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:
- Housing market grinds to a halt as Covid-19 crisis takes hold
“Those going on the market in late March were almost by definition more confident about the future or perhaps less aware of just how serious the health and economic consequences were forecast to be,”
- Five million-plus property transaction documents may be digitised: The Registry of Deeds, which holds records of property transactions going back to 1708, is examining digitalising its more than five million documents and making them available to the public.
- Pandemic presents chance to push EU for more flexibility on housing:
The Land Development Agency has been hampered by political timidity and potential objections over state aid, but all that might soon change
- Ireland ‘resilient’ enough to cope with cost of Covid-19, says Moody’s https://www.irishtimes.com/business/economy/ireland-resilient-enough-to-cope-with-cost-of-covid-19-says-moody-s-1.4217176?mode=amp
- Coronavirus: can we start to estimate the impact on the Irish economy?
Precise economic forecasting has gone out the window in the current crisis. The world economy is off script.
What happens next economically all depends on the path of the virus, the success of efforts to control it and, crucially, when and how restrictions are lifted.
In Ireland, large parts of the economy are shut down. More than half a million people are relying of State unemployment benefits and income supports.
- How Covid-19 will change the way we work forever: …where change isn’t forthcoming it will eventually be forced by fear as a result of an external threat. “It is very hard to unlearn something that has brought success in the past,” she said. “It is really hard to instigate change without fear or threat fuelling that change.”
- Airbnb will pay hosts $250 million to help cover cancellations due to COVID-19 – TechCrunch https://techcrunch.com/2020/03/30/airbnb-commits-250-million-to-helping-hosts-cover-cancellations-due-to-covid-19/
- ‘Unsung heroes’ working 80 plus hours a week to prepare Ireland’s emergency ‘coronavirus hospitals’ – Irish Mirror Online https://www.irishmirror.ie/news/irish-news/unsung-heroes-working-80-plus-21801409.amp?utm_source=twitter.com&utm_medium=social&utm_campaign=sharebar&__twitter_impression=true
- Building Success From Disaster: How Real Estate Can Rebound https://www.forbes.com/sites/garybarker/2020/04/03/building-success-from-disaster-how-real-estate-can-rebound/#b6faa1a63ab2
- David McWilliams: We must loosen up on financing pandemic spending now https://www.irishtimes.com/opinion/david-mcwilliams-we-must-loosen-up-on-financing-pandemic-spending-now-1.4219262?mode=amp
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 email@example.com.
(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). Seasoned political broadcaster, Bryan Fox, and I (Carol Tallon) team up to deliver 60 minutes of industry chat with guests from the areas of planning, construction, property and proptech. Produced by Katie Tallon of Hear Me Roar Media.
Property Matters: March 31st, 2020 – IPAV, Savills and the e-conveyancing agenda
IPAV CEO Pat Davitt and Savill’s Head of Research John McCartney join us remotely to discuss the likely impact of Covid-19 on Ireland’s property market performance in 2020 and what this means for new and second-hand home sales nationwide. Also, as the market is in a state of disruption, is this the right time to push the e-conveyancing agenda?
*Listen back to all #PropertyMatters episodes here: https://ipropertyradio.com
Email the Property Matters team at hello@iPropertyRadio.com
Listen back: Have you been affected by changes to the property market? | Newstalk
The property market has slowed dramatically due to the coronavirus – how have been affected by all the changes and restrictions put in place? Were you planning to buy, sell or rent a home? Ciara chats to Carol Tallon, CEO Property District, and hears from listeners.
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- Covid-19: Public Consultation Implications of Emergency Changes to Planning | PLACEengage https://placeengage.com/covid-19-public-consultation-implications-of-emergency-changes-to-planning/
- Coronavirus: Ringsend residents invent balcony bingo to keep entertained https://www.irishtimes.com/news/ireland/irish-news/coronavirus-ringsend-residents-invent-balcony-bingo-to-keep-entertained-1.4209098?mode=amp
- Cycling group secures court decision over permission for Dublin apartments
The Dublin Cycling Campaign has secured leave for judicial review of a decision granting permission for 761 build-to-rent apartments at the rear of Dublin’s Connolly Station.
Oxley Holdings Ltd, registered in Singapore, was given the go-ahead last month for the development after An Bord Pleanála determined it was strategic housing development, so allowing local planning authorities to be bypassed.
- Public Space and Public Life are more important than ever – Gehl #placemaking
“Now is a great time to plan ahead. Public, accessible spaces for all is not a ‘nice to have’, but a need for any global city and community to ensure social, cultural, environmental and economical resilience. We need to monitor what is happening right now and learn from the fundamental change of behaviors and mobility patterns, the environmental improvements and hard impact to local community businesses to improve the way we plan for sociability, health and wellbeing.”
- Video: This street are doing daily group dances – while social distancing https://www.breakingnews.ie/discover/video-this-street-are-doing-daily-group-dances-while-social-distancing-992139.html
- Make a move to Irishtown – the affordable side of Dublin 4 https://www.irishtimes.com/life-and-style/homes-and-property/make-a-move-to-irishtown-the-affordable-side-of-dublin-4-1.4214008?mode=amp
*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 Times today – Developers plough ahead with new homes schemes: Alanna Homes, backed by veteran housebuilder Seamus Ross and his family, is in talks with planners about building almost 1,200 homes on a site in west Dublin — despite fears that the coronavirus outbreak will cause a recession that could hammer house prices.
The building company has started a consultation with An Bord Pleanala about building 355 houses and 800 apartments on a site at Barnhill, near Clonsilla. Alanna has other housing schemes, at Hansfield and Newcastle in west Dublin and Longwood in Meath. On its website, the company said it was building about 400 homes a year and “growing rapidly”. Ross, the founder of Menolly Homes, was in talks in 2018 to float Alanna but no deal was completed…
In the Business Post today: Sales of Irish Glass Bottle and other prime sites on hold, say developers: Major development land sales, including that of the 37-acre Ringsend plot, are being postponed due to Covid-19
- Aviva pushes for more short-term lets in Dublin: Insurer’s pension operation lodges plans to build six-storey complex near St Stephen’s Green https://www.businesspost.ie/residential/aviva-pushes-for-more-short-term-lets-in-dublin-0c62f320
- Wetherspoons is warned over Dublin city centre pub modifications: Dublin City Council says changes were made to the protected structure on Abbey Street without permission and some features will have to be reinstated | Business Post https://www.businesspost.ie/companies/wetherspoons-is-warned-over-dublin-city-centre-pub-modifications-dbef8d9e
- Construction to start in July on Liberties student accommodation: Joint development to be ready for 2022/2023 academic year
- Hollywood favourite Bray Head Hotel on sale through Lisney for €3m: The seafront property has planning for the development of apartments and restaurants
- Co Louth nursing home site with planning permission for €1.75m: The site, close to Drogheda, is part of a development of 200 residential homes currently under construction
- Clarification on the Operation of the Planning System During the Current COVID-19 Emergency – The Office of the Planning Regulator https://www.opr.ie/clarification-on-the-operation-of-the-planning-system-during-the-current-covid-19-emergency/
- Coronavirus spurs immediate changes to planning process:
The Government has agreed to immediate changes in the planning application process necessitated by the Covid-19 emergency.
In an incorporeal meeting of Cabinet (by teleconference) on Sunday, the Government approved a request by Minister for Housing Eoghan Murphy to extend the period of public participation in planning applications by three weeks. The move is designed to prevent the planning and development processes from shutting down immediately because of the outbreak.
- Construction firm stops work on national children’s hospital: Bam Ireland has announced that it has stopped work on the building of the national children’s hospital.
The company said it ceased work on the project “immediately” after getting confirmation from the National Paediatric Hospital Development Board (NPHDB) that the hospital was not deemed an essential construction service in the context of the coronavirus restrictions.
- National Children’s Hospital board takes builder to court: High Court action over dispute with BAM being taken ‘to defend the public purse’
- BAM ‘welcomes’ legal action taken against it by board of National Children’s Hospital … adding that it will lead to “proper and careful analysis, and ultimately resolution”.
The dispute centres around the requirements in the contract to have a design in place before construction, which BAM claims has still not been completed.
- Building towards zero carbon https://www.irishtimes.com/special-reports/footprint-2020/building-towards-zero-carbon-1.4206077?mode=amp#.Xodt-SfjHWJ.twitter
- Leading developer wants the government to revisit its decision to shut down house building
“We have a huge deficit in housing and that has to be addressed,” he said. “Housing is a critically important thing for this country.
- Court rules Cox cannot access O’Flynn papers in legal dispute https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/construction/court-rules-cox-cannot-access-o-flynn-papers-in-legal-dispute-1.4220303?mode=amp
- Grafton closes Woodies DIY, Glenveagh closes construction sites https://www.irishtimes.com/business/construction/grafton-closes-woodies-diy-glenveagh-closes-construction-sites-1.4215609?mode=amp
- Savills Expects 32% Reduction in Dublin Hotel Development Pipeline – Construction Network Ireland http://www.constructionnetworkireland.com/savills-expects-32-reduction-dublin-hotel-development-pipeline/
- Planning green light for the construction of six houses on Blackbog Road in Carlow https://www.carlowlive.ie/news/home/530534/planning-green-light-for-the-construction-of-six-houses-on-blackbog-road-in-carlow.html
- Site work has started on major north Kildare housing development: Site work has begun at a major construction site in Celbridge and show houses may be ready for viewing later this year, subject to the coronavirus lockdown.
In April 2019, Bord Pleanala granted planning permission for 271 residences off the Shackleton or Clane road in Celbridge.
O’Flynn Construction has permission for 167 houses and 84 apartments by the board after its inspector had recommended with conditions
- Council blocks plan for 22 homes on former HSE site https://www.kildarenow.com/news/home/531504/council-blocks-plan-for-22-homes-on-former-hse-site.html
- Massive apartment blocks behind Kildare church are refused permission by An Bord Pleanála https://www.kildarenow.com/news/home/532064/massive-apartment-blocks-behind-kildare-church-are-blocked-by-an-bord-pleanala.html
- Naas bar and restaurant expanding into neighbouring building https://www.leinsterleader.ie/news/home/531293/naas-bar-and-restaurant-expanding-into-neighbouring-building.html
- Report for Kildare Village-type development in East Cork postponed https://amp.irishexaminer.com/breakingnews/ireland/report-for-kildare-village-type-development-in-east-cork-postponed-991226.html
- Plans upheld for 67 new homes on the Dublin Road – Talk of the Town https://www.talkofthetown.ie/plans-upheld-for-67-new-homes-on-the-dublin-road/amp/
- Revealed: Planning permission lodged for major refurbishment of this north Carlow pub https://www.carlowlive.ie/news/home/531699/revealed-planning-permission-lodged-for-major-refurbishment-of-this-north-carlow-pub.html
- UK perspective: Readers’ survey: 93% fear coronavirus crisis could spell the end for their firms
Construction companies also pessimistic about when work on sites might restart
A survey carried out by Building and its sister titles Building Design and Housing Today, in association with Fenwick Elliott, found that 39.4% of respondents were “very concerned this crisis could cause insolvency” while around 53% were “slightly concerned”.
PROPTECH, MMC & CONSTRUCTION INNOVATION
- 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 *
- Excellent initiative: Savills launches online shop for new-home buyers: The latest move in this regard is the launch today by Savills Ireland of a new one-stop website called “Savills Live”. It allows prospective homebuyers to explore properties online using Matterport 3D virtual reality, engage in live chats with its sales agents and to buy through Savills’ own “click-to-purchase” feature which enables buyers and solicitors to sign contracts electronically.
- Estate agents hold virtual property viewings during Covid-19 crisis https://www.irishexaminer.com/breakingnews/business/estate-agents-hold-virtual-property-viewings-during-covid-19- crisis-991672.html
- Google data shows fall in crowds in Ireland as social distancing measures kick in https://www.irishtimes.com/business/technology/google-data-shows-fall-in-crowds-in-ireland-as-social-distancing-measures-kick-in-1.4219803?mode=amp
- Geospatial Commission to release core identifiers under Open Government Licence: “This is an important milestone in the Government’s commitment to maximising the value of geospatial data.”
- PlaceTech | Propel by MIPIM Paris rescheduled to September https://placetech.net/news/propel-by-mipim-paris-rescheduled-to-september/
- Matterport pioneering spatial data capture in construction. https://www.constructionglobal.com/equipment-and-it/matterport-pioneering-spatial-data-capture-construction?amp
- PropTech v. COVID-19 – Unissu https://www.unissu.com/proptech-resources/PropTech-solutions-for-pandemic-epidemic-coronavirus-covid19
- PropTech platform makes pitch for agents let go by High Street firms
- My Building Gave Me the Coronavirus | Propmodo https://www.propmodo.com/my-building-gave-me-the-coronavirus-how-apartment-building-managers-can-help-prevent-the-spread-of-covid-19/
- Technology rises to the fore in challenging times | Property Reporter https://www.propertyreporter.co.uk/landlords/technology-rises-to-the-fore-in-challenging-times.html
- VR – A proptech solution that’s allowing for remote investment | TechBullion https://techbullion.com/vr-a-proptech-solution-thats-allowing-for-remote-investment/
- Proptech LandTech launches free platform to help communities battle Coronavirus | Online | Property Week https://www.propertyweek.com/news/proptech-landtech-launches-free-platform-to-help-communities-battle-coronavirus/5107227.article
- Tavant Launches Proptech; Accelerates Digital Innovation for the Real Estate Industry | Business Wire https://www.businesswire.com/news/home/20200331005275/en/Tavant-Launches-Proptech-Accelerates-Digital-Innovation-Real
- Proptech investor backs sustainable cloud computing firm | Online | Property Week https://www.propertyweek.com/news/proptech-investor-backs-sustainable-cloud-computing-firm/5107137.article
- Qarnot raises €6 million to heat buildings for free with computers | EU-Startups https://www.eu-startups.com/2020/03/qarnot-raises-e6-million-to-heat-buildings-for-free-with-computers/
- Airbnb gets serious on long-term stays, denies hosts are finding new platforms | PhocusWire https://www.phocuswire.com/Airbnb-long-term-stay-hosts
- Airbnb, After Coronavirus https://www.citylab.com/life/2020/04/coronavirus-safe-travel-airbnb-rental-business-host-bailout/608917/
- PlaceTech | Ex-Equiem BD + comms set up ‘proptech growth engine’ https://placetech-net.cdn.ampproject.org/c/s/placetech.net/news/ex-equiem-bd-comms-set-up-proptech-growth-engine/amp/
- SoftBank terminates $3BN tender offer for WeWork shares – TechCrunch https://techcrunch.com/2020/04/02/softbank-terminates-3bn-tender-offer-for-wework-shares/amp/
OTHER PROPERTY NEWS
- Ban on viewings and valuations closes down the housing market: The Government lockdown means the housing market is effectively shutting down for buyers and sellers.
Physical house viewings are no longer permitted under the current guidelines and even where a sale is agreed the valuations banks require before releasing mortgage funds can no longer take place.
- ‘It was shaping to be a very strong year’: How will the coronavirus crisis impact people buying houses? https://www.thejournal.ie/housing-market-coronavirus-5063782-Apr2020/
- Covid-19 crisis to wipe out Q1 housing market recovery: The housing market was making a recovery in the first quarter of 2020 after a lull sparked by Brexit, but its progress has been swept away by the Covid-19 crisis, according to the latest quarterly report by property site Myhome.ie.
The report by Myhome, owned by The Irish Times DAC, found that across the State the average asking price of €273,000 rose by 1.9 per cent in the first three months of the year, when compared to the three months at the end of 2019.
- Recovery in housing market likely to be wiped out https://www.rte.ie/news/business/2020/0330/1127290-recovery-in-housing-market-likely-to-be-wiped-out/
- Covid-19 outbreak puts brakes on recovery in property market https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/irish-news/covid-19-outbreak-puts-brakes-on-recovery-in-property-market-39086221.html
- In the Sunday Independent today: Banks add Covid-19 income conditions to mortgage offers – Independent.ie https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/personal-finance/property-mortgages/banks-add-covid-19-income-conditions-to-mortgage-offers-39101773.html
- Liz O’Kane: Playing the long game: In these uniquely testing times, it pays to have manners and conduct your business with some class
- Commercial landlords gear up for rent clashes with tenants: Second quarter rent unpaid by many retailers due to the Covid-19 crisis
- Business Post: WeWork likely to seek review of rental terms at former Central Bank building: Embattled office space company wants new deals across the globe after failed $65bn flotation
- Flexibility should be built into lease arrangements: Good communication between landlord and tenant can go a long way to helping come to an agreement during these difficult times, by
- For the Irish property market, it’s out of the Brexit frying pan and into the coronavirus fire https://m.independent.ie/business/personal-finance/property-mortgages/for-the-irish-property-market-its-out-of-the-brexit-frying-pan-and-into-the-coronavirus-fire-39086376.html.
- ‘For the first time in years it is a renter’s market’ https://www.irishtimes.com/life-and-style/homes-and-property/for-the-first-time-in-years-it-is-a-renter-s-market-1.4216892?mode=amp
- ‘I’m so tired of being taken advantage of as a tenant’ – outrage as rent increases notices sent in spite of ban: TENANTS are continuing to receive notices about rent increases despite the introduction of emergency legislation banning hikes during the coronavirus crisis.
Housing activists fear some renters may not be keeping up to date with the news and could be unaware that rent increases are currently outlawed.
Since the Public Interest Bill was enacted on March 27 to help deal with the impact of the coronavirus pandemic, rents are meant to be frozen and evictions banned.
- Renovated Dublin bedsits flood onto market after coronavirus restrictions https://www.thetimes.co.uk/article/renovated-dublin-bedsits-flood-onto-market-after-coronavirus-restrictions-trvjxwf9t
- Sherry Fitzgerald’s Galway rental properties increase by 40% since outbreak – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/sherry-fitzgeralds-galway-rental-properties-increase-by-40-since-outbreak/
- TheJournal.ie – Daft.ie is helping provide free accommodation for doctors and nurses battling the Covid-19 pandemic: It’s expected that a feature allowing doctors and nurses to self-isolate outside of hospitals will be live by next week.
- Investment fund provides 90 free luxury south Dublin apartments for HSE: A property fund backed by the Ireland Strategic Investment Fund (Isif) is providing 90 recently built apartments for free to the Health Service Executive to house healthcare workers for up to three months during the Covid-19 crisis.
The fully kitted-out apartments in Churchtown, a leafy suburb to the south of the city, are part of the second phase of the luxury Fernbank development.
- Dublin estate agent offers free accommodation to hospital workers https://www.irishtimes.com/news/ireland/irish-news/dublin-estate-agent-offers-free-accommodation-to-hospital-workers-1.4218277?mode=amp
- What happens if a tenant can’t pay rent during the Covid-19 crisis? https://www.irishtimes.com/life-and-style/homes-and-property/what-happens-if-a-tenant-can-t-pay-rent-during-the-covid-19-crisis-1.4217029?mode=amp
- What will €265,000 buy in Dublin and in Co Tipperary? https://www.irishtimes.com/life-and-style/homes-and-property/what-will-265-000-buy-in-dublin-and-in-co-tipperary-1.4209834?mode=amp
- Kildare property prices down by €5,000 – MyHome.ie https://www.leinsterleader.ie/news/property/530754/kildare-property-prices-down-by-5-000-myhome-ie.html
- First-time buyers: how will coronavirus crisis affect our move? https://www.theguardian.com/money/2020/mar/30/first-time-buyers-how-will-coronavirus-crisis-affect-our-move
- Near record office take-up across capital:
OCCUPIERS committed to taking a near record 825,000 sq ft of office space during the first three months of this year.
According to Knight Frank Ireland this was the second-highest first-quarter take-up behind only Q1 last year.
Covid-19’s impact was reflected in the fall in the number of deals from 48 in Q1 2019 to 29 this year.
- Trinity College Dublin acquires IFSC block for €16m: Trinity College Dublin has acquired the landmark Stack B office building at the IFSC for €16 million. Located overlooking George’s Dock, the property comprises 1,300sq m (14,000sq ft) with a substantial basement of 278sq m (3,000 sq ft).
Trinity have occupied the building since 2016 having taken an assignment of the original lease held by AIB.
- Unity Technologies signs for new Dublin docklands office https://www.irishtimes.com/business/commercial-property/unity-technologies-signs-for-new-dublin-docklands-office-1.4216873?mode=amp
- St Stephen’s Green office space guiding at €45 per square foot https://www.irishtimes.com/business/commercial-property/st-stephen-s-green-office-space-guiding-at-45-per-square-foot-1.4213724?mode=amp
- Shopping centre owner sees rental income drop by two-thirds https://www.irishtimes.com/business/commercial-property/shopping-centre-owner-sees-rental-income-drop-by-two-thirds-1.4215706?mode=amp
- Brown Thomas and Arnotts join retailers in suspending online operations https://www.irishtimes.com/business/retail-and-services/brown-thomas-and-arnotts-join-retailers-in-suspending-online-operations-1.4215616?mode=amp
- Penneys puts plan for new store in Dundrum Town Centre on hold https://www.irishtimes.com/business/retail-and-services/penneys-puts-plan-for-new-store-in-dundrum-town-centre-on-hold-1.4216681?mode=amp
- Restaurateurs seeking deals on rent with many payments due this week https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/retail-and-services/restaurateurs-seeking-deals-on-rent-with-many-payments-due-this-week-1.4216177?mode=amp
- Covid-19 crisis puts value of the modern-day office into focus: Humans are hypersocial and work best as part of a team in colloborative environments
- Naas Shopping Centre has been sold to local Kildare developer Ger Roche https://www.leinsterleader.ie/news/news/531841/naas-shopping-centre-has-been-sold.html
- The coronavirus crisis has totally broken the UK’s housing market https://www.wired.co.uk/article/coronavirus-uk-housing-market
- Small retail centre sustains its appeal during Covid-19 crisis – Independent.ie https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/commercial-property/small-retail-centre-sustains-its-appeal-39095886.html
INTERNATIONAL PROPERTY NEWS
- The coronavirus crisis has totally broken the UK’s housing market https://www.wired.co.uk/article/coronavirus-uk-housing-market
- Ferrovial’s 3D-printing team is working on the development of a mask design with the aim of producing hundreds a day during the Covid-19 crisis.
The team – which is part of Ferrovial’s Services business – is using additive manufacturing techniques to make the masks.
The company has also been working on a project to turn a Madrid exhibition centre into a field hospital.
- Australian real estate agents face fines and jail if tenants told to use super to pay rent https://www.theguardian.com/australia-news/2020/apr/03/australian-real-estate-agents-face-fines-and-jail-if-tenants-told-to-use-super-to-pay-rent
***Looking for a project..?
Plumen Projects: How an old horsebox was lovingly converted into a bar https://plumen.com/blog/2018/07/25/how-an-old-horsebox-was-converted-into-an-awesome-little-bar/