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:
- Just one in three housing projects approved for funding by HBFI actually under construction https://amp.independent.ie/business/irish/just-one-in-three-housing-projects-approved-for-funding-by-hbfi-actually-under-construction-39639124.html
- Future generations will pay for our failure to reduce costs in health and building sectors https://amp.independent.ie/opinion/comment/future-generations-will-pay-for-our-failure-to-reduce-costs-in-health-and-building-sectors-39649079.html
- The rules of the property game have changed | David McWilliams http://www.davidmcwilliams.ie/the-rules-of-the-property-game-have-changed/
- Investment firm says nearly a third of its property income is ‘at risk’: Accounts for Nick Furlong’s Vevey Management state that ‘directors expect some tenants will not be able to pay their rent’ https://www.businesspost.ie/companies/investment-firm-says-nearly-a-third-of-its-property-income-is-at-risk-3584a013
- Judicial planning reviews need ‘drastic’ revision – Housing Minister Darragh O’Brien has hit out at the excessive use of the judicial review system in order to overturn planning decisions. Speaking to the Sunday Independent this weekend, he warned the system needs to be “revised drastically”. https://m.independent.ie/irish-news/politics/judicial-planning-reviews-need-drastic-revision-minister-39664356.html
- Developer Johnny Ronan says Dublin city planners have got it in for him: Developer Johnny Ronan’s property company has accused executives in Dublin city council of holding “a deep and ingrained personal bias and malice” against it. In a letter to the housing minister Darragh O’Brien, Rory Williams, chief executive of Ronan Group Real Estate (RGRE), claims the council’s bias is “adversely affecting its performance of statutory duties to ensure the proper planning and development of Dublin as a major international city”: https://www.thetimes.co.uk/edition/ireland/developer-johnny-ronan-says-dublin-city-planners-have-got-it-in-for-him-tdwhsns3v
- Housing officials urge Darragh O’Brien not to kill off co-living schemes: A government report on coliving, in which residents share kitchen and living room spaces, has made a strong case to the housing minister not to outlaw the “shared accommodation” model. https://www.thetimes.co.uk/edition/ireland/housing-officials-urge-darragh-obrien-not-to-kill-off-co-living-schemes-900gtk0gm
- On Co-Living and the New Generation of Digital Nomads https://lithub.com/on-co-living-and-the-new-generation-of-digital-nomads/
- Adaptive Reuse is the Future of Commercial Real Estate https://commercialobserver.com/2020/10/adaptive-reuse-is-the-future-of-commercial-real-estate/
- BANK HOLIDAY MONDAY – PropIT Middle East: This virtual conference will focus on the strategies, technologies and big ideas that will be essential for real estate and property professionals for 2020 and beyond. Keynote Monday 28th October: Digital placemaking and emerging technologies for urban development. Click to book: https://secure.terrapinn.com/V5/step1.aspx?E=10170&p=1&_ga=2.90577107.811463413.1603087523-1170064118.1570945572
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.
Joining us on #PropertyMatters iPropertyRadio.com this week to discuss Construction Safety Week 2020:
Dermot Carey, Director of Safety, Training & Skills at Construction Industry Federation (CIF); Fiachra Morrison, Clinical Hypnotherapist at the Dublin Hypnosis & Therapy Centre; and Eamon Kenny, Regional EHS Manager at John Paul Construction
Produced by Katie Tallon, Hear Me Roar Media
Listen back:
https://ipropertyradio.com/property-matters-22-10-2020-cif-dublin-hypnosis-therapy-centre-and-john-paul-construction/
Email the Property Matters team at hello@iPropertyRadio.com
PLACEMAKING
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- Cualanor residential scheme takes top honours in Excellence in Placemaking Awards https://www.businesspost.ie/commercial/cualanor-residential-scheme-takes-top-honours-in-excellence-in-placemaking-awards-2024e6d8
- Woman challenges permission for 358 student bed spaces in South Dublin https://www.irishtimes.com/news/crime-and-law/courts/high-court/woman-challenges-permission-for-358-student-bed-spaces-in-south-dublin-1.4388501?mode=amp
- Company challenges permission for 300-unit Dublin residential development https://www.irishtimes.com/news/crime-and-law/courts/high-court/company-challenges-permission-for-300-unit-dublin-residential-development-1.4388740?mode=amp
- Charity auction to raise funds for monumental Sandycove sculpture – The Imogen Stuart structure would stand like a Celtic monolith looking out to sea https://www.irishtimes.com/life-and-style/homes-and-property/fine-art-antiques/charity-auction-to-raise-funds-for-monumental-sandycove-sculpture-1.4388391?mode=amp
- Decision to reject ‘visually overbearing’ Cork apartments is appealed https://www.irishexaminer.com/property/developmentconstruction/arid-40067244.html
- Cork Floods: ‘Let’s call a spade a spade. We could have avoided this’ https://www.irishexaminer.com/news/munster/arid-40068323.html
- Plans for new urban district in Galway City – Galway Daily https://www.galwaydaily.com/news/plans-for-new-urban-district-in-galway-city/
- Proposal for footpath link between Kildare town and edge of Curragh Plains https://www.kildarenow.com/news/home/582901/proposal-for-footpath-link-between-kildare-town-and-edge-of-curragh-plains.html
- Kildare Farmers Market must find new home https://www.kildarenow.com/news/home/583595/kildare-farmers-market-must-find-new-home.html
*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
- Geoscience: the foundation for infrastructure – Irish geoscience companies and the wider construction sector have the capacity and ability to deliver key infrastructure, both in Ireland and overseas https://www.businesspost.ie/commercial-reports/geoscience-the-foundation-for-infrastructure-2da412f4
- Eleven land deals generate over €63m in third quarter https://amp.independent.ie/business/commercial-property/eleven-land-deals-generate-over-63m-in-third-quarter-39653207.html
- Covid-19: Site closures and supply chain disruptions hinder construction https://www.irishexaminer.com/business/economy/arid-40067280.html?type=amp
- Construction industry calls for cross border covid collaboration https://www.echolive.ie/businessnews/Construction-industry-calls-for-cross-border-covid-collaboration-7a792f0e-6429-4d70-969e-fe0b631a7c65-ds
- Report reveals €33m of cost overruns in school buildings | Business Post https://www.businesspost.ie/ireland/report-reveals-33m-of-cost-overruns-in-school-buildings-b3204cce
- Construction sector is building for the future – In a time of uncertainty, between the pandemic and Brexit, the building and infrastructure sectors nevertheless stand ready to create the Ireland of tomorrow: https://www.businesspost.ie/commercial-reports/construction-sector-is-building-for-the-future-229d9be0
- Magnificent seven: new developments to regenerate Dublin 8 – New hotels, student accommodation, tourist attractions and progress on the National Children’s Hospital are helping to make the area a hotspot for Hines, Ballymore and Marlet, among others https://www.businesspost.ie/commercial/magnificent-seven-new-developments-to-regenerate-dublin-8-3b2ede1c
- Marlet taps €200m state fund to gain momentum on Dundrum apartment scheme: Loan facility is biggest granted so far by House Building Finance Ireland https://www.thetimes.co.uk/edition/ireland/marlet-taps-200m-state-fund-to-gain-momentum-on-dundrum-apartment-scheme-pc9xjg0pf
- Johnny Ronan loses out in court battle on 13-storey docklands plan: Court rules against Bord Pleanála backing for 500 home development https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/construction/johnny-ronan-loses-out-in-court-battle-on-13-storey-docklands-plan-1.4384899?mode=amp
- Nama grants Ronan four-month extension on €160m glass bottle site deal https://www.irishtimes.com/business/commercial-property/nama-grants-ronan-four-month-extension-on-160m-glass-bottle-site-deal-1.4389807?mode=amp
- Raag Hotels to invest €18m in new Irish property https://www.irishtimes.com/business/transport-and-tourism/raag-hotels-to-invest-18m-in-new-irish-property-1.4386046?mode=amp
- Proposal for 14-storey tower beside Victorian market https://www.irishtimes.com/news/ireland/irish-news/proposal-for-14-storey-tower-beside-victorian-market-1.4385339?mode=amp
- New hotel planned for Dublin’s Liberties https://www.irishtimes.com/business/construction/new-hotel-planned-for-dublin-s-liberties-1.4384989?mode=amp
- Plan to raise roof of Metro hotel in Ballymun following revamp after fire https://www.thetimes.co.uk/edition/ireland/plan-to-raise-roof-of-metro-hotel-in-ballymun-following-revamp-after-fire-zqkqwvqpm
- Permission granted to convert former Cork tourist office into six-storey hostel https://www.irishexaminer.com/property/developmentconstruction/arid-40068488.html
- Waterford quays developers poised for Government funding decision https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/news/ireland/irish-news/waterford-quays-developers-poised-for-government-funding-decision-1.4386505?mode=amp
- €4m Covid lab under construction at University Hospital Limerick https://www.breakingnews.ie/amp/ireland/4m-covid-lab-under-construction-at-university-hospital-limerick-1021389.html
- New housing development in centre of Kilkenny town to go ahead despite height objections https://kilkennynow.ie/new-housing-development-in-centre-of-kilkenny-town-to-go-ahead-despite-height-objections/
- Award-winning Kilkenny restaurant overcomes objections to secure planning for major expansion https://kilkennynow.ie/award-winning-kilkenny-restaurant-overcomes-objections-to-secure-planning-for-major-expansion/
- Industrial development site in Newry area guiding €3.65m – Freehold site of 22 acres strategically located beside A1 dual carriageway between Belfast and Dublin https://www.businesspost.ie/commercial/industrial-development-site-in-newry-area-guiding-365m-a3f893b8
- Plans submitted for major housing development in Barna – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/plans-submitted-for-major-housing-development-in-barna/
- Shannon Commercial Properties is continuing its expansion plans at the Shannon Free Zone with its latest development, a new 54,000 sq ft building on track for completion by the end of this year. http://clareherald.com/2020/10/major-logistics-production-space-nearing-completion-47351/
- Progress on new builds for four Wicklow schools: The tender process for long awaited works at four Wicklow schools set to be begin shortly https://m.independent.ie/regionals/braypeople/news/progress-on-new-builds-for-four-wicklow-schools-39647812.html
- Kildare road built without planning permission – Council said developer, Ballymore Contracting, is fully cooperating with it over Naas road https://www.leinsterleader.ie/news/home/583034/kildare-road-built-without-planning-permission.html
- 32 Rathangan homes refused permission by An Bord Pleanala https://www.kildarenow.com/news/home/583475/32-rathangan-homes-refused-permission-by-an-bord-pleanala.html
- An Taisce seeking changes to €20m hotel expansion plans | Westmeath Independent https://www.westmeathindependent.ie/2020/10/24/an-taisce-seeking-changes-to-e20m-hotel-expansion-plans/
- Construction Of New Laois Nursing Home Could Begin In Nine Months https://www.midlands103.com/news/midlands-news/construction-of-new-laois-nursing-home-could-begin-in-nine-months/
- Dezoning of land to take place across Tipperary: “Use it or lose it.” http://tippfm.com/news/dezoning-land-take-place-across-tipperary/
- Offaly developer hits out at draft planning rules that could put Tullamore at a disadvantage https://www.offalyexpress.ie/news/home/581855/offaly-developer-hits-out-at-draft-planning-rules-that-could-put-tullamore-at-a-disadvantage.html
- Midlands Town To Get €400,000 Facelift https://www.midlands103.com/news/midlands-news/midlands-town-to-get-e400000-facelift/
- Dundrum Town Centre owner appoints new director of Ireland: Connor Owens will join the company from the National Asset Management Agency https://www.irishtimes.com/business/retail-and-services/dundrum-town-centre-owner-appoints-new-director-of-ireland-1.4389364?mode=amp
- Cellnex invests €15m in telecommunications infrastructure in Ireland https://amp.independent.ie/business/irish/cellnex-invests-15m-in-telecommunications-infrastructure-in-ireland-39654379.html
- Limerick-based Kirby Group doubles apprentice intake: Minister Simon Harris has heralded the group for their “leadership” in the area https://www-irishexaminer-com.cdn.ampproject.org/c/s/www.irishexaminer.com/business/companies/arid-40067856.html?type=amp
- Kilsaran has announced its entry into the precast market with the launch of a new precast concrete manufacturing facility at its Brownstown site in County Kildare. https://www.irishbuildingmagazine.ie/2020/10/21/kilsaran-recruiting-for-new-precast-plant/
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 *
- Firm’s WFH solution is a hit:Events company Movement pivots its business to make mini-home offices that can be used for a variety of purposes (pictured above) https://www.businesspost.ie/commercial/in-pod-we-trust-firms-wfh-solution-is-a-hit-702f300b
- Galway TD confirms consideration of roll out of online planning application system https://galwaybayfm.ie/galway-bay-fm-news-desk/galway-td-confirms-consideration-of-roll-out-of-online-planning-application-system/
- Proptech VC Launches Crowdfunding Accelerator https://therealdeal.com/2020/10/21/shadow-ventures-launches-crowdfunding-for-proptech-startups/
- A new PropTech app called Acaboom claims to send an alert when a landlord is viewing the agency’s marketing proposal. This means that the lull between visiting a prospect for valuation and receiving an instruction is minimised, and the agent gets the ‘nod’ when to follow up: https://www.lettingagenttoday.co.uk/breaking-news/2020/10/new-app-signals-to-agents-when-to-chase-potential-landlord-clients?source=newsticker
- Google Cloud launches Lending DocAI, its first dedicated mortgage industry tool https://techcrunch.com/2020/10/19/google-cloud-launches-lending-docai-its-first-dedicated-mortgage-industry-tool/
- Proptech revolution: six ways innovation is transforming the lettings sector https://thenegotiator.co.uk/proptech-revolution-six-ways-innovation-is-transforming-the-lettings-sector/
- Honeywell partners with AerVision on AI and biometrics via PropTech Hub | Biometric Update https://www.biometricupdate.com/202010/honeywell-partners-with-aervision-on-ai-and-biometrics-via-proptech-hub
- One Man’s Quest To Label Real Estate Data Companies as Cartels | Propmodo https://www.propmodo.com/one-mans-quest-to-label-real-estate-data-companies-as-cartels/
- Expanding the boundaries of ‘proptech’ https://www.marketing-interactive.com/expanding-the-boundaries-of-proptech
- 3D Printing for Residential is Market-Ready: Germany’s First Building is Under Construction https://www.archdaily.com/949531/3d-printing-for-residential-is-market-ready-germanys-first-building-is-under-construction
- New demolition technique proves its viability at Croft Quarry https://www.theconstructionindex.co.uk/news/view/new-demolition-technique-proves-its-viability-at-croft-quarry
- Six simple rules for more sustainable brick construction https://www.architectsjournal.co.uk/specification/six-rules-for-improving-sustainability-of-brick
RESIDENTIAL PROPERTY NEWS (including PRS)
- IPAV will be hosting its first Online European Valuation Conference and Virtual Exhibition on Wednesday 28 October 2020, moderated by Ivan Yates and Carol Tallon. Schedule and booking details here: https://ipav.ticketsolve.com/shows/873622069
- Lockdown curbs on house viewing designed to weed out tyre-kickers: House hunters must prove they can afford to buy before they will be allowed to attend viewings during the lockdown. Strict social-distancing safeguards that took effect last week will weed out tyre-kickers by requiring all house viewers to show proof of funds before being allowed to inspect properties on the market.https://www.thetimes.co.uk/article/lockdown-curbs-on-house-viewing-designed-to-weed-out-tyre-kickers-rvd5btjp6
- AIB customers have drawn down more than €245m in ‘green mortgages’ following the launch of the bank’s five year fixed-rate product last November. https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/personal-finance/property-mortgages/aib-customers-drew-down-245m-in-green-mortgages-in-12-months-39661629.html
- Housing supply at its lowest in 14 years as prices rise by 5pc despite pandemic https://amp.independent.ie/business/personal-finance/property-mortgages/housing-supply-at-its-lowest-in-14-years-as-prices-rise-by-5pc-despite-pandemic-39639539.html
- Irish house prices could buck European trend and fall this year, says S&P https://www.irishtimes.com/business/economy/irish-house-prices-could-buck-european-trend-and-fall-this-year-says-s-p-1.4386124?mode=amp
- House prices in Cork and Limerick up 9% in just three months https://www.irishexaminer.com/news/arid-40066944.html?type=amp
- Connacht Property Auction expects a busy end to the year https://www.advertiser.ie/galway/article/117773/connacht-property-auction-expects-a-busy-end-to-the-year
- Institutional investors spend €470m on residential properties in latest quarter https://www.irishtimes.com/business/commercial-property/institutional-investors-spend-470m-on-residential-properties-in-latest-quarter-1.4381696?mode=amp
- Money Q&A: Can I use my pension fund to build a house for rent? https://www.thetimes.co.uk/article/money-q-amp-a-can-i-use-my-pension-fund-to-build-a-house-for-rent-q9cr3c68c
- Property Focus: Homes to consider in Ballincollig https://www.irishexaminer.com/property/residential/arid-40067619.html
- DWS invests €350m in Irish residential deals https://realassets.ipe.com/news/dws-invests-350m-in-irish-residential-deals/10048557.article
- Sherry FitzGerald aims for bigger share of broker market https://www.irishtimes.com/business/commercial-property/sherry-fitzgerald-aims-for-bigger-share-of-broker-market-1.4388681?mode=amp
- Making their debut: Opera Lane apartments hit the open market for first time – Private balconies with glass balustrades are part of the attraction at city centre luxury apartments https://www.irishexaminer.com/property/residential/arid-40069472.html?type=amp
- Access all areas: Your guide to open and broken-plan living https://www.irishexaminer.com/property/homeandoutdoors/arid-40067667.html
- Dublin Budget Buddy: Which properties can you buy in Glasnevin, Lucan, Ballinteer and Harold’s Cross for €550,000? We look at a variety of houses to suit your budget https://www.dublinlive.ie/news/property/dublin-budget-buddy-properties-can-19156707
- Incredible piece of history for sale in rural Ireland for years without a buyer https://www.irishmirror.ie/news/irish-news/incredible-piece-history-sale-rural-22884060.amp
COMMERCIAL PROPERTY NEWS
- A rollercoaster year for Ireland’s commercial investment market: Despite serious disruptions to business throughout the year and a looming Brexit, market observers remain upbeat about what’s in store for commercial property investment – https://www.businesspost.ie/commercial/a-rollercoaster-year-for-irelands-commercial-investment-market-0d41062b
- Vendors adopting ‘wait-and-see’ approach in sub-€20m market https://www.irishtimes.com/business/commercial-property/vendors-adopting-wait-and-see-approach-in-sub-20m-market-1.4376533?mode=amp
- Demand for Dublin office space is ‘robust’, says investment firm https://m.independent.ie/business/commercial-property/demand-for-dublin-office-space-is-robust-says-investment-firm-39661988.html
- Year-to-date occupancy for Dublin hotels at end of September only 34% – JLL remains confident that the capital’s popularity as a tourist destination means the long-term outlook for Irish hotels is still bright https://www.businesspost.ie/commercial/year-to-date-occupancy-for-dublin-hotels-at-end-of-september-only-34-60f763fb
- Dublin pubs see no relief on the horizon https://www.thetimes.co.uk/article/dublin-pubs-see-no-relief-on-the-horizon-76kgqxmbj
- Goldman Sachs in talks to take over Blanchardstown shopping centre https://www.irishtimes.com/business/retail-and-services/goldman-sachs-in-talks-to-take-over-blanchardstown-shopping-centre-1.4389776?mode=amp
- Agenda: Unpaid raid has become the new look for retail landlords https://www.thetimes.co.uk/edition/ireland/agenda-unpaid-raid-has-become-the-new-look-for-retail-landlords-pjz652gl9
- Monsoon landlords win challenge over creditors arrangement that cut rents https://www.irishtimes.com/business/retail-and-services/monsoon-landlords-win-challenge-over-creditors-arrangement-that-cut-rents-1.4386435?mode=amp
- Opportunity knocks twice on St Stephen’s Green | Business Post https://www.businesspost.ie/commercial/opportunity-knocks-twice-on-st-stephens-green-a0322d08
- Galway industrial investment offers prospect of 7.25pc yield https://amp.independent.ie/business/commercial-property/galway-industrial-investment-offers-prospect-of-725pc-yield-39653228.html
INTERNATIONAL PROPERTY NEWS
- Ireland’s Leading Property Developer Bartra Offers Immigration Consultancy Service in Hong Kong | Taiwan News https://www.taiwannews.com.tw/en/news/4033978
- Are we about to suffer another big short, but in commercial property? https://www.thetimes.co.uk/article/are-we-about-to-suffer-another-big-short-but-in-commercial-property-f3hb2vd7n
- Retailer John Lewis eyes build to rent market with 20 sites https://www.constructionenquirer.com/2020/10/19/john-lewis-eyes-build-to-rent-market-with-20-sites/
- Landsec to sell almost a third of its £12.8bn property portfolio https://www.theguardian.com/uk-news/2020/oct/19/landsec-to-sell-almost-a-third-of-its-128bn-property-portfolio
- Property Natter: why diversification is the spice of life for agents https://www.estateagenttoday.co.uk/features/2020/10/property-natter-why-diversification-is-the-spice-of-life-for-agents
- ‘A game changer’. The UK’s first LGBTQ+ extra-care housing scheme gets go ahead https://www.theguardian.com/society/2020/oct/21/uks-first-extra-care-housing-lgbtq-manchester
- “Tech Workers Are Never Going Back to the Office”: The Pandemic Housing-Market Explosion Could Upend Silicon Valley as We Know It https://www.vanityfair.com/news/2020/10/the-pandemic-housing-market-explosion-could-upend-silicon-valley
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/