005/1169643-st-teresas-gardens/
- Dublin City Council vote to rebuild O’Rahilly house after supporting its demolition https://amp.breakingnews.ie/ireland/dublin-city-council-vote-to-rebuild-orahilly-house-after-supporting-its-demolition-1019966.html
- Dublin Lord Mayor Hazel Chu objects to ‘unduly hasty’ 100-bed Donnybrook co-living space https://amp.independent.ie/business/dublin-lord-mayor-hazel-chu-objects-to-unduly-hasty-100-bed-donnybrook-co-living-space-39602107.html
- Also, Co-living development ‘will destroy’ North Great George’s Street https://www.irishtimes.com/culture/heritage/co-living-development-will-destroy-north-great-george-s-street-1.4376795?mode=amp
- Giant housing project is ‘totally unsuited’ to area: …massive planning application for over 1,300 housing units on the Donabate peninsula, the Department of Housing needs to ensure there is no influx of applications for large scale housing developments before legislation governing the process expires…https://amp.independent.ie/regionals/fingalindependent/news/giant-housing-project-is-totally-unsuited-to-area-39589455.html
- Phibsborough named one of the world’s coolest neighbourhoods https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/life-and-style/travel/phibsborough-named-one-of-the-world-s-coolest-neighbourhoods-1.4373347?mode=amp
- DUBLIN TO GET COASTAL CYCLE ROUTE AFTER LARGE MAJORITY SUPPORT SANDYMOUNT TRIAL https://irishcycle.com/2020/10/08/dublin-to-get-coastal-cycle-route-after-large-majority-support-sandymount-trial/
- Tidal barrier ‘won’t save Cork and lives could be lost,’ says minister https://www.irishexaminer.com/news/munster/arid-40061480.html
- Decision on controversial Kerry Greenway further delayed https://www.irishexaminer.com/news/munster/arid-40061654.html
- Knocknagree fights back: North Cork community plans to revitalise village https://www.irishexaminer.com/news/munster/arid-40062227.html
- Planners raise concerns over Point Village co-living switch https://www.businesspost.ie/commercial/planners-raise-concerns-over-point-village-co-living-switch-5a47f724
*PLACEengage: The future of speedy, successful placemaking for property developers is here – Property developers and project owners ready Public Consultation are encouraged to contact the PLACEengage team for full details*
CONSTRUCTION & DEVELOPMENT NEWS
- In the Sunday Independent today, Lack of clarity on Covid rules fuelling construction downturn, claims CIF: “as things stand, the CIF would have no choice but to advise its members to shut down their operations under Level 4 restrictions for legal and insurance reasons. The Government had failed to provide clarity on the precise rules for the sector at Level 4 …”https://amp.independent.ie/business/irish/lack-of-clarity-on-covid-rules-fuelling-construction-downturn-claims-cif-39606135.html
- Budget will force local authorities to build up to 9,000 new homes https://www.irishexaminer.com/news/arid-40060031.html?type=amp
- Builders blame lack of new State projects for dip in starts https://www.irishtimes.com/business/media-and-marketing/builders-blame-lack-of-new-state-projects-for-dip-in-starts-1.4371748?mode=amp
- Robust export sector shields Ireland from full extent of Covid-19 impact, ESRI finds https://www.irishtimes.com/business/economy/robust-export-sector-shields-ireland-from-full-extent-of-covid-19-impact-esri-finds-1.4373892?mode=amp
- SCSI warn of challenging outlook for construction sector, but opportunities exist https://www.irishbuildingmagazine.ie/2020/10/06/scsi-warn-of-challenging-outlook-for-construction-sector-but-opportunities-exist/
- Nama IT system led to errors in €352m property portfolio valuation https://www.irishexaminer.com/news/arid-40061051.html?type=amp and Nama errors led to €29m miscalculation on Quinlan Private loan sale https://www.irishtimes.com/business/commercial-property/nama-errors-led-to-29m-miscalculation-on-quinlan-private-loan-sale-1.4375723?mode=amp
- Social housing construction plummets https://www.irishtimes.com/news/social-affairs/social-housing-construction-plummets-1.4374859?mode=amp
- Building work has started on 15 commercial developments https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/commercial-property/building-work-has-started-on-15-commercial-developments-39599382.html
- Hundreds of affordable homes promised for Dublin’s new south city suburb https://www.irishtimes.com/life-and-style/homes-and-property/hundreds-of-affordable-homes-promised-for-dublin-s-new-south-city-suburb-1.4372570?mode=amp
- In the Business Post today – Hines seeks to build up to 1,000 apartments at Liffey Valley: The US developer is one of several property giants moving to build residential complexes at shopping centres around Ireland https://www.businesspost.ie/residential/hines-seeks-to-build-up-to-1000-apartments-at-liffey-valley-20cfc192
- Five-star hotel approved for Donnybrook in Dublin https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/five-star-hotel-approved-for-donnybrook-in-dublin-1.4375632?mode=amp
- Johnny Ronan’s bid to swap Tara Street hotel for offices rejected by Dublin city planners https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/johnny-ronan-s-bid-to-swap-tara-street-hotel-for-offices-rejected-by-dublin-city-planners-1.4375803?mode=amp
- Donnybrook hotel may be scrapped for apartments | Business Post https://www.businesspost.ie/residential/donnybrook-hotel-may-be-scrapped-for-apartments-e7f1f933
- In The Sunday Times today, Cairn Homes director Alan McIntosh eyes decent profit in Stillorgan sale https://www.thetimes.co.uk/article/cairn-homes-director-alan-mcintosh-eyes-decent-profit-in-stillorgan-sale-f5s2lktt7
- Housing Agency built just 218 social houses on sites with room for 3,370 | Business Post https://www.businesspost.ie/ireland/housing-agency-built-just-218-social-houses-on-sites-with-room-for-3370-cf6477bf
- Central Hotel buyers plan to flip property after refurbishment | Business Post https://www.businesspost.ie/hospitality/central-hotel-buyers-plan-to-flip-property-after-refurbishment-cadd108c
- Davy Target Investments raises roof next to its Waterloo Exchange development: Davy Target Investments, a property investment fund, has applied to Dublin city council to increase the size of a proposed office block off Baggot Street by two floors. https://www.thetimes.co.uk/article/davy-target-investments-raises-roof-next-to-its-waterloo-exchange-development-dg663v6cr
- Planning decision expected for Ireland’s tallest building https://www.irishexaminer.com/property/developmentconstruction/arid-40060781.html?type=amp
- Two Cork schools to receive €33 million for new buildings and refurbishment https://www.corkbeo.ie/news/local-news/great-news-two-cork-schools-19061268
- Green light for major student apartment complex on landmark Cork city site https://www.irishexaminer.com/news/munster/arid-40059920.html
- Plans for 162 new homes on Cork’s northside shot down https://www.irishexaminer.com/news/munster/arid-40061141.html
- Planning permission refused for Clonakilty homes https://www.echolive.ie/corknews/Planning-permission-refused-for-Clonakilty-homes-0ef66f39-7f92-4c15-b648-4d95cdec1b76-ds
- Plans for new 186 bedroom City Centre hotel – Galway Daily https://www.galwaydaily.com/news/plans-for-new-186-bedroom-city-centre-hotel/
- Green light for Athenry Gaelcampus to enter design and planning stage – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/green-light-for-athenry-gaelcampus-to-enter-design-and-planning-stage/
- Plans to knock derelict Newcastle building for apartments for older people https://www.galwaydaily.com/news/housing/plans-to-knock-derelict-newcastle-building-for-apartments-for-older-people/?amp
- Land worth €4m in Limerick City could accommodate 500 homes https://www.irishexaminer.com/property/commercial/arid-40061360.html?type=amp
- Appeal against houses due to ‘dangerous’ road – https://m.independent.ie/regionals/braypeople/news/appeal-against-houses-due-to-dangerous-road-39594757.html
- Work starts on apartments beside pub in Prosperous https://www.kildarenow.com/news/home/579486/work-starts-on-apartments-beside-pub-in-prosperous.html
- Planning lodged for the construction of eight apartments and four houses in Tipperary https://www.tipperarylive.ie/news/home/578787/planning-lodged-for-the-construction-of-eight-apartments-and-four-houses-in-tipperary.html
- The Nenagh Guardian – Residents High Court challenge to social housing project in Nenagh https://www.nenaghguardian.ie/news/roundup/articles/2020/10/10/4191054-residents-high-court-challenge-to-social-housing-project-in-nenagh/
- Construction to start on new St Mary’s Secondary School in Ballina https://www.advertiser.ie/mayo/article/117499/construction-to-start-on-new-st-marys-secondary-school-in-ballina
- SSE and Coilte explore new €80m wind farm – Independent.ie https://m.independent.ie/business/irish/sse-and-coilte-explore-new-80m-wind-farm-39606160.html
- How I make it work: ‘A special type of magic happens when you foster diverse voices’ | Business Post https://www.businesspost.ie/world-at-work/how-i-make-it-work-a-special-type-of-magic-happens-when-you-foster-diverse-voices-876c9142
PROPTECH, MMC & CONSTRUCTION INNOVATION
- Proptech Ireland is updating the database of 2020 Irish technology providers for the built environment – From smart design and planning right through to the smart property transaction, where does your Irish-led or Ireland-based proptech or MMC business sit? Pease take five minutes to add or update your details to our internationally-shared listing here: SIGN UP HERE: *PROPTECH INNOVATORS and STARTUPS *
- Clevernet cements deal to run smarter buildings https://www.irishtimes.com/business/retail-and-services/clevernet-cements-deal-to-run-smarter-buildings-1.4376099?mode=amp
- Laser tech installed on ‘Dublin’s most battered bridge’ to stop horror smashes https://www.dublinlive.ie/news/dublin-news/irish-rail-bridge-strikes-dublin-19070491
- New £90m fund chases proptech startups across UK and Europe https://www.cityam.com/new-90m-fund-chases-proptech-startups-across-uk-and-europe/
- ‘Technology and data at the heart’ of planning system reforms https://www.pbctoday.co.uk/news/planning-construction-news/data-planning-system/83727/
- PropTech links for The Depositary aim at 10-minute check-out https://www.lettingagenttoday.co.uk/breaking-news/2020/10/proptech-links-for-the-depositary-aim-at-10-minute-check-out?source=newsticker
- Arthur Enabling Student Housing To Monitor Covid – TechRound https://techround.co.uk/news/arthur-student-housing-monitor-covid-19/
- This proptech solution gets homes sold in a snap —— or a Spark – The Real Deal New York https://therealdeal.com/sponsored/spark-offer/this-proptech-solution-gets-homes-sold-in-a-snap-or-a-spark/
- Use Real Estate Tech To Come Out Of Covid-19 Stronger – ValueWalk https://www.valuewalk.com/2020/10/real-estate-tech-covid-19/?amp=1
- How to make the Covid-19 proptech revolution last – PropertyWire https://www.propertywire.com/blog/how-to-make-the-covid-19-proptech-revolution-last/
RESIDENTIAL PROPERTY NEWS (including PRS)
- Prices stable in resilient new homes market – NEW HOMES special report: Ireland’s robust new homes market is showing no signs of Covid weariness: https://www.irishexaminer.com/property/developmentconstruction/arid-40062206.html?type=amp
- Location still king in property’s ‘new normal’ landscape https://www.irishexaminer.com/property/developmentconstruction/arid-40062359.html
- David McWilliams: Why an Irish mortgage costs €80k more than a German one: This lamentable situation could end if State-owned AIB offered loans at the ECB rate https://www.irishtimes.com/opinion/david-mcwilliams-why-an-irish-mortgage-costs-80k-more-than-a-german-one-1.4375865?mode=amp
- Davy sees faster-than-expected recovery in property market https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/economy/davy-sees-faster-than-expected-recovery-in-property-market-1.4375634?mode=amp
- Fast-forward for sales as sector finally speeds up | Business Post https://www.businesspost.ie/commercial/fast-forward-for-sales-as-sector-finally-speeds-up-1f4086c7
- Help-to-Buy scheme to be continued under next week’s budget https://www.irishexaminer.com/news/arid-40060622.html?type=amp
- Irish borrowers will pay €80,000 more on €300,000 #mortgage than EU counterparts https://www.irishtimes.com/business/economy/irish-borrowers-will-pay-80-000-more-on-300-000-mortgage-than-eu-counterparts-1.4374627?mode=amp
- We need mortgage interest relief to make mortgages more affordable https://www.irishtimes.com/business/economy/we-need-mortgage-interest-relief-to-make-mortgages-more-affordable-1.4370360?mode=amp
- Is The Introduction Of The Vienna Model In Ireland As A Response To Housing Affordability The Right Solution At The Right Time? – Real Estate and Construction – Ireland https://www.mondaq.com/ireland/real-estate/991070/is-the-introduction-of-the-vienna-model-in-ireland-as-a-response-to-housing-affordability-the-right-solution-at-the-right-time-
- Airbnb faces calls for stricter enforcement of short-term rental rules in Ireland https://www-cnbc-com.cdn.ampproject.org/c/s/www.cnbc.com/amp/2020/10/06/airbnb-faces-calls-for-stricter-enforcement-of-rental-rules-in-ireland.html
- We need a place to live. I’m getting worried we won’t find one – Move to the Country: It didn’t take long, but we’ve just suffered our first heartbreak https://www.irishtimes.com/life-and-style/homes-and-property/we-need-a-place-to-live-i-m-getting-worried-we-won-t-find-one-1.4372394?mode=amp
- BER with it: Taking a Dublin house from an F-rating to an A3 https://www.irishtimes.com/sponsored/an-post/ber-with-it-taking-a-dublin-house-from-an-f-rating-to-an-a3-1.4373657?mode=amp
- New homes: Show houses to visit this weekend https://www.thetimes.co.uk/article/new-homes-show-houses-to-visit-this-weekend-f9kz97fjc
COMMERCIAL PROPERTY NEWS
- Commercial real estate security and yield remain attractive in face of Covid-19 https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/commercial-real-estate-security-and-yield-remain-attractive-in-face-of-covid-19-1.4372576?mode=amp
- Dublin office lets up 125% in last quarter, says CBRE https://www.irishtimes.com/business/commercial-property/dublin-office-lets-up-125-in-last-quarter-says-cbre-1.4373567?mode=amp
- Footlocker and landlord in dispute over Grafton St store rent https://www.irishtimes.com/business/retail-and-services/footlocker-and-landlord-in-dispute-over-grafton-st-store-rent-1.4372648?mode=amp
- M7 Real Estate pays €28.5m for two Dublin offices https://www.irishtimes.com/business/commercial-property/m7-real-estate-pays-28-5m-for-two-dublin-offices-1.4373645?mode=amp
- Rent collection by Hibernia Reit remains robust – On commercial side, company says buildings remain open and it is providing support: https://www.irishtimes.com/business/commercial-property/rent-collection-by-hibernia-reit-remains-robust-1.4376511?mode=amp
- Prime restaurant investment on Dublin’s political beltway seeks €1.95m https://www.irishtimes.com/business/commercial-property/prime-restaurant-investment-on-dublin-s-political-beltway-seeks-1-95m-1.4369548?mode=amp
- One of State’s biggest restaurant and pub groups starts legal action over Covid-19 measures: Press Up Group says that it stands to lose more than €20 million by year-end due to closures https://www.irishtimes.com/news/health/one-of-state-s-biggest-restaurant-and-pub-groups-starts-legal-action-over-covid-19-measures-1.4375698?mode=amp
- Carechoice expands in Dublin with €10m purchase of Newtownpark House https://www.irishtimes.com/business/health-pharma/carechoice-expands-in-dublin-with-10m-purchase-of-newtownpark-house-1.4374932?mode=amp
- Microsoft Ireland to allow staff work from home permanently – Independent.ie https://amp.independent.ie/business/microsoft-ireland-to-allow-staff-work-from-home-permanently-39605856.html?__twitter_impression=true
INTERNATIONAL PROPERTY NEWS
- The UK’s retail parks were once the future. Now they look like drab relics of the past https://www.theguardian.com/commentisfree/2020/oct/04/the-uks-retail-parks-were-once-the-future-now-they-look-like-drab-relics-of-the-past
- Construction sector lifted by property market revival https://www.thetimes.co.uk/article/construction-sector-lifted-by-property-market-revival-889s2srh7
- “Architects still don’t understand the role of planning” says Joseph Henry https://www.dezeen.com/2020/10/06/planning-hackney-architecture-foundation-antepavilions/
- Nearly 75% of City firms reviewing office space provision | Business | The Guardian https://amp-theguardian-com.cdn.ampproject.org/c/s/amp.theguardian.com/business/2020/oct/08/nearly-75-of-city-firms-reviewing-office-space-provision
- Preventing the Next Housing Crisis – Knowledge@Wharton https://knowledge.wharton.upenn.edu/article/preventing-the-next-housing-crisis/
FACEBOOK GROUP FOR IRISH PROPERTY BUYERS & INVESTORS
Crowd-sourcing answers topical property questions:
Irish Property Buyers Handbook annuals
As many of you might know, my annual property book The Irish Property Buyers’ Handbook (since 2011) was rebranded in 2018 and now appears as part of The Property Insider series, published by Oak Tree Press, the first three titles are now published and available here: https://www.amazon.com/Carol-Tallon/
From 2020, the publishers and I want to ensure the content remains topical and we are doing this by crowd-sourcing home buyer and investor queries, with crowd-sourced and editorial team answers.
Join the Facebook Group here to contribute: https://www.facebook.com/groups/IrishPropertyBuyers/