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:
- Sunday Independent – New plan to tackle crisis in housing: https://www.pressreader.com/ireland/sunday-independent-ireland/20200705/281509343469382
- Variety of housing schemes hit number of setbacks in the Liberties: Dublin City Council refuses permission for hotels and student accommodation in inner-city area
https://www.businesspost.ie/construction/variety-of-housing-schemes-hit-number-of-setbacks-in-the-liberties-a3987e34
- Government has real chance to put homelessness to bed, says Sr Stan https://amp.independent.ie/irish-news/news/government-has-real-chance-to-put-homelessness-to-bed-says-sr-stan-39341015.html
- Housing crisis set to worsen as sellers delay bringing homes to market: Combination of Covid-19 effects damaging stock levels, says Sherry FitzGerald https://www.irishtimes.com/business/construction/housing-crisis-set-to-worsen-as-sellers-delay-bringing-homes-to-market-1.4293559?mode=amp
- Tenants swapping homes on Facebook group https://m.independent.ie/irish-news/tenants-swapping-homes-on-facebook-group-39333789.html
- AIB U-turn on mortgage block for those on Covid wage subsidy – Homebuyers still likely to face significant hurdles in securing home loans from banks https://www.irishtimes.com/business/financial-services/aib-u-turn-on-mortgage-block-for-those-on-covid-wage-subsidy-1.4293709?mode=amp
- Refusal to consider complaints over alleged planning irregularities in Donegal challenged https://www.irishexaminer.com/breakingnews/ireland/refusal-to-consider-complaints-over-alleged-planning-irregularities-in-donegal-challenged-1008141.html
- Quashed Goatstown planning application can’t be reconsidered, court rules:
Less prejudicial to submit new plan than to rely on ‘fatally flawed’ application https://www.irishtimes.com/business/commercial-property/quashed-goatstown-planning-application-can-t-be-reconsidered-court-rules-1.4293695?mode=amp
- Supreme Court rules that two provisions of Irish planning law are in breach of EU directive https://www.thejournal.ie/planning-laws-an-taisce-quarry-5138808-Jul2020/
- New houses under affordable purchase scheme to cost from €160,000 to €250,000, says new housing minister https://m.independent.ie/irish-news/new-houses-under-affordable-purchase-scheme-to-cost-from-160000-to-250000-says-new-housing-minister-39327656.html
- Property report claims house prices have fallen by 3% since 2019 https://extra.ie/2020/06/29/business/property/property-reports-house-prices-fallen/amp
- Pandemic creates opportunity for more investment in social and affordable housing – advisory body https://amp.independent.ie/business/personal-finance/property-mortgages/pandemic-creates-opportunity-for-more-investment-in-social-and-affordable-housing-advisory-body-39331563.html
- NAMA pays two billion euro in first payment to the Irish Exchequer – The total payment to the Exchequer is expected to be €4.4bn by 2022. https://www.thejournal.ie/nama-two-billion-exchequer-5138614-Jul2020/
- OPR Launches New Online Research and Training Resource: The Office of the Planning Regulator (OPR), has developed and launched a new on-line resource which brings together a broad range of planning related research material, training materials and the OPR’s planning library in one central location.
https://www.opr.ie/3897/
- This startup gives renters a financial stake in their apartments – The average young person will spend more than $200,000 on rent, without the benefits of owning property. Now, Rhove reimagines renters as stakeholders to help them build wealth https://www.fastcompany.com/90523549/this-startup-gives-renters-a-financial-stake-in-their-apartments
- Black Lives Matter: master bedroom is banished by estate agents over slavery link https://www.thetimes.co.uk/article/black-lives-matter-master-bedroom-is-banished-by-estate-agents-over-slavery-link-zhv27mk5j
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.
This week we have chosen to run our Co-living Special from the archives as we know this is an increasingly controversial – and arguably, misunderstood – type of housing here in Ireland. We need many more housing options, not just co-living, and we cannot allow a NIMBY approach to dictate housing delivery. We do, of course, need to address the very real concerns of neighbouring residents, members of the political opposition (now Government – what a difference a day makes!) and housing commentariat.
Joining us on the show is Anil Khera, Founder and CEO of Node, Ed Burke, Founder of RooMigo and Claire-Maya Chawaf, a member of Roomigo.
Also featured is news of Bartra Capital Property Group‘s Dun Laoghaire project and an interview with (then) Housing Minister Eoghan Murphy, where he explains his position on co-living.
Produced by Katie Tallon, Hear Me Roar Media
Listen back: https://ipropertyradio.com/492-2/
Email the Property Matters team at hello@iPropertyRadio.com
PLACEMAKING
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- Green Party’s Hazel Chu elected new Lord Mayor of Dublin – Chu was elected following a vote of councillors this evening. https://www.thejournal.ie/green-partys-hazel-chu-elected-new-lord-mayor-of-dublin-5135939-Jun2020/
- ‘We haven’t been heard’: Anger over plans for Hellfire Club amid fears for beauty spot https://amp.independent.ie/irish-news/we-havent-been-heard-anger-over-plans-for-hellfire-club-amid-fears-for-beauty-spot-39327254.html
- 3 essential features now more important than transport for house buyers as demand surges https://extra.ie/2020/06/30/must-see/important-features-house-buyers/amp
- Opposition grows to €475m mixed-use scheme in Dublin as An Taisce, senator and locals hit out https://m.independent.ie/business/commercial-property/opposition-grows-to-475m-mixed-use-scheme-in-dublin-as-an-taisce-senatorand-locals-hit-out-39330217.html
- ‘Overall residential quality’ among the concerns Dublin City Council has about Jervis co-living plans
Dublin City Council has requested additional information from the applicants to address a number of matters with the proposed development.
https://www.thejournal.ie/jervis-development-information-5141400-Jul2020/
- Mixed reaction to Dublin streets closure in bid to boost business – Council cites weekend attempt to spark recovery, but some ‘don’t feel consulted at all’ https://www.irishtimes.com/news/social-affairs/mixed-reaction-to-dublin-streets-closure-in-bid-to-boost-business-1.4295288?mode=amp
- THE Cliffs of Moher, Ireland’s number one tourist attraction, is set for a multi-million Euro revamp.
https://www.irishpost.com/news/cliffs-of-moher-set-for-e16-million-upgrade-including-construction-of-e2-million-pedestrian-tunnel-188013
*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
- Lensmen: Documenting Construction Project Updates – The importance of maintaining site records in substantiating or defending delay claims:
“While the evidence of experts is useful in a delay claim, contemporaneous records is the best evidence…The judgement is a reminder that the opinion of a delay expert alone will not substitute the requirement for evidence of the actual cause and impact of an alleged delay. The use of expert evidence must be connected to the factual evidence from the project site.”
https://www.lensmen.ie/uncategorised/documenting-construction-project-updates/
- Permission sought for €150m film and media campus in Wicklow: Greystones project could create 1,500 jobs and remedy deficit of top-quality studio space https://www.irishtimes.com/business/media-and-marketing/permission-sought-for-1-5bn-film-and-media-campus-in-wicklow-1.4293884?mode=amp
- €4m innovation quarter set for centre of Tallaght https://www.echo.ie/tallaght/article/4m-innovation-quarter-set-for-centre-of-tallaght
- CORONAVIRUS LOCKDOWN MAY CUT IRISH HOUSE BUILDING BY 33% https://www.businessworld.ie/news-from-ireland/Coronavirus-lockdown-may-cut-Irish-house-building-by-33–574142.html
- Kennedy Wilson completes construction of Clancy Quay multifamily community in Ireland https://www.propertyfundsworld.com/2020/07/02/287130/kennedy-wilson-completes-construction-clancy-quay-multifamily-community-ireland
- Nama sees preferred Ringsend Glass Bottle site bidder by end July
– Agency has transferred €2bn in surplus cash to Government https://www.irishtimes.com/business/commercial-property/nama-sees-preferred-ringsend-glass-bottle-site-bidder-by-end-july-1.4293548?mode=amp
- €108m loans approved by Home Building Finance Ireland https://amp.irishexaminer.com/breakingnews/ireland/108m-loans-approved-by-home-building-finance-ireland-1008365.html
- North Dublin apartment block previously rejected finally gets green light despite pub objections
https://www.dublinlive.ie/news/dublin-news/apartments-housing-dublin-plans-rent-18534383
- Boutique hotel chain CitizenM is planning to build its first Irish property in central Dublin. https://www.thetimes.co.uk/article/citizenm-to-people-the-capital-with-new-hotel-7wfrn6vjj
- Pat Crean’s Atlas gets nod for 234 apartments in Cabinteely https://amp.independent.ie/business/irish/pat-creans-atlas-gets-nod-for-234-apartments-in-cabinteely-39338904.html
- Farmer’s challenge to €3.7bn Intel Ireland expansion to be heard in December https://amp.breakingnews.ie/ireland/farmers-challenge-to-37bn-intel-ireland-expansion-to-be-heard-in-december-1008122.html
- Plans for 162 houses and apartments at Cork’s Banduff https://www.irishexaminer.com/breakingnews/ireland/plans-for-162-houses-and-apartments-at-corks-banduff-1008918.html
- At a time when some prominent Irish golf clubs are battling simply to remain operational, Old Head Links in Kinsale are about to complete a €10m development of their facility. Indeed, plans are in hand for further expansion over the next two years. https://amp.independent.ie/sport/golf/old-head-standing-firm-against-financial-storm-39340980.html
- Plans to double size of Galway City student complex https://connachttribune.ie/plans-to-double-size-of-galway-city-student-complex/ & 250 student bed development at Terryland given go ahead https://galwaybayfm.ie/galway-bay-fm-news-desk/250-student-bed-development-at-terryland-given-go-ahead/
- Plans for new restaurant and apartments in Knocknacarra approved https://www.galwaydaily.com/uncategorized/plans-for-new-restaurant-and-apartments-in-knocknacarra-approved/
- Councillors say they have doubts over Kill houses https://www.leinsterleader.ie/news/home/554236/councillors-say-they-have-doubts-over-kill-houses.html
- Blessington houses and apartments plan is opposed – Concern about density https://www.leinsterleader.ie/news/news/554221/blessington-houses-and-apartments-plan-is-opposed.html
- Former Kildare hotel to get major makeover worth over €300k https://www.kildarenow.com/news/home/555556/330k-works-to-start-on-former-kildare-hotel-which-closed.html
- Supreme Court decision issued in relation to unauthorised Ballysax quarry https://www.kildarenow.com/news/news/555000/supreme-court-decision-issued-in-relation-to-unauthorised-ballysax-quarry.html
- Rosslare Europort in line for €30m upgrade from Irish Rail – Development will seek to facilitate ‘major growth’ and get the facility Brexit-ready https://www.irishtimes.com/business/transport-and-tourism/rosslare-europort-in-line-for-30m-upgrade-from-irish-rail-1.4295390?mode=amp
- An Taisce lodges objection to Bord Gas Networks multi-million euro project in north Cork https://amp.breakingnews.ie/ireland/an-taisce-lodges-objection-to-bord-gas-networks-multi-million-euro-project-in-north-cork-1009077.html
- Maurice Buckley inaugurated as 128 President of Engineers Ireland https://www.irishbuildingmagazine.ie/2020/07/01/maurice-buckley-inaugurated-as-128-president-of-engineers-ireland/
- PJ Hegarty & Sons has announced the appointment of John Curtin to the Board in the role of Commercial Director and Quinton Allen as a Construction Director in the Eastern Region. https://www.irishbuildingmagazine.ie/2020/06/29/pj-hegarty-sons-announces-two-board-appointments/
- Sonica builds for a post-Covid world – Founder Donnacha Neary built a €70m business and is now overseeing the creation of an office fit for the future https://amp.independent.ie/business/irish/sonica-builds-for-a-post-covid-world-39338887.html
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 *
- New research at DCU to tackle energy efficiency in European housing https://www.dcu.ie/news/news/2020/Jun/New-research-DCU-tackle-energy-efficiency-European-housing.shtml
- Covid culture provides a shot in the arm for small Irish firms – Small firms that have been forced to innovate during lockdown are those best prepared for the future https://www.thetimes.co.uk/article/covid-culture-provides-a-shot-in-the-arm-for-small-irish-firms-dd3x8cpcn
- Roomality: an immersive 3D-imaging system “that projects a virtual world onto the user’s own surroundings without the need for a headset, goggles or glasses” https://www.thetimes.co.uk/article/bold-moore-is-on-the-right-trek-with-vr-venture-cxx0nqpq7
- PropTech platform secures £2m to develop ‘with agents in mind’
https://www.lettingagenttoday.co.uk/breaking-news/2020/7/proptech-platform-wins-2m-funding-to-develop-with-agents-in-mind?source=newsticker
- Race on for £2bn modular housing deals: Central Housing Investment Consortium framework could run up to 15 years
https://www.building.co.uk/news/race-on-for-2bn-modular-housing-deals/5106700.article
- Could MMC be the solution to the UK’s post-coronavirus housing backlog? https://developmentfinancetoday.co.uk/article-desc-8045_could-mmc-be-the-solution-to-the-uks-post-coronavirus-housing-backlog
- Swiss researchers develop method of printing complex structures with half the concrete https://www.globalconstructionreview.com/news/swiss-researchers-develop-method-printing-complex-/
- PropTech Today: another attempt at solving a problem that doesn’t exist? https://www.estateagenttoday.co.uk/breaking-news/2020/6/proptech-today-is-this-another-attempt-at-solving-a-problem-that-doesnt-exist
- The listed flagship of one of China’s 10 richest real estate developers plans to turn equity investing – especially in the technology field — into a core business. https://www.forbes.com/sites/russellflannery/2020/07/01/embracing-a-must-china-real-estate-billionaire-targets-tech-investments/#1d631ef32403
- How Will Digitalization and Remote Construction Change our Habits as Architects? https://www.archdaily.com/941841/how-will-digitalization-and-remote-construction-change-our-habits-as-architects
- Robot roundup: 5 recent innovations in construction tech https://www.constructiondive.com/news/robot-roundup-5-recent-innovations-in-construction-tech/580902/
- 16 Ways Post-Crisis Innovation Will Impact Commercial Real Estate https://www.forbes.com/sites/forbesrealestatecouncil/2020/06/29/16-ways-post-crisis-innovation-will-impact-commercial-real-estate/#7e7999a575c1
- Murcia has teamed up with construction company CHM to reduce the burning effect, through the use of ‘cool pavements’ made of a new composition of asphalt, which stores much less solar energy.
The lighter colour also provides improved visibility at night. https://www.theolivepress.es/spain-news/2020/06/28/how-murcias-cool-streets-technology-helps-prevent-pets-burning-their-paws-as-temperatures-rise-across-spain/
RESIDENTIAL PROPERTY NEWS
- Call for extension of ban on evictions mid concerns over rent arrears https://amp.irishexaminer.com/breakingnews/ireland/call-for-extension-of-ban-on-evictions-mid-concerns-over-rent-arrears-1008674.html
- Housing Minister Darragh O’Brien says Covid-19 will not delay Rebuilding Ireland mortgages https://amp.breakingnews.ie/ireland/housing-minister-darragh-obrien-says-covid-19-will-not-delay-rebuilding-ireland-mortgages-1008282.html
- No plunge in prices yet, as some pent-up demand keeps market going
https://m.independent.ie/business/personal-finance/property-mortgages/no-plunge-in-prices-yet-as-some-pent-up-demand-keeps-market-going-39323395.html
- Signs of recovery in some property market sectors https://www.rte.ie/amp/1150773/
- How Covid crisis has hit tenants seeking affordable homes https://www.thetimes.co.uk/article/how-covid-crisis-has-hit-tenants-seeking-affordable-homes-zdv0vmsdj
- Working from home set to fuel demand for homes in the countryside https://amp.independent.ie/irish-news/news/working-from-home-set-to-fuel-demand-for-homes-in-the-countryside-39341052.html
- Ten thousand homes sold in areas at risk of coastal flooding: Study finds climate change poses danger to homes bought over past ten years, particularly in Louth and Clare https://www.businesspost.ie/residential/ten-thousand-homes-sold-in-areas-at-risk-of-coastal-flooding-1e4c7290
- Seán FitzPatrick lodges revised plans for Greystones house: Ex-Anglo banker retained home after being declared bankrupt in 2010 with €147m debts https://www.irishtimes.com/business/financial-services/se%C3%A1n-fitzpatrick-lodges-revised-plans-for-greystones-house-1.4292935?mode=amp
- A historic castle in need of some TLC is for sale in Cork, Ireland, for £2.5m: Glengarriff Castle has played host to famous writers, artists, and the royals https://www.countryliving.com/uk/homes-interiors/property/amp33008248/historic-castle-for-sale-cork-ireland-glengarriff-castle/
- Join the pod squad with a home office in the garden: The rise of home-working is encouraging people to build bright new spaces to put in a good shift https://www.thetimes.co.uk/article/join-the-pod-squad-with-a-home-office-in-the-garden-cvwx95wj2
COMMERCIAL PROPERTY NEWS
- Covid-19 brought ‘lost quarter’ to commercial property market – report
Transactional activity ground to a halt but CBRE says recovery in sight for some sectors https://www.irishtimes.com/business/commercial-property/covid-19-brought-lost-quarter-to-commercial-property-market-report-1.4291851?mode=amp
- Landlords will have to share burden of retail tenants’ Covid-19 losses:
Coronavirus accelerated inevitable demise of retailers unable or unwilling to trade online https://www.irishtimes.com/business/commercial-property/landlords-will-have-to-share-burden-of-retail-tenants-covid-19-losses-1.4291459?mode=amp
- Colony Capital appoints Eastdil to sell stakes in prime Dublin offices https://www.irishtimes.com/business/commercial-property/colony-capital-appoints-eastdil-to-sell-stakes-in-prime-dublin-offices-1.4292785?mode=amp
- McKillen jnr seeks €65 per square foot for Dawson Street offices – Former New Ireland headquarters ready for occupation in 2021 following redevelopment https://www.irishtimes.com/business/commercial-property/mckillen-jnr-seeks-65-per-square-foot-for-dawson-street-offices-1.4292649?mode=amp
- Chicago-based eDiscovery technology company, George Jon, Inc., chooses Dublin as home for its first international office
https://www.gov.ie/en/press-release/f7838-chicago-based-ediscovery-technology-company-george-jon-inc-chooses-dublin-as-home-for-its-first-international-office/
- Money transfer firm Remitly to take office space in Cork’s Penrose Dock https://www.irishexaminer.com/breakingnews/business/money-transfer-firm-remitly-to-take-office-space-in-corks-penrose-dock-1008417.html
- ‘We have huge potential’: Housing expert on rapid conversion of commercial units in Ireland https://amp.breakingnews.ie/ireland/we-have-huge-potential-housing-expert-on-rapid-conversion-of-commercial-units-in-ireland-1008785.html
INTERNATIONAL PROPERTY NEWS
- Landlords feel pinch as retailers fall behind on rent https://www.thetimes.co.uk/article/landlords-feel-pinch-as-retailers-fall-behind-on-rent-jkg78k65z
- UK Mortgage approvals fall to record low https://www.thetimes.co.uk/article/mortgage-approvals-fall-by-90-tpj3pzrpm
- Coronavirus slump could delay building of 300,000 UK homes – Research suggests social housing construction risks falling to wartime levels https://amp-theguardian-com.cdn.ampproject.org/c/s/amp.theguardian.com/world/2020/jun/30/coronavirus-slump-could-delay-building-of-300000-homes
- Johnson pledges to ‘build build build’
7 hours The prime minister has confirmed that he is looking to the construction industry to drive UK recovery from the economic torpor induced by the Covid-19 lockdown. https://www.theconstructionindex.co.uk/news/view/johnson-pledges-to-build-build-build
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/