Weekly 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:

• The Property District team is proud to partner with Construction Network Ireland to launch the inaugural *CNI Persons of Impact* initiative for 2022. After a challenging few years, this is aimed at recognising the industry leaders who are making a difference. Help us to identify the real change-makers who inspire you, those who are having a positive impact on our industry right now: Nominate at 👉 www.personsofimpact.ie

• Housing crisis puts ‘social cohesion’ at risk: Draft of the government’s annual national risk assessment names the shortage of homes to buy or rent as a national threat that would get worse in the event of a recession https://www.businesspost.ie/news/housing-crisis-puts-social-cohesion-at-risk-says-report/

• Minister for Housing Darragh O’Brien to face no-confidence motion  https://www.breakingnews.ie/ireland/housing-minister-darragh-obrien-faces-no-confidence-motion-1403784.html

• The number of planning permissions granted for new homes has sharply declined, with a motion of no confidence tabled against Housing Minister Darragh O’Brien amid fears the Government’s key housing targets could be missed in the coming years.  https://www.irishexaminer.com/news/arid-41025425.html

• Planning law change approved to speed up building of ‘more than 1,000′ social homes: Cabinet agrees to measures to allow for accelerated delivery of affordable housing on zoned, local authority-owned or State-owned land  https://www.irishtimes.com/politics/2022/12/07/planning-law-change-approved-to-speed-up-building-of-more-than-1000-social-homes/

• Short-Term Tourist Letting Register to be established through new legislation https://www.gov.ie/en/press-release/f5707-short-term-tourist-letting-register-to-be-established-through-new-legislation/

• People have become ‘desensitised’ to the housing crisis, Fr Peter McVerry says: He said there appeared to be “little sense of urgency or any sense of crisis on dealing with it”.  https://www.thejournal.ie/people-desensitised-to-housing-crisis-peter-mcverry-5939205-Dec2022/

• Property price ceilings under First Home Scheme likely to be increased in a number of counties: A recommendation is due to go to Housing Minister Darragh O’Brien next week to increase caps. https://www.thejournal.ie/first-home-scheme-property-ceilings-5942310-Dec2022/

• New bill aims to introduce 10-year county development plans: Sources said that the new bill will also introduce time limits for how long an application should take, as well as changing the scope and nature of An Bord Pleanála. https://www.irishexaminer.com/news/politics/arid-41022197.html

• Environmental impact studies will not be hit under new planning bill, says minister  https://www.irishexaminer.com/news/arid-41021684.html

• Land Development Agency should have power to acquire public and private land, ESRI says – The Land Development Agency (LDA) currently builds homes on publicly owned land.  https://www.thejournal.ie/lda-housing-crisis-esri-report-5941251-Dec2022/

• House prices could fall by 12% if more homes built – ESRI  https://www.rte.ie/news/business/2022/1208/1340817-esri-details-impact-of-increased-output-on-house-prices/

• Hugh Wallace: All I want for Christmas is to change the way we deliver housing – The time for moaning is over. We must shake things up to bring an end to our housing crisis  https://www.irishtimes.com/property/residential/2022/12/08/hugh-wallace-all-i-want-for-christmas-is-to-change-the-way-we-deliver-housing/

• Census results next year will lead to housing projection reassessments, Dáil hears: Government has been criticised for standing over a €700 million capital underspend in its housing budget.  https://www.thejournal.ie/housing-targets-budget-5939123-Dec2022/ Also: Housing For All Targets Will Be Revised In New Year – O’Brien  https://businessplus.ie/news/housing-for-all-targets/

• Population growing at three times the rate of home supply: Population grew by 360,000 between 2016 and 2022, but only 120,000 homes were built in the same period  https://m.independent.ie/news/population-growing-at-three-times-the-rate-of-home-supply-42197754.html

• OVER 10,000 PEOPLE who contacted housing non-profit Threshold in a single year were at risk of becoming homeless.  https://www.thejournal.ie/housing-crisis-threshold-5939393-Dec2022/

• Investment in commercial real estate on course for €5.5bn spend – But investors and vendors are having to adjust expectations as ‘mood music’ changes  https://www.irishtimes.com/property/commercial-property/2022/12/05/investment-in-commercial-real-estate-on-course-for-55bn-spend/

• Change in policy on housing Ukrainian refugees in nursing homes: About 900 Ukrainian nationals accommodated in former nursing homes or unused parts of premises  https://www.irishtimes.com/ireland/2022/12/07/change-in-policy-on-housing-ukrainian-refugees-in-nursing-homes/

• Government’s 0.3% vacant property tax is ‘laughable’, Dáil hears: The report found that a substantial increase in housing supply would be needed before house prices and rent prices would fall  https://www.irishexaminer.com/news/politics/arid-41022944.html

• The Housing Agency has suspended payments to a private agency involved in the mortgage to rent scheme because of its failure to repair defects in hundreds of homes, it has been claimed.  https://www.irishtimes.com/politics/oireachtas/2022/12/07/td-claims-housing-agency-has-suspended-payments-to-mortgage-to-rent-operator/

• Ireland Publishes Tax Guidance For UK Property Transactions  https://www.law360.com/tax-authority/amp/articles/1555231

• Music star Ed Sheeran as well as Oscar winner Russell Crowe, British comedian Jimmy Carr and singer Ronan Keating have teamed up to back a new Irish distillery venture  https://m.independent.ie/business/irish/drinking-buddies-ed-sheeran-and-russell-crowe-back-irish-distillery-venture-with-ronan-keating-42205290.html

• Enterprise policy sets ambitious targets but is short on measures to achieve them

• The state’s FDI model has served Ireland well, but climate change, digitalisation and a potential globalisation crisis now threaten to undermine its efficacy https://www.businesspost.ie/analysis-opinion/editorial-enterprise-policy-sets-ambitious-targets-but-is-short-on-measures-to-achieve-them/

• The National Property Awards – Nominations are now open for the 2023 National Property Awards, which will take place at the InterContinental Hotel, Dublin on Thursday 9th March.  Companies are invited to submit in all applicable categories… NOMINATE NOW https://www.nationalpropertyawards.ie/categories/

If you missed last week’s round-up, you can catch up here: https://propertydistrict.ie/sunday-roundup/

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

What started as #PropertyMatters, a single 60-minute show on Dublin South FM 93.9FM every Tuesday night, has now evolved into an online station hosting the very best construction, urban planning, property and proptech radio shows and podcasts from around the world. Our new website – produced by Hear Me Roar Media – offers audiences live and recorded access to global built environment content. To have your industry podcast included in the iPropertyRadio line-up, or to contribute as a guest on any of the show on iPropertyRadio.com, email hello@ipropertyradio.com

This week on iPropertyRadio

 

 

 

 

“Retailers are failing, but retail isn’t failing”

This week on ‘Property Matters’ on iPropertyRadio, Executive Chair of Bannon Group Neil Bannon chats to host Carol Tallon about the false narrative that all shops are doomed, which was disproven post pandemic. He also talks about the great reshuffle in the office market, new opportunities in commercial space repurposing, and the need for significant occupiers to be in green buildings.

 

Also, confronting CRE’s biggest challenges with technology: Proptech and the future of CRE (hint: data, data, data!).

 

Listen back at www.iPropertyRadio.com

 

Also, are you interested in the future of construction? Listen back to this super interview with Gerry McCaughey, founder of Entekra, by Ciaran Brennan of LiveCosts https://ipropertyradio.com/livecosts/

PLACEMAKING

OPEN PUBLIC CONSULTATIONS AND COMMUNITY ENGAGEMENT

• Céard é Comhfhorbairt Áite? “Teastaíonn dea-áitíocht saineolaithe ildisciplíneacha freagraí a chur ar fáil, ach tugann áitíocht maith guth don phobal chun na ceisteanna cearta a chur ar bun.” 👉https://placeengage.com/ceard-e-comhfhorbairt-aite/

• Petition launched to save Iveagh Markets with hundreds supporting appeal: The Markets, located on Francis Street, is a historic building that has been left abandoned since trading ceased there in 1997  https://www.dublinlive.ie/in-your-area/petition-launched-save-iveagh-markets-25684125

• ‘Once in a generation’ redevelopment of National Concert Hall to go for planning: Largest ever revamp of a national cultural institution expected to proceed next year after being delayed by pandemic  https://www.irishtimes.com/culture/music/2022/12/08/once-in-a-generation-redevelopment-of-national-concert-hall-to-go-for-planning/?

• Early Christmas For Macroom As €280m Bypass Breathes New Life Into Market Town  https://corksafetyalerts.com/news/early-christmas-for-macroom-as-e280m-bypass-breathes-new-life-into-market-town/

• Try and guess which Cork towns and villages have higher populations in our quiz https://www.corkbeo.ie/culture/try-guess-cork-towns-villages-25714

• OPW Minister unveils new €30.5m flood defences, protecting more than 390 local Bandon homes and businesses: https://www.thecork.ie/2022/12/10/opw-minister-unveils-new-e30-5m-flood-defences-protecting-more-than-390-local-bandon-homes-and-businesses/

• City to host public consultation on new hydrogen hub at Galway Harbour  https://galwaybayfm.ie/galway-bay-fm-news-desk/city-to-host-public-consultation-on-new-hydrogen-hub-at-galway-harbour/

• Newest Galway artwork unveiled celebrating hidden part of city history: They know the names but don’t know the massive local connection  https://www.galwaybeo.ie/culture/whats-on-news/newest-galway-artwork-unveiled-celebrating-7900082

• Billion euro investment in education announced for Limerick region  https://www.limerickleader.ie/video/local-news/980363/watch-billion-euro-investment-in-education-announced-for-limerick-region.html

• Step forward in redevelopment of Ceannt Station as a major transport hub  https://connachttribune.ie/step-forward-in-redevelopment-of-ceannt-station-as-a-major-transport-hub/

• Fíbín Media to launch new state of the art production studio in Connemara  https://galwaybayfm.ie/galway-bay-fm-news-desk/fibin-media-to-launch-new-state-of-the-art-production-studio-in-connemara/

• Plans for new school for Gort National School  https://galwaybayfm.ie/galway-bay-fm-news-desk/plans-for-new-school-for-gort-national-school/

• Longford and Laois are the latest counties added to the list to receive modular housing to accommodate Ukrainian refugees.  https://extra.ie/2022/12/04/news/modular-housing-ukraine-refugees

• Plans for new outdoor swimming pool on the Shannon  https://www.galwaydaily.com/news/plans-for-new-outdoor-swimming-pool-on-the-shannon/

• Progress on route selection for major Kerry bypass project further delayed  https://www.radiokerry.ie/news/progress-on-route-selection-for-major-kerry-bypass-project-further-delayed-308672

 

CONSTRUCTION & DEVELOPMENT NEWS

• 👏 The next generation of industry talent: All-female Sligo ATU team in building competition win: Quantity surveying students scoop third place at challenge in Limerick last week https://m.independent.ie/regionals/sligochampion/news/all-female-sligo-atu-team-in-building-competition-win-42200698.html

 

• Taoiseach: Giving tax incentives to developers not the preferred option  https://www.irishexaminer.com/news/arid-41022743.html

 

• Market for development land robust despite headwinds: Some €337 million in sales completed in first three quarters with more to come by year’s end despite rising interest rates and funding challenges  https://www.irishtimes.com/property/commercial-property/2022/12/06/market-for-development-land-robust-despite-headwinds/

 

• VAT, levies, planning and other costs are making it unviable to build apartments: Irish homebuilding sector should be booming with the promise of years of steady growth in the rental sector; instead, bad policy is driving out investment  https://www.irishtimes.com/property/commercial-property/2022/12/07/vat-levies-planning-and-other-costs-are-making-it-unviable-to-build-apartments/

 

• Residential land tax will unjustly penalise many landowners while pushing up the price of housing:Landowners who want to build but are trapped in the hopelessly slow planning process must still pay the tax, an expense they may have to pass on to homebuyers https://www.irishtimes.com/business/2022/12/05/residential-land-tax-will-unjustly-penalise-many-landowners-while-pushing-up-the-price-of-housing/

 

• Building in wood to achieve net zero – Avondale seminar explores the opportunities and challenges facing timber in decarbonising the construction industry. Donal Magner reports.  https://www.farmersjournal.ie/building-in-wood-to-achieve-net-zero-738386

 

• ESRI urges State to issue more visas to non-EU construction workers: Research paper suggests banking sector may struggle to finance expansion in housebuilding needed to hit targets  https://www.irishtimes.com/business/2022/12/09/esri-urges-state-to-issue-more-visas-to-non-eu-construction-workers/

 

• Final cost of children’s hospital ‘may not be known for years’  https://www.breakingnews.ie/ireland/final-cost-of-childrens-hospital-may-not-be-known-for-years-1400967.html

 

• Huge north Dublin housing scheme faces court challenge ‘regardless’ of plan to scale it back: Cannon Kirk’s €360m Corballis East scheme in Donabate has run into significant local opposition https://www.irishtimes.com/business/2022/12/06/huge-north-dublin-housing-scheme-faces-court-challenge-regardless-of-developers-plan-to-scale-it-back/

 

• Merrion Building works are unauthorised as planning permission is under appeal, claims company: Court hears 2022 approval effectively does not exist until An Bord Pleanála determines third-party appeal  https://www.irishtimes.com/crime-law/courts/2022/12/05/developer-claims-merrion-building-works-are-unauthorised-as-planning-permission-is-under-appeal/

 

• Ballymore seeks permission to turn seven-storey office development into mix of 28-apartments https://www.independent.ie/business/irish/ballymore-seeks-permission-to-turn-seven-storey-office-development-into-mix-of-28-apartments-42209213.html

 

• 240 student bed spaces in Galway are ‘just a drop in the ocean’  https://connachttribune.ie/240-student-bed-spaces-in-galway-are-just-a-drop-in-the-ocean/

 

• Just 85 affordable homes to be built in Galway City by 2025  https://connachttribune.ie/just-85-affordable-homes-to-be-built-in-galway-city-by-2025/

 

• New apartments earmarked for seven-storey block in Limerick city   https://www.limerickleader.ie/news/home/982166/new-apartments-earmarked-for-seven-storey-block-in-limerick-city.html

 

• New apartments and crèche proposed for Naas, County Kildare  https://www.kildarenow.com/news/home/980131/new-apartments-and-creche-proposed-for-naas-county-kildare.html

 

• Major housing development planned for Ballylinan  https://www.leinsterexpress.ie/news/local-news/981336/major-housing-development-planned-for-ballylinan.html

 

• Planning permission documents show food processing building and warehouse is being proposed for Kildare  https://www.leinsterleader.ie/news/south-kildare/982163/planning-permission-documents-show-food-processing-building-and-warehouse-is-being-proposed-for-kildare.html

 

• Planning granted for apartment block in heart of Mullingar  https://www.westmeathexaminer.ie/2022/12/07/planning-granted-for-apartment-block-in-heart-of-mullingar/

 

• LIDL Ireland has been told by Clare County Council’s planning department that “concerns remain” over its planned €20 million development in Ennis.  https://clarechampion.ie/council-concerns-remain-over-e20m-lidl-ennis-plan/

 

• An Bord Pleanála Gives ALDI Green Light For Second Store In Ennis  https://www.clare.fm/news/current_affairs/bord-pleanala-gives-aldi-green-light-second-store-ennis/

 

• ECC Group, an engineering and onsite services firm, has today announced it has acquired McDonald Surveys, a fellow Dundalk based engineering surveying operation with a multi sectoral customer base across a range of tier one construction clients.  https://www.dundalkdemocrat.ie/news/home/980132/ecc-group-acquires-dundalk-based-mcdonald-surveys.html

 

• Dromad Hire named as the ‘Irish Plant Hire Company of the Year 2022’ at the Plant & Civil Construction, Quarry & Recycling Magazine awards  https://m.independent.ie/regionals/louth/news/dromad-hire-win-top-award-for-the-second-time-42196092.html

 

• Growth fund BGF has invested £5 million (€5.8m) in Ballymena-based specialist facade provider Clarke Group as the company seeks further growth across the UK and Ireland.  https://www.irishtimes.com/business/2022/12/06/bgf-invests-58m-in-ballymena-based-clarke-group/

 

• CRH Group has put its Farrans operation in the north up for sale: Farrans is part of the Northstone Group, which is in turn a subsidiary of CRH plc. https://www.irishnews.com/business/2022/12/06/news/crh_puts_farrans_up_for_sale_as_construction_work_dries_up-2930061/

 

• Former journalist Gayle Killilea sues Dermot Desmond for €2m in row over house once sold for €57.9m: Socialite claims billionaire failed to honour an agreement to pay her for plans and specifications for a property in Dublin’s Embassy Belt  https://m.independent.ie/irish-news/courts/former-journalist-gayle-killilea-sues-dermot-desmond-for-2m-in-row-over-house-once-sold-for-579m-42200983.html

 

• Scott Tallon Walker celebrates World Architecture Festival shortlistings: Two STW entries are contenders in the world’s largest architecture and development industry festival and live awards competition: https://www.businesspost.ie/property/scott-tallon-walker-celebrates-world-architecture-festival-shortlistings/

 

• Insolvent Derry construction firm owed nearly £2m to creditors in 2020  https://m.belfasttelegraph.co.uk/business/northern-ireland/insolvent-derry-construction-firm-owed-nearly-2m-to-creditors-in-2020-42202703.html

 

PROPTECH, ESG, MMC & CONSTRUCTION INNOVATION

• Proptech Ireland is updating the database of 2022 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: *https://prop-tech.ie/register/ * and email product or service details to hello@prop-tech.ie

 

• Proptech Ireland: Ireland’s CONSTRUCTION and REAL ESTATE ESG technologies resource hub. Confused about how and where to start on your ESG journey? Contact us 👉https://prop-tech.ie

 

• Enterprise Ireland has chosen Galway as the location for its ninth technology centre, Construct Innovate, which is looking to overhaul Ireland’s construction sector.  https://www.siliconrepublic.com/innovation/consortium-construction-enterprise-ireland-galway

 

• Ecocem aiming to treble the size of business on back of new tech: Firm plans growth based on breakthrough technology that it says can decarbonise the production of cement by as much as 70 per cent https://www.businesspost.ie/news/ecocem-aiming-to-treble-the-size-of-business-on-back-of-new-tech/

 

• Investment in Irish tech start-ups tops $1bn despite industry slowdown:  New report shows 18% decline in investment in European start-ups but there still remains in ‘dry powder’ to deploy https://www.businesspost.ie/tech/investment-in-irish-tech-start-ups-tops-1bn-despite-industry-slowdown/

 

• New technologies lets researchers retrace a lost Kilkenny town  without having to lift a spade  – RTE podcast reveals how the lost town of Newtown has been revealed with state of the art scanning technology  https://www.kilkennypeople.ie/news/kilkennypeople/978618/new-technologies-lets-researchers-retrace-a-lost-kilkenny-town-without-having-to-lift-a-spade.html

 

• Top 10 construction technology challenges  https://www.construction-europe.com/news/top-10-construction-technology-challenges/8025148.article

 

• Norwegian Proptech Speiz Secures €1.3m in Seed Funding to Launch New European Marketplace for Warehouse Leasing  https://ffnews.com/newsarticle/funding/norwegian-proptech-speiz-secures-e1-3m-in-seed-funding-to-launch-new-european-marketplace-for-warehouse-leasing/

 

ENERGY, CLIMATE & ENVIRONMENT

 

• Data centres to get one hour’s notice to halve power usage: EirGrid alert system aims to reduce impact of power shortages on electricity grid  https://www.businesspost.ie/news/data-centres-to-get-one-hours-notice-to-halve-power-usage/

 

• ‘We need to build up our own capacity to become energy self-sufficient’:  As part of the Business Post’s Five Degrees of Change podcast, environmentalist Mark Mellett names both policy changes and personal aspirations for an ecologically robust world https://www.businesspost.ie/news-focus/we-need-to-build-up-our-own-capacity-to-become-energy-self-sufficient-mark-mellett/

 

• Climate rules could scupper new FDI projects: IDA and Enterprise Ireland will have to weigh number of new jobs against environmental impact of investments, while new greenfield projects will be restricted to those that align with climate policy  https://www.businesspost.ie/news/climate-rules-could-scupper-new-fdi-projects/

 

• Ireland risks missing EU recycling targets, warns EPA: Report identifies ‘worrying trends’ in waste generation and recycling  https://www.irishtimes.com/environment/2022/12/07/ireland-risks-missing-eu-recycling-targets-warns-epa/

 

• ‘Power demand capacity would triple’ – number of data centres could hit 150 putting strain on gas supply and climate targets: The rapid growth in the sector spells trouble for the country’s emissions commitments  https://m.independent.ie/irish-news/power-demand-capacity-would-triple-number-of-data-centres-could-hit-150-putting-strain-on-gas-supply-and-climate-targets-42197578.html

 

• Plans lodged for windfarm in Cloonascragh Tuam  https://connachttribune.ie/plans-lodged-for-windfarm-in-cloonascragh-tuam/

 

RESIDENTIAL PROPERTY NEWS (including PRS)

• The most expensive Irish houses sold in 2022, from Dublin to Cork and Meath to Galway – More than 1,200 sales of €1 million or more have been recorded so far this year with coastal homes leading the charge  https://www.irishtimes.com/property/residential/2022/12/08/the-most-expensive-irish-houses-sold-in-2022-from-dublin-to-cork-and-meath-to-galway/

 

• Landlords living overseas face tighter tax rules on rental income – Revenue demands tenants retain 20% of rent for tax or landlord appoints collection agent  https://www.irishtimes.com/your-money/2022/12/06/landlords-living-overseas-face-tighter-tax-rules-on-rental-income/

 

• House prices ‘set to rise’ despite slowdown in market: Pressure on home prices will continue until there is ‘a substantial increase in supply’, says BPFI  https://www.irishtimes.com/ireland/housing-planning/2022/12/06/rent-inflation-pushing-more-people-to-buy-industry-group-warns/

 

• Owners of ‘uninhabitable’ D4 apartments suing developers over excessive heat: Five owners of luxury Lansdowne Place apartments in Ballsbridge claim they have to endure temperatures of close to 30 degrees  https://www.irishtimes.com/ireland/dublin/2022/12/04/owners-of-uninhabitable-d4-apartments-sue-suing-developers-over-excessive-heat/

 

• Scheme to help people on lower incomes approves almost €1bn worth of mortgages https://www.irishexaminer.com/news/arid-41022641.html

 

• Average rents have increased by over 82% in Ireland since 2010: Cost of living crisis will not dampen demand for housing, report warns  https://www.irishexaminer.com/business/economy/arid-41022068.html

 

• Ding founder told to redraw plans for €11.7m mansion revamp – Tech entrepreneur and his wife plans to renovate their Ballsbridge property, described as the ‘finest home’ on Ailesbury Road as Dublin City Council raised ‘serious concerns’ over the proposed changes to the protected structure  https://www.businesspost.ie/news/ding-founder-told-to-redraw-plans-for-e11-7m-mansion-revamp/

 

• One-bed apartment in award-winning Dublin 6 development: This Ranelagh property, in a highly popular location on the city’s doorstep, is on the market for €375,000 https://www.businesspost.ie/property/one-bed-apartment-in-award-winning-dublin-6-development/

 

• Grab a piece of Irish history with this medieval marvel in Cork  https://www.breakingnews.ie/lifestyle/grab-a-piece-of-irish-history-with-this-medieval-marvel-in-cork-1399718.html

• Limerick rental market is in chaos  https://www.limerickpost.ie/2022/12/05/limerick-rental-market-is-in-chaos/

• Sell or stick: What to do with retirement property investment gone sour – Q&A: With buy-to-let still delivering income as planned, the key question is whether you can still afford the mortgage  https://www.irishtimes.com/your-money/2022/12/06/sell-or-stick-what-to-do-with-property-investment-i-am-still-paying-the-bill-for-in-retirement/

• Interiors guru shares the secrets of her Georgian townhouse: Maoliosa Murray tells Eve Kelliher how she’s greeting the festive season in both her Georgian workspace and Victorian home  https://www.irishexaminer.com/property/homeandgardens/arid-41020013.html

COMMERCIAL PROPERTY NEWS

• The top 10 commercial property deals of 2022: Sales of Hibernia Reit, Salesforce and Meta headquarters propel investment to €6 billion in face of economic turmoil  https://www.irishtimes.com/property/commercial-property/2022/12/07/the-top-10-commercial-property-deals-of-2022/

 

• A year of two halves as Irish property displays remarkable resilience – Strength of the Irish investment case across commercial real estate sectors will continue to attract capital inflows  https://www.irishtimes.com/property/commercial-property/2022/12/07/a-year-of-two-halves-as-irish-property-displays-remarkable-resilience/

 

• Opportunity knocks for investors willing to make long-term calls on commercial real estate: We will stay in a risk-off environment, especially if geopolitical tensions remain high’  https://www.irishtimes.com/property/commercial-property/2022/12/06/opportunity-knocks-for-investors-willing-to-make-long-term-calls-on-commercial-real-estate/

 

• Investors retrench but billions in ‘dry powder’ await return to normal trading: Opportunistic investors are already on the ground seeking ‘distress’ but this is unlikely to infect the market  https://www.irishtimes.com/property/commercial-property/2022/12/07/investors-retrench-but-billions-in-dry-powder-await-return-to-normal-trading/

 

• Current uncertainty offers opportunity for investors to secure attractive property deals: Non ESG-compliant buildings to be longer-term casualty of high levels of inflation and interest rates  https://www.irishtimes.com/property/commercial-property/2022/12/05/current-uncertainty-offers-opportunity-for-investors-to-secure-attractive-property-deals/

 

• Value and opportunity underpin resurgent demand for retail assets – Investor appetite for retail parks reflects strong performance during Covid and internet resilience  https://www.irishtimes.com/property/commercial-property/2022/12/06/value-and-opportunity-underpin-resurgent-demand-for-retail-assets/

 

• Grafton Street to hit 100 per cent occupancy in 2023 as high street retail rebounds: Post-Covid era ‘has clearly demonstrated the resilience of bricks-and-mortar retail’ https://www.irishtimes.com/property/commercial-property/2022/12/07/grafton-street-to-hit-100-per-cent-occupancy-in-2023-as-high-street-retail-rebounds/

 

• Dublin’s Stephen’s Green shopping centre set for €100m transformation: Proposal adds two storeys and offices to landmark Dublin shopping centre  https://www.thetimes.co.uk/article/dublins-stephens-green-shopping-centre-set-for-100m-transformation-kqr7k8332

 

• Mulberry’s opens first standalone Dublin retail store – Luxury lifestyle brand aims to have the Duke Street outlet up and running in time for Christmas https://www.businesspost.ie/property/mulberrys-opens-first-standalone-dublin-retail-store/\

 

• Eason shelves plan to sell O’Connell Street store in Dublin – Irish retailer this week paid €15 million to shareholders from the sale of other properties  https://www.irishtimes.com/business/2022/12/09/eason-shelves-plan-to-sell-oconnell-street-store-in-dublin/

 

• Hotel investment volumes to surpass €500m as sector experiences post-pandemic bounce: Demand for hotel investments remains strong as they are better placed to navigate high inflation  https://www.irishtimes.com/property/commercial-property/2022/12/05/hotel-investment-volumes-to-surpass-500m-as-sector-experiences-post-pandemic-bounce/

 

• ‘High demand for best-in-class offices as companies recognise need to create optimum workplace environments’: Take-up of 2.5 million sq ft of space in 2022 equals 10-year average but occupiers are increasingly selective  https://www.irishtimes.com/property/commercial-property/2022/12/07/high-demand-for-offices-as-companies-recognise-need-to-create-optimum-workplace-environments/

 

• Industrial and logistics property construction ramps up to meet demand: Supply of large, new-build warehousing to hit 4 million sq ft by year-end, making it one of the strongest years on record  https://www.irishtimes.com/property/commercial-property/2022/12/07/industrial-logistics-property-construction-ramps-up-to-meet-demand/

 

• Meta scales back plan to occupy new European HQ in Dublin 4: Facebook owner tells agent to find occupier for 34,838sq m at newly developed Fibonacci Square  https://www.irishtimes.com/business/2022/12/08/meta-scales-back-plan-to-occupy-new-european-hq-in-dublin-4/

 

• WeWork Default A ‘Real Possibility’ After Fitch Downgrades Coworking Provider  https://www.bisnow.com/national/news/coworking/fitch-downgrades-wework-default-a-real-possibility-116654

 

• Private nursing homes lodge State aid complaint with EU: Nursing Homes Ireland claims Fair Deal nursing home subvention scheme confers ‘illegal’ competitive advantage on public nursing homes  https://www.irishtimes.com/ireland/2022/12/06/private-nursing-homes-lodge-state-aid-complaint-with-eu/

 

• Historic pub in Dublin city centre with links to Michael Collins on the market for €1.35m: J & M Cleary has close ties to the War of Independence  https://m.independent.ie/business/commercial-property/historic-pub-in-dublin-city-centre-with-links-to-michael-collins-on-the-market-for-135m-42203515.html

 

• Market Bar landlord objects to tenant’s proposed expansion: Mercroft Taverns, which operates the Dublin bar, is seeking permission to open a ‘tasting room’ in a new space backing onto the current premises https://www.businesspost.ie/news/market-bar-landlord-objects-to-tenants-proposed-expansion/

 

• The write stuff: Luxury pen maker Montblanc unveils new Dublin boutique: The high-end German stationery and accessories brand is the latest luxury retailer to open in the capital, and will be followed soon by Cartier and Breitling https://www.businesspost.ie/news/the-write-stuff-luxury-pen-maker-montblanc-unveils-new-dublin-boutique/

 

• Caution across Cork commercial property market sectors – Recovery will be down to global stability and finance, says Lisney director Aoife Brennan  https://www.irishexaminer.com/property/commercial/arid-41023874.html

 

• Sale of Douglas Village Shopping Centre almost wrapped: Tom Coughlan-led Urban Green Private are believed to be on the verge of a deal to buy the complex for c€23m. https://www.irishexaminer.com/property/commercial/arid-41023862.html

 

• Blackrock Cottage on Salthill Prom finally opened this week after a labour of love by its new caretakers.  https://connachttribune.ie/new-life-breathed-into-derelict-blackrock-cottage/amp/

 

• Carthy asks for clarity on future of Nuremore hotel: The Sinn Féin TD has asked for a meeting with Kai Dai, one of Ireland’s most prominent cash-for-visa brokers https://www.businesspost.ie/article/carthy-asks-for-clarity-on-future-of-nuremore-hotel/

 

• Seán Quinn’s former property empire today — five-star Slieve Russell hotel expected to fetch over €20m: What exactly happened to the cement magnate’s empire, and how much will the state claw back from its collapse?  https://www.thetimes.co.uk/article/sean-quinns-former-property-empire-today-five-star-slieve-russell-hotel-expected-to-fetch-over-20m-mv97tfnmb

 

• Three promotions announced at TWM: Sarah Winters has been promoted to director, Russell Cleere has been promoted to associate director and Stephen Aherne has also been promoted to associate director https://www.businesspost.ie/property/three-promotions-announced-at-twm/

 

• O’Gara takes former teammate to High Court over pub venture: Rugby star says John O’Driscoll breached his partners’ trust in taking out personal insolvency arrangement https://www.businesspost.ie/news/ogara-takes-former-teammate-to-high-court-over-pub-venture/

 

INTERNATIONAL PROPERTY NEWS

• England’s affordable housing scheme falls 32,000 homes short of target: MPs highlight big shortfalls in rural areas and warn that programme risks falling even further behind  https://www.theguardian.com/society/2022/dec/07/englands-affordable-housing-scheme-falls-32000-homes-short-of-target

 

• UK Agency sector facing one fall-through per minute  https://www.estateagenttoday.co.uk/breaking-news/2022/12/agency-sector-facing-one-fall-through-per-minute–claim

 

• UK Homelessness charity Shelter’s staff start ‘unprecedented’ two-week strike: More than 600 staff set to walk out over pay, with Unite saying some workers worried about becoming homeless themselves  https://www.theguardian.com/society/2022/dec/05/homelessness-charity-shelter-staff-start-unprecedented-two-week-strike?utm_source=newsshowcase&utm_medium=discover&utm_campaign=CCwQz5flqfPrzIkJGK7h7o-9pqrRlgEqJwgwEPKMkd-5_rOiExjW2rrYvLm1pL0BKg4IACoGCAowl6p7MN-zCQ&utm_content=b

 

• John Lewis and Abrdn can’t afford to let their housing partnership fail  https://www.thetimes.co.uk/article/john-lewis-and-abrdn-cant-afford-to-let-their-housing-partnership-fail-lv92lrdnw

 

• UK Construction buyers fear for year ahead – Optimism levels among construction buyers have slipped to a two-and-a-half year low. https://www.constructionenquirer.com/2022/12/06/construction-buyers-fear-for-year-ahead/

 

• Set to welcome its first guests in early 2024, the Sindalah island resort will be the first of 10 regions completed as part of the Neom mega-development in north-eastern Saudi Arabia.  https://www.dezeen.com/2022/12/06/sindalahl-luxury-island-neom-luca-dini/

 

• The Guru Of Greensboro: How A College Dropout Built A $2.9 Billion Real Estate Empire  https://www.forbes.com/sites/giacomotognini/2022/12/05/the-guru-of-greensboro-how-a-college-dropout-built-a-29-billion-real-estate-empire/?sh=61fff8ce30c1

 

• Ex-Alameda exec Sam Trabucco bought millions in property pre-collapse  https://protos.com/scoop-ex-alameda-exec-sam-trabucco-bought-millions-in-property-pre-collapse/

 

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 wanted to ensure the content remains topical and we are now 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/