Before we get stuck into the general property news of the week, below are a few local and international stories that might be of particular interest:
- Have you an interest in Dublin’s office marketplace? If so, you won’t want to miss the next Bisnow Europe event at Dublin Airport Central with U+i, Hubspot, Turner & Townsend, Trinity College Dublin, Equiem, Kellogg’s, Coady Architects and mac-group:
RISE & SHINE: THE FUTURE OF DUBLIN’S WORKSPACE INDUSTRY https://propertydistrict.ie/rise-shine-the-future-of-dublins-workspace-industry/
- Hot on the heels of the Green Reit sale news, Paddy McKillen jnr’s Press Up selling stake for up to €50m https://www.irishtimes.com/business/commercial-property/paddy-mckillen-jnr-s-press-up-selling-stake-for-up-to-50m-1.3987473?mode=amp
- Developer to take steps to minimise impact of construction work on residents of the area https://www.echolive.ie/corknews/Developer-to-take-steps-to-minimise-impact-of-construction-work-on-residents-of-the-area-3754025f-041e-4605-8f67-ef7db76ec4a9-ds
- Electricians threaten to spark crisis in building industry https://www.irishtimes.com/business/construction/electricians-threaten-to-spark-crisis-in-building-industry-1.3988719?mode=amp
- ‘It had fantastic resonance’: A year after taking over Dublin’s vacant buildings, Take Back the City disbands https://www.thejournal.ie/take-back-the-city-housing-movement-ireland-4769573-Aug2019/?amp=1
- Shares are tumbling, interest rates are at zero – what does it mean for you? https://www.irishtimes.com/business/economy/shares-are-tumbling-interest-rates-are-at-zero-what-does-it-mean-for-you-1.3987081?mode=amp
- A Tale of Two Bubbles: How the Fed Crashed the Tech and the Housing Markets – Foundation for Economic Education https://fee.org/articles/a-tale-of-two-bubbles-how-the-fed-crashed-the-tech-and-the-housing-markets/
- Modular housing – is it viable? https://www.egi.co.uk/news/modular-housing-is-it-viable/
- Also, Dwell – 6 Big Names Who Are Unexpectedly Getting Into the Prefab Game https://www.dwell.com/amp/article/unexpected-prefab-home-companies-amazon-ikea-muji-67951a44
- More Than 50 Ideas, Policies, Proposals, Suggestions And Radical Notions To Fight The Affordable Housing Crisis
Read more at: https://www.bisnow.com/national/news/affordable-housing/tk-ideas-policies-proposals-suggestions-to-overcome-the-affordable-housing-crisis-100263#ath?utm_source=CopyShare&utm_medium=Browser
- Irish people are richer than ever – Central Bank data – Independent.ie https://m.independent.ie/business/personal-finance/irish-people-are-richer-than-ever-central-bank-data-38406353.html
- While in the UK: We took out a marathon mortgage until we’re 105 https://www.thetimes.co.uk/article/we-took-out-a-marathon-mortgage-until-were-105-bbv9qd2c5
- TFI advertising contract for ‘concept architect’ to work on Dublin Metrolink project https://amp.irishexaminer.com/breakingnews/ireland/tfi-advertising-contract-for-concept-architect-to-work-on-dublin-metrolink-project-943538.html
- UK retailers demand business rate cuts to save high street stores | Tax and spending | The Guardian https://amp.theguardian.com/politics/2019/aug/13/uk-retailers-demand-business-rate-cuts-to-save-high-street-stores
- Why do so many construction workers kill themselves? | Mental health | The Guardian https://amp.theguardian.com/society/2019/aug/13/why-do-so-many-construction-workers-kill-themselves
- Gold found in drilling exercise in Co Cavan https://www.rte.ie/amp/1068851/
- Kids learn about machinery at Under Construction event https://nbcmontana.com/news/local/kids-learn-about-machinery-at-under-construction-event
- Mexico installs ‘robotic trees’ to tackle air pollution – FRANCE 24 https://amp.france24.com/en/20190815-environment-science-mexico-robotic-trees-air-pollution-biourban-biomitech-puebla
- Thanks to Orla Hegarty for sharing: “There are 27,000+ live Planning Permissions for new Dublin homes that aren’t currently being built. Planning isn’t the barrier to housing & never was”
(source: Dublin Housing Supply Taskforce 4 local authorities, excl sites <10 units) ?Q1.2018?Q1.2019 (image below)
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). 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.
On Property Matters this week, Emma Hayes, Head of PR & New Media at Property District and Bryan Fox are joined in the Property Matters studio by:
- David Byrne, Director at Lisney
- Fiachra Morrison, Strategic hypnotherapist and founder of the Dublin Hypnosis & Therapy Centre
- Nick Polley, Managing Director of the 3D Design Bureau
*Listen back to all #PropertyMatters episodes here: https://anchor.fm/ipropertyradio
Email the Property Matters team at hello@iPropertyRadio.com
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
Sean O’Connor, CEO of Tuath Housing; Suzanne Doyle, Castleguard resident; Joan Martin, Chief Executive Louth County Council; Fergus O’Dowd, TD; Housing Minister Eoghan Murphy; Cllr. Dolores Minogue; Eamon Gavigan, Chairman of the Tuath Housing board; Colin Maher, Castleguard resident
- Over 100 families move into new ‘factory built’ houses in Louth | IrishExaminer.com https://amp.irishexaminer.com/breakingnews/ireland/over-100-families-move-into-new-factory-built-houses-in-louth-944027.html#referrer=https://www.google.com
- Michael Brennan, writing in The Sunday Business Post today, reports that the VacantHomes.ie portal (initiated by Mayo County Council) has attracted over 3,000 contributions from people across all of Ireland, letting the 31 local authorities know about vacant homes locally. This has resulted in close to 300 homes being brought back into use for families. Mayo County Council’s director of services Tom Gilligan lists some of the schemes, incentives and resources available to owners of these vacant homes – check out the website www.VacantHomes.ie and start tagging!
- Dublin developer suggests reclaiming land from sea to solve housing crisis https://amp.breakingnews.ie/ireland/dublin-developer-suggests-reclaiming-land-from-sea-to-solve-housing-crisis-944538.html
- Brightly coloured street art is popping up throughout The Liberties and we’re intrigued | Her.ie https://www.her.ie/news/brightly-coloured-street-art-is-popping-up-throughout-the-liberties-and-were-intrigued-477073
- TD makes waves with Limerick city beach proposal https://www.limerickleader.ie/news/news/471355/td-makes-waves-with-limerick-city-beach-proposal.html
- We need to get smarter about contemporary public consultation: ‘Up to 3.6m BusConnects leaflets to be delivered to every home and business in greater Dublin’ https://www.thejournal.ie/busconnects-leaflets-next-step-4764106-Aug2019/
- A tour of Ireland’s stridently miserable placenames https://www.irishtimes.com/culture/tv-radio-web/a-tour-of-ireland-s-stridently-miserable-placenames-1.3983840?mode=amp
- Finally, thanks to Kndrd.io for sharing their #coliving emerging sector research – lots of insights and learning in this report: Access report here:
- Historic Dublin Fruit & Vegetable Market to close ahead of redevelopment https://www.thejournal.ie/smithfield-fruit-vegetable-market-4545192-Aug2019/?amp=1
- Planning decision due on one of Cork’s largest new housing developments https://www.echolive.ie/corknews/Planning-decision-due-on-one-of-Corks-largest-new-housing-developments-5488f75b-c3e0-4a6f-90c2-3293fe349c77-d
- €10 million housing development announced for Offaly https://www.offalyexpress.ie/news/home/438116/10-million-housing-development-announced-for-offaly.html
- Myles Crofton of Avenue Homes has been refused permission to knock down the €47 million mansion ‘Renesca’ he built on the grounds of Chesterfield House during the boom years. The demolition was sought in order to build 33 apartments.
*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*
OTHER PROPERTY NEWS
- In the Sunday Independent today, Michael Cogley reports that Ballymore is in “consultation with An Bord Pleanala” to develop 478 apartments (including live/work) units on the Ratoath Road in Dublin 11.
- Conor Skehan has an opinion piece in the Sunday Independent today: ‘Think big, spend big to secure our country’s economic future: We must have the confidence to spend on large capital projects to get us through the future lean years.’ He believes that now is the time to invest in key infrastructure like water, energy, transport and housing. This is one of those insightful pieces that might be referred to in policy circles but rarely acted upon and then, in a decade’s time, some outlet or commentator will refer back to it and remark on what a shame it is we did not listen and take action (I think Colm McCarthy has some experience of this.)
- In The Sunday Times today, Valerie Flynn reports that Bartra has revised its previous planning for 100 co-living “micro apartments” at Rathmines – to make the unit sizes smaller! Under the new plans, the communal area has been increased. There is a longer co-living piece in the property section of the Times today, outlining the french model and how the Irish model (so far) falls short.
- One of the lead stories in The Sunday Business Post today (by Killian Woods) reports that Ireland Israel JV Fund Limited has requested flexibility to reduce co-living units in Harold’s Cross to 6 sqm (yes, 6sqm. That is not a typo and is making Bartra’s much-criticised 16 sqm look pretty generous!).
- Also in the Times today, Gavin Daly reports on the developers planning large-scale BTR schemes in Dublin, including: Ballymore (478 in Dublin 11), Marlet (510 in Howth and 234 in Cabinteely), Tristan Capital Partners (484 in Cabra), Cosgrove (332 in Santry), Kennedy Wilson (232 in Stillorgan), Park Developments (192 in Dublin 18).
- The same journalist reports that Ronan Group Real Estate has lodged new plans for the proposed block at Spencer Dock, to increase the scheme to 13 storeys.
- In the business section of The Sunday Business Post today, there is an interesting feature on the impending closure of Harland and Wolff that is well worth a read. Also, Jill Kirby has a feature on equity loans, suggesting that “If there is a revival, expect them to be significantly different”.
- What will €170,000 buy in Dublin and Donegal? https://www.irishtimes.com/life-and-style/homes-and-property/what-will-170-000-buy-in-dublin-and-donegal-1.3986167?mode=amp
- Holiday spending surges to Celtic Tiger levels – but many still saving hard to buy home – Independent.ie https://m.independent.ie/business/personal-finance/holiday-spending-surges-to-celtic-tiger-levels-but-many-still-saving-hard-to-buy-home-38408543.html
- Housing market ‘has stabilised’ with price growth set to stay weak https://www.irishtimes.com/business/housing-market-has-stabilised-with-price-growth-set-to-stay-weak-1.3985369?mode=amp
- Building and construction growth slows to 6-year low https://amp.irishexaminer.com/breakingnews/business/building-and-construction-growth-slows-to-6-year-low-943218.html
- Call for extension to mortgage help-to-buy scheme https://www.rte.ie/amp/1068358/ and Help to Buy scheme is still needed says group – Independent.ie https://m.independent.ie/business/personal-finance/property-mortgages/help-to-buy-scheme-is-still-needed-says-group-38396638.html This issue is also the lead business story in The Sunday Independent today as Michael Cogley reports that ‘Help-to-Buy overhaul set to close door on Dublin new builds’.
- Chris Johns: Could Irish mortgage interest rates go negative? https://www.irishtimes.com/business/economy/could-irish-mortgage-interest-rates-go-negative-1.3983034?mode=amp
- Significant drop in the number of people saving for mortgage deposit, poll shows https://amp.irishexaminer.com/breakingnews/ireland/significant-drop-in-the-number-of-people-saving-for-mortgage-deposit-poll-shows-943158.html
- Property tax rise of €100 per home could generate €180m https://www.irishtimes.com/business/personal-finance/property-tax-rise-of-100-per-home-could-generate-180m-1.3984152
- Snap up a bargain at a property auction – MoneyWeek https://moneyweek.com/512708/snap-up-a-bargain-at-a-property-auction/
- ‘A shambles’: Homeowners angry after funding stops for pilot grant scheme to help retrofit homes https://www.thejournal.ie/retrofit-energy-grant-4764562-Aug2019/?amp=1
- Mistake by mortgage lender may affect customers’ ability to access new credit https://www.irishtimes.com/business/financial-services/mistake-by-mortgage-lender-may-affect-customers-ability-to-access-new-credit-1.3987628?mode=amp
- Households’ worth rises despite dip in property values https://www.rte.ie/news/business/2019/0815/1068951-household-worth-debt/
- Review finds overspend on some social housing units https://www.rte.ie/news/dublin/2019/0815/1069037-social-housing/
- Yet, Majority of homes bought for social housing at ‘reasonable cost’, review finds https://www.irishtimes.com/news/environment/majority-of-homes-bought-for-social-housing-at-reasonable-cost-review-finds-1.3987506?mode=amp
- Farmer who won appeal against IDA launches latest bid to stop Intel’s €3.6bn plant https://www.thejournal.ie/intel-leixlip-farmers-appeal-4764568-Aug2019/?amp=1
- And so it begins…Property owners refused permission to change Dublin city apartments into Airbnb-style lettings https://www.thejournal.ie/friends-first-apartments-short-term-dublin-4764647-Aug2019/?amp=1 This also features on page 8 of The Sunday Business Post today, where Michael Brennan reports that ‘Disgruntled neighbours can object to Airbnb hosts’ planning applications’.
- What are 10 of the tallest buildings in Dublin? https://www.dublinlive.ie/news/dublin-news/what-10-tallest-buildings-dublin-16730211.amp
- Ireland ‘running out’ of warehousing space https://www.rte.ie/amp/1069149/
- Green Reit on course for sale to Henderson Park this week https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/green-reit-on-course-for-sale-to-henderson-park-this-week-1.3984119?mode=amp In The Sunday Times today, Gavin Daly reports that by selling the share capital rather than the property assets Green Reit avoids €16.2m tax bill in Henderson deal’.
- Union Investment acquires building on Hanover Quay for €190m https://www.irishtimes.com/business/commercial-property/union-investment-acquires-building-on-hanover-quay-for-190m-1.3983716?mode=amp
- Western Building Systems calls for ‘independent expert answers’ into schools structural issues https://www.thejournal.ie/western-building-systems-2-4769218-Aug2019/?amp=1
- €100m Dunkettle interchange upgrade delayed by a year – This is also covered in some of the broadsheets today, include the “disappointed” response by Sisk. https://amp.irishexaminer.com/breakingnews/ireland/100m-dunkettle-interchange-upgrade-delayed-by-a-year-944273.html
- Blanchardstown shopping centre getting two new stores as part of €32m extension https://www.dublinlive.ie/news/dublin-news/new-shops-blanchardstown-centre-dublin-16771040.amp
- Indian officials seize $80m former Quinn office park from IBRC https://www.irishtimes.com/business/financial-services/indian-officials-seize-80m-former-quinn-office-park-from-ibrc-1.3983124?mode=amp
- Lendlease unveils new construction boss | Construction Enquirer http://www.constructionenquirer.com/2019/08/16/lendlease-unveils-new-construction-boss/
THE AGILE AGENT
GETTING IRELAND’S PROPERTY MARKETPLACE DIGITAL BY DEFAULT
The Agile Agent is a 12-month digital transformation programme for independent Irish estate agents and auctioneers, which runs from September – August. This programme will be delivered by a multi-disciplinary Irish and UK team and will go beyond proptech adoption to help agents get their industry digital by default.
To get involved and for free Proptech Prompts, please
PROPTECH AND CONSTRUCTION INNOVATION
- From smart design and planning right through to the smart property transaction, where does your Irish-led or Ireland-based #proptech 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 *
- A San Francisco startup guide for international entrepreneurs https://thenextweb.com/podium/2019/08/13/a-san-francisco-startup-guide-for-international-entrepreneurs/
- Prop-Tech Company VTS Expands into Toronto With Engineering Hub – Bloomberg https://www.bloomberg.com/news/articles/2019-08-12/prop-tech-company-vts-expands-into-toronto-with-engineering-hub?utm_source=google&utm_medium=bd&cmpId=google
- Real Estate Technology at a Crossroads https://rismedia.com/2019/08/11/real-estate-technology-crossroads/
- AI #ConTech Startup Closes $14 million Series A Round https://www-forbes-com.cdn.ampproject.org/c/s/www.forbes.com/sites/angelicakrystledonati/2019/08/13/ai-contech-startup-closes-14-million-series-a-round/amp/
- High speed mobile comes to Ireland: 5G explained https://www.rte.ie/amp/1068574/
- PlaceTech | What does 5G roll-out mean for property? https://placetech-net.cdn.ampproject.org/c/s/placetech.net/news/what-does-5g-roll-out-mean-for-property/amp/
- Bechtel-backed venture capital firm launches $100M construction tech fund https://therealdeal-com.cdn.ampproject.org/c/s/therealdeal.com/national/2019/08/13/scion-of-construction-behemoth-bechtel-launches-100m-construction-tech-fund/amp/
- Toronto-based proptech Properly raises $22 million Series A | BetaKit https://betakit.com/toronto-based-proptech-properly-raises-22-million-series-a/
- Ever heard of ‘proptech’? It will change the way you choose your next home – News | Khaleej Times https://m.khaleejtimes.com/ever-heard-of-proptech-it-will-change-the-way-you-choose-your-next-home
- “It’s magic”: Construction is digitalising more rapidly than you might think – Innovation – GCR http://www.globalconstructionreview.com/innovation/its-magic-construction-digitalising-more-rapidly-y/
- Automation May Not Kill Real Estate Jobs, But It’ll Necessitate Retraining | Propmodo https://www.propmodo.com/automation-may-not-kill-real-estate-jobs-but-itll-necessitate-retraining/
- WeWork files for IPO amid investor skepticism over deep losses | Technology | The Guardian -This story features in The Sunday Times today also. https://amp.theguardian.com/technology/2019/aug/14/wework-files-for-ipo-amid-investor-skepticism-over-deep-losses
- Here’s an alternative view – WeWork isn’t a tech company; it’s a soap opera https://www-theverge-com.cdn.ampproject.org/c/s/www.theverge.com/platform/amp/2019/8/15/20806366/we-company-wework-ipo-adam-neumann
- Customer-Centricity: The New Norm in Proptech! https://www.cioreview.com/news/customercentricity-the-new-norm-in-proptech-nid-30239-cid-208.html
- Council Post: 2020: Three Trends In Protech That Can Propel CRE Forward https://www.forbes.com/sites/forbesrealestatecouncil/2019/08/14/2020-three-trends-in-protech-that-can-propel-cre-forward/#7df91a6f373e
- Irish seed fund with up to €100m targets deep-tech start-ups https://www.irishtimes.com/business/innovation/irish-seed-fund-with-up-to-100m-targets-deep-tech-start-ups-1.3983982?mode=amp
- Procore Puts 3D Models Into Builders’ Hands with Procore BIM https://www.procore.com/press/procore-puts-3d-models-into-builders-hands-with-procore-bim
- PlaceTech | Equiem raises £7m to enter new markets https://placetech.net/news/equiem-raises-7m-to-enter-new-markets/amp/?__twitter_impression=true
- Ikea doubles down on smart home tech with new business unit – TechCrunch https://techcrunch.com/2019/08/17/ikea-doubles-down-on-smart-home-tech-with-new-business-unit/amp/
NEW 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 will now appear as part of The Property Insider series, published by Oak Tree Press, the first three titles are now published and available here.
From 2019, 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/