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:
- Call for affordable rental scheme to tackle housing shortage in Ireland https://www.thetimes.co.uk/edition/ireland/call-for-affordable-rental-scheme-to-tackle-housing-shortage-in-ireland-sdv659dtp
- Revised help-to-buy scheme opens for applications: Relief increased last month in stimulus plan to €30,000 or 10% of the property value
- Harvey Norman targets Irish property developers: Apartment fitouts new revenue stream for furniture chain amid Covid-19 uncertainty
- David Williams: It is time for a major property reset: Employees who work from home will set the rent agenda and change the face of our cities https://www.irishtimes.com/opinion/david-mcwilliams-it-is-time-for-a-major-property-reset-1.4329527?mode=amp
- New heads of property bodies to tackle housing crisis and costs https://www.irishtimes.com/life-and-style/homes-and-property/new-heads-of-property-bodies-to-tackle-housing-crisis-and-costs-1.4328286?mode=amp
- Transferring the family farm without a tax headache https://www.irishtimes.com/business/personal-finance/transferring-the-family-farm-without-a-tax-headache-1.4326730?mode=amp
- Contracts approved for 63 solar and 19 wind projects https://www.irishexaminer.com/farming/arid-40031666.html?type=amp
- Pay for top Irish bosses jumps 18% ahead of Covid crisis https://www.irishtimes.com/business/pay-for-top-irish-bosses-jumps-18-ahead-of-covid-crisis-1.4329521?mode=amp
- Community enterprise centres and remote working hubs around the country have been granted €12m in funding as part of a Government stimulus package. https://www.thinkbusiness.ie/articles/regional-hubs-action-plan-stimulus-nacec/?_lrsc=39db9248-997f-45ec-8a0a-ae82830fb9e6&utm_source=elevate&utm_medium=social&utm_campaign=LinkedIn
- Lawyers are scrambling to protect the interests of 1,800 Irish pension holders and other savers who have loaned more than €100m to German Property Group (GPG) after key companies within the unregulated property scheme filed for insolvency last month.
- ‘We need full criminal investigation into Nama’: Mick Wallace: MEP wants the Government to step in and ‘expose the truth’ of the agency’s operations in Dublin
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 firstname.lastname@example.org.
(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!)
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.
As #PropertyMatters takes a summer break, we have collaborated with Proptech Ireland (www.prop-tech.ie) for a Radio & Podcast Summer Series for August 2020.
Meet the people developing, shaping and financing proptech innovation in Ireland.
For our latest Proptech Ireland/iPropertyRadio Summer Series we travel to Dingle to meet with Standard Access CEO Damien Browne and we are joined remotely by the software lead of the technical team, Mihai Penica.
Standard Access is a smart building access provider and AI (artificial intelligence) isnnovator, specialist in the critical area of secure data transmission for real estate. Damien and Mihai talk us through the origins of the business, the many awards and accolades amassed over the past few years, the evolution of their technology and the recent rush to roll out pandemic-response tools like GDPR complaint indoor and outdoor head-counting through existing CCTV systems, and a levelling up of touchless or contactless building access.
Damien also discusses the funding ecosystem for ventures in Ireland and talks about how a feature about their most recent fundraising efforts (€4.5 million) in an Irish newspaper, the Sunday Independent, attracted the attention of a US investor!
You can learn more about the company here: https://standardaccess.co
Listen back here: https://ipropertyradio.com
Email the Property Matters team at hello@iPropertyRadio.com
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- Dalkey is the latest village to undergo pedestrianisation works https://lovindublin.com/amp/dublin/dalkey-is-the-latest-village-to-undergo-pedestrianisation-works
- Galway Senator seeks clarification on Galway City Ring Road – Galway Daily https://www.galwaydaily.com/news/galway-senator-seeks-clarification-on-galway-city-ring-road/
- Objectors stall production of enough timber for 1,000 houses
- Cork city’s outdoor dining culture leads to closure of river access point https://www.irishexaminer.com/news/munster/arid-40030784.html
- Dursey plan: Destroying your remote beauty by bringing thousands to see it | Southern Star https://www.southernstar.ie/news/dursey-plan-destroying-your-remote-beauty-by-bringing-thousands-to-see-it-4209616
- Consultation period opens for Limerick’s first ever combined development plan https://www.limerickleader.ie/news/home/566542/consultation-period-opens-for-limericks-first-ever-combined-development-plan.html
- Frank McDonald: What’s not to like about Dublin’s new Kevin St development? Quite a lot – Comment: Plans for the former DIT site are a commodified vision of the ‘New Dublin
- The Nenagh Guardian – Enhancement works for Thurles square https://www.nenaghguardian.ie/news/roundup/articles/2020/08/16/4190325-enhancement-works-for-thurles-square/
*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 Business Post today, Housing sector has rebounded faster than predicted
Key takeaways: Commencements are down but completions are picking up since lockdown ended, the latest analysis from Goodbody shows
- Irish construction activity picks up again in July https://www.irishtimes.com/business/economy/irish-construction-activity-picks-up-again-in-july-1.4325930?mode=amp
- Ireland’s Growth Rate Expected to Slow During 20/21 Before Rebounding in 2022 http://www.constructionnetworkireland.com/irelands-growth-rate-expected-to-slow-during-20-21-before-rebounding-in-2022/
- Ireland needs 47,000 new homes a year, close to double the Government’s current target for construction, according to a new report from economist Ronan Lyons, commissioned for a property industry body.
- Employers offered €3,000 to take on apprentices, who will play ‘key part’ in Ireland’s recovery https://www.thejournal.ie/apprenticeship-grant-e3000-5173254-Aug2020/
- Preservation Society takes legal action against An Bord Pleanála over 130-bed co-living development: The North Great George’s Street Preservation Society has lodged a judicial review over numerous concerns it has about the development.
- Two Approved Housing Bodies Selected to Manage Cost-Rental Development at O’Devaney Gardens
- Cairn Homes records profit of €5.6m despite ‘headwinds’ https://amp.independent.ie/business/irish/cairn-homes-records-profit-of-56m-despite-headwinds-39443077.html
- Ivana Bacik opposes Bartra’s Ballsbridge shared co-living plan https://www.irishtimes.com/business/commercial-property/ivana-bacik-opposes-bartra-s-ballsbridge-shared-co-living-plan-1.4329808?mode=amp
- High-profile D2 construction project scaled back due to pandemic: A whole floor of retail space has been scrapped at the site on the corner of Dawson Street and Nassau Street https://www.businesspost.ie/commercial/high-profile-d2-construction-project-scaled-back-due-to-pandemic-5189a0c0
- Marlet secures €65m AIB funding for docklands residential scheme: One Lime Street, a 216-apartment development in Dublin’s Silicon Docks, will include features designed to assist residents with working and living in a post-pandemic world
- Plan to lease student digs to others is slated as co-living ‘by the back door’: Sinn Féin’s Eoin Ó Broin raises concerns over diversified use of purpose-built Point Village scheme
- Ronan firm misses deadline for Tara St tower works to begin: Failure to meet deadline could open way for CIÉ to go back on original deal https://www.businesspost.ie/commercial/ronan-firm-misses-deadline-for-tara-st-tower-works-to-begin-512b34cf
- Johnny Ronan drops hotel plan for Tara Street tower: Ireland’s 23-storey tallest building will be focused on premium office space in wake of pandemic
- Over 140 apartments for quiet Dublin town approved despite local opposition https://www.dublinlive.ie/news/property/over-140-apartments-donabate-approved-18753189
- Making It Work: Irish firm to build Facebook’s new Danish data centre: The social media giant is one of the highly-specialised Gaeltec Utilities’ biggest blue-chip clients
- Cork City Council reviewing management of Part V planning regulations https://www.irishexaminer.com/news/munster/arid-40030193.html?type=amp
- An appeal has been lodged with An Bord Pleanála on a mixed-use development in a town on the outskirts of Cork city for a development which incorporates three commercial units, a café and a significant number of apartments in Glanmire.
- Controversial O’Flynn Construction Crosshaven apartment development appealed https://www.echolive.ie/corknews/Controversial-Crosshaven-apartment-development-appealed-fdd44d27-1c1d-4102-9dd9-905430bfe72a-ds
- Medical device firm planning €100m facility at Parkmore https://connachttribune.ie/medical-device-firm-planning-e100m-facility-at-parkmore/amp/
- €60m redevelopment of Limerick’s Parkway Valley site is approved: Planning notes for developments across Munster
- Kildare County Council tackling vacant sites in Sallins and Naas: PROPERTY: IN ORDER TO BE DESCRIBED AS ‘VACANT’, A SITE CANNOT HAVE BEEN USED FOR AN EXTENDED PERIOD https://www.kildarenow.com/news/news/565245/kildare-county-council-tackling-vacant-sites-in-sallins-and-naas.html
- 29 new homes planned for The Loakers – Talk of the Town https://www.talkofthetown.ie/29-new-homes-planned-for-the-loakers/amp/
- Disappointment as new private hospital delayed by travel restrictions https://amp.independent.ie/regionals/wexfordpeople/disappointment-as-new-private-hospital-delayed-by-travel-restrictions-39439101.html
- Go-ahead for Belfast aquarium that’s set to draw 300,000 visitors https://amp.independent.ie/business/irish/go-ahead-for-belfast-aquarium-thats-set-to-draw-300000-visitors-39445209.html
- Investigations are underway after a Co Galway man died in a workplace accident in Co Kerry yesterday.
He was working on an electricity cabling project between Tarbert and Ballylongford when the accident occurred https://www.midwestradio.ie/index.php/news/40598-dunmore-man-dies-in-workplace-accident-in-co-kerry https://www.midwestradio.ie/index.php/news/40598-dunmore-man-dies-in-workplace-accident-in-co-kerry
- Making It Work: €1m extension for joinery business with sound plan: The family-owned Burke Joinery, which has diversified into creating acoustic doors and sound absorption systems, will create seven jobs https://www.businesspost.ie/smes/making-it-work-1m-extension-for-joinery-business-with-sound-plan-5f59edd1
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 *
- Well done to Dublin-based AR tech company Antikytera on securing €15m investment
- BAM’s modular response to Covid-19 https://www.khl.com/construction-europe/bams-modular-response-to-covid-19/145487.article
- Smart building specialists OKTO Technologies has launched a new revolutionary air control system in Ireland that will reportedly remove 99.98% of the COVID-19 virus particles in the air within 10 minutes.
- No pen required: The digital future of real estate closings – TechCrunch https://techcrunch.com/2020/08/11/no-pen-required-the-digital-future-of-real-estate-closings/
- UK Proptech Habito, a Digital Mortgage Firm, Acquires £35 Million in Capital via Series C with Backing from Augmentum Fintech, SBI Group https://www.crowdfundinsider.com/2020/08/165255-uk-proptech-habito-a-digital-mortgage-firm-acquires-35-million-in-capital-via-series-c-with-backing-from-augmentum-fintech-sbi-group/
- Pi Labs appoints Head of Capital Raising:
Pi Labs has appointed Levi Levenfiche as Head of Capital Raising. He will lead Pi Lab’s global fund raising efforts, as the pioneering proptech VC builds on the momentum of a recent first closing for its third institutional fund.
- How Covid-19 is shifting ‘smart city’ priorities https://www.citymetric.com/business/how-covid-19-shifting-smart-city-priorities-5223
- Gaw Capital-backed proptech firm Beike raises $2.44bn in New York IPO | News | Real Assets https://realassets.ipe.com/news/gaw-capital-backed-proptech-firm-beike-raises-244bn-in-new-york-ipo/10047279.article
RESIDENTIAL PROPERTY NEWS
- Startling new figures reveal homes being built today are a fifth smaller than just four years ago https://extra.ie/2020/08/14/news/irish-news/homes-built-fifth-smaller/amp
- Pat Davitt: Valuing property before, during and after Covid-19: Some valuers have downgraded valuations during the coronavirus lockdown. Are they correct?
- Buying a second home now that we work from home: Buying a second home, in the country. First-time buyers status is useful in two ways: it qualifies you for Help-to-Buy and it gives you a little more wriggle room under Central Bank lending rules. https://www.irishtimes.com/business/personal-finance/buying-a-second-home-in-the-country-as-we-work-from-home-1.4326517?mode=amp
- Should we hand over the deposit for a house before getting all the documents? https://www.irishtimes.com/life-and-style/homes-and-property/should-we-hand-over-the-deposit-for-a-house-before-getting-all-the-documents-1.4323893?mode=amp
- Landlords criticise forced eviction in Dublin that was shared online https://www.thetimes.co.uk/edition/ireland/landlords-criticise-forced-eviction-in-dublin-that-was-shared-online-b3kz8cz0c
- Urgent report being carried out into the ‘lessons learned’ by gardaí at Dublin eviction https://www.thejournal.ie/gardai-at-eviction-in-dublin-5176617-Aug2020/
- End is nigh for the master bedroom in real estate circles https://www.irishtimes.com/life-and-style/homes-and-property/interiors/end-is-nigh-for-the-master-bedroom-in-real-estate-circles-1.4327572?mode=amp
- ‘The bungalow is part of the Irish landscape. We need to get over ourselves’: The snobbery that lingers around bungalows means there could be gems galore out there https://www.irishtimes.com/life-and-style/homes-and-property/the-bungalow-is-part-of-the-irish-landscape-we-need-to-get-over-ourselves-1.4328456
COMMERCIAL PROPERTY NEWS
- No recovery in the retail sector before 2025, says EY report https://amp.independent.ie/business/irish/no-recovery-in-the-retail-sector-before-2025-says-ey-report-39448666.html
- Yew Grove identifies ‘strong pipeline’ of acquisitions https://amp.independent.ie/business/commercial-property/yew-grove-identifies-strong-pipeline-of-acquisitions-39451281.html
- Digital Hub warns of need for emergency funding from State
- Avoca owner Aramark reports loss, warns of Covid impact: Irish unit getting support from parent after being ‘significantly impacted’ by pandemic
- Owners of Dundrum Town Centre report €4m drop in rental income | Business Post https://www.businesspost.ie/retail/owners-of-dundrum-town-centre-report-4m-drop-in-rental-income-fa5d3249
- United Limerick and Clare retail plan to be drawn up https://www.limerickleader.ie/news/home/565347/united-limerick-and-clare-retail-plan-to-be-drawn-up.html
INTERNATIONAL PROPERTY NEWS
- UK Property website Rightmove has had its busiest month in a decade https://www.walesonline.co.uk/news/uk-news/property-website-rightmove-busiest-month-18777097.amp
- Laing O’Rourke to cut 150 jobs https://www.constructionnews.co.uk/contractors/laing-orourke/laing-orourke-to-cut-150-jobs-10-08-2020/
- Offices will be greener and more flexible, says Derwent https://www.thetimes.co.uk/article/offices-will-be-greener-and-more-flexible-says-derwent-q3d00bxq5
- Urban design practice lands Oxford Street upgrade role https://www.architectsjournal.co.uk/news/urban-design-practice-lands-oxford-street-upgrade-role
- Digital construction innovation benefits from government seed funding – New Civil Engineer https://www.newcivilengineer.com/latest/digital-construction-innovation-benefits-from-government-seed-funding-13-08-2020/
- Office Tour: Schneider Electric Offices
Located in Franklin, Tennessee, Schneider Electric’s Nashville hub represents the largest deployment of their “Workplace of the Future” strategy…
- The Rich Are Buying Compounds During the Pandemic: Here are some of 2020’s most expensive US real estate purchases.
- Inside Meghan and Harry’s new $14.7m nine-bed, 16-bath California home https://www.irishtimes.com/life-and-style/homes-and-property/inside-meghan-and-harry-s-new-14-7m-nine-bed-16-bath-california-home-1.4329424?mode=amp
FACEBOOK GROUP FOR IRISH PROPERTY BUYERS & INVESTORS
Crowd-sourcing answers topical property questions:
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/