There is quite a packed property read for you below, most of this is a catch-up on the events of the week as all the Sunday broadsheets are dominated with advertising (just email me for details on the best value turkey and where to shop for the most thought-out wine selection!).
If you missed last week’s Sunday Property Round-Up, which was full of industry and tech/innovation news, you can catch up here: https://propertydistrict.ie/commercial-property-news/
Before we get started, I want to draw your attention to this positive news story:
- Dublin nabs top spot as best large city for foreign direct investmenthttps://www.siliconrepublic.com/start-ups/dublin-fdi-ranking
- Also, this is an industry drum that the Property District team have been beating in recent years: ‘What if Residential Real Estate Embraced Branding? https://www.bisnow.com/london/news/multifamily/build-to-rent-brand-flagship-94613
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!)
Rents rising but number of landlords falling: RTB Director Rosalind Carroll said affordability remained an issue for the rental market and in particular more work needed to be done to moderate the rate of rent increases for new tenancies in areas where demand is high.
“At the same time, it is a matter of deep concern that the number of landlords continues to decrease,” she said. “If we are to meet demand and ensure a well-functioning rental sector, then we need more landlords and different types of landlords to offer market options. With many landlords leaving, it is increasing strain and pressure and this must be addressed.”
Public Consultation and Community Engagement
- Business groups backing indoor market application – Connacht Tribunehttps://connachttribune.ie/business-groups-backing-indoor-market-application-090/
- Further delays to Cork LUAS plan with new 2019 publication datehttps://www.eveningecho.ie/corknews/Further-delays-to-Cork-LUAS-plan-with-new-2019-publication-date-aca94256-546e-4582-ac65-29dbcf4b3f4c-ds
- South Dublin County Council approves plan for apartment block beside park – The plans had prompted objections from some community workers: https://www.thejournal.ie:443/south-dublin-county-council-sean-walsh-4386907-Dec2018/https://www.thejournal.ie/south-dublin-county-council-sean-walsh-4386907-Dec2018/?amp=1
- The Future of Planning is Collaborative | PLACEengage https://placeengage.com/the-future-of-planning-in-collaborative/
PLACEengage: The future of speedy, successful placemaking for property developers is here – LAUNCHING JANUARY 2019!
Other Property News
- Revealed: Ireland’s most expensive markets as home values increase by €92k in five years https://amp.independent.ie/business/personal-finance/revealed-irelands-most-expensive-markets-as-home-values-increase-by-92k-in-five-years-37630304.html
- Ireland’s hot property market is a sign of health https://amp.economist.com/europe/2018/12/15/irelands-hot-property-market-is-a-sign-of-health#top
- Property prices continue to rise – but rate of increase slows https://www.independent.ie/business/personal-finance/property-prices-continue-to-rise-but-rate-of-increase-slows-37615329.html
- Richard Curran, in his weekly Sunday Independent column writes that ‘Rental crisis is set to continue as some landlords decide to exit’. He is referring to the latest RTB report, which shows that rents are still rising, although the rate of increase is starting to slow. It also confirm that there are fewer tenancies coming available each quarter, which is deeply worrying. There are 1,778 fewer landlord today than in 2015. Of the 174,000 landlords in Ireland, 86% of those have only one or two investment properties.
- On page 12 of the Independent today there is a composite piece on the property market. In particular, Ronan Lyons writes about ‘Home truths of a housing market that makes 17 millionaires a week’, pointing out that while property is our largest expense, it is also our greatest asset.
- According to Michael Cogley in the Sunday Independent , Cairn Homes has received planning for 459 new homes at Fortunestown Lane, near Citywest – Cooldown Commons
- Also, the same journalist reports that the Gillick brothers through Platnium Land are set to apply for planning for 535 BTR units at their Chivers site in north Dublin.
- In The Sunday Times, Sean Pollack reports that “rent predictability measures are set to be introduced for purpose-built student accommodation”, which is badly needed as PBSA lettings are not covered under the rent pressure zones restrictions.
- The lead business story in the Times today reports that Oaktree Capital Management is in “advanced talks” to fund the much-speculated upon 4.32 hectare Players Square scheme on South Circular Road.
- In The Sunday Business Post, Jack Horgan-Jones reports that Nama is on track to make a “significant profit” on the Player Wills site.
- In the property section of The Irish Times, editor Lind Daly has a good round-up of the property year. In trying to fund the winners and losers of the market place, she surmises that “this year was a mixed bag for the sector, with no runaway champs”.
- According to Michael Brennan in The Sunday Business Post today ‘Property tax overhaul delayed by Ross’s demand to exempt pensioners’. He reports that government has redesigned the current system to avoid big increases for homeowners as properties are revalued in 2019 – for the first time since the introduction of the tax. It is understood that homeowners will pay a different property tax rate depending on where in the country they live.
- Also in the SBP, Smurfit hails ‘great victory’ as K Club case thrown out of court
Mr Justice Anthony Barr concluded that Peter Curran of Cahersiveen, Co Kerry had “lied continually” in an action that was dismissed last Friday against Smurfit.
- Vic O’Sullivan has a good feature on what you need to know before becoming an Airbnb host.
- Luas Cross City leads to property price jumps in Dublin 7 https://www.irishtimes.com/news/ireland/irish-news/luas-cross-city-leads-to-property-price-jumps-in-dublin-7-1.3726749?mode=amp
- Cork County Council in joint bid for provision of public housinghttps://amp.irishexaminer.com/breakingnews/ireland/cork-county-council-in-joint-bid-for-provision-of-public-housing-891228.html
- Housing Minister wants shift to longer-term rental leases https://www.irishtimes.com/business/construction/housing-minister-wants-shift-to-longer-term-rental-leases-1.3726738?mode=amp
- ‘This isn’t acceptable’: Government delivers less than half of planned social housing in first 9 months of the year https://www.thejournal.ie/social-housing-report-4390504-Dec2018/?amp=1
- New builds account for less than 8% of social homes https://www.irishtimes.com/news/social-affairs/new-builds-account-for-less-than-8-of-social-homes-1.3729136?mode=amp
- Landlords who break 4% rent cap will have to pay up to €30,000 https://www.irishtimes.com/news/ireland/irish-news/landlords-who-break-4-rent-cap-will-have-to-pay-up-to-30-000-1.3727361?mode=amp
- Should TD landlords abstain from eviction legislation vote?
- An Post takes first steps into the mortgage business by seeking info from ‘prospective partners’ https://www.thejournal.ie/an-post-mortgages-4390874-Dec2018/?amp=1
- EXCLUSIVE: High-profile developer swoops on former Limerick hotel site for €6.2mhttps://www.limerickleader.ie/gallery/home/352690/exclusive-high-profile-developer-swoops-on-former-limerick-hotel-site-for-6-2m.html
- International developers reveal plans to build 3,000 apartments for rent across Dublin
- More on that: Hines to spend €1.1bn building 3,000 apartments in Dublinhttps://www.irishtimes.com/business/commercial-property/hines-to-spend-1-1bn-building-3-000-apartments-in-dublin-1.3726075?mode=amp
- Work to begin on 310-room budget hotel on Liffey Street https://www.irishtimes.com/business/commercial-property/work-to-begin-on-310-room-budget-hotel-on-liffey-street-1.3727655?mode=amp
- Taoiseach vows to close loophole that allows €1.3bn mortgage ‘vehicle’ not to pay taxhttps://www.thejournal.ie/taoiseach-vows-to-close-loophole-that-allows-e1-3bn-mortgage-vehicle-not-to-pay-tax-4389095-Dec2018/?amp=1
- Irish Life set to get planning permission to redevelop Hume Househttps://www.irishtimes.com/business/commercial-property/irish-life-set-to-get-planning-permission-to-redevelop-hume-house-1.3727641?mode=amp
- Dublin housing charity winds up after 46 years https://www.irishtimes.com/news/social-affairs/dublin-housing-charity-winds-up-after-46-years-1.3725517?mode=amp
- Prime retail: first line of defence in the online revolution https://www.irishtimes.com/business/commercial-property/prime-retail-first-line-of-defence-in-the-online-revolution-1.3726324?mode=amp
- Kelly Walsh sells portfolio of creches for €7.2m https://www.irishtimes.com/business/commercial-property/kelly-walsh-sells-portfolio-of-creches-for-7-2m-1.3726330?mode=amp
- CBRE’s European Real Estate Market Outlook 2019 report is now available to download https://lnkd.in/ggEEy3r
- The green impact of modular construction | Planning & Building Control Todayhttps://www.pbctoday.co.uk/news/planning-construction-news/green-impact-modular-construction/34514/
- Parc and ride: The story of constructing Ireland’s newest holiday resorthttp://www.engineersjournal.ie/2018/12/11/parc-and-ride-the-story-of-constructing-irelands-newest-holiday-resort/
- Ireland’s bounceback: Skyrocketing demand
“Both sale and rental prices for Irish housing have risen sharply in recent years. This is particularly acute in Dublin, where sale prices have increased by 55 per cent and rental prices by 65 per cent in the last five years. This reflects strong demand but very weak supply”
- Kingspan named Company of the Year by Business & Finance https://www.kingspan.com/group/news/news/kingspan-named-company-of-the-year-by-business-f
- US trend: The single-family rental industry is starting to consolidatehttps://www.curbed.com/platform/amp/2018/12/11/18123976/single-family-rental-market-consolidate
- 5 of the most interesting trends that will advance construction in 2019.
For more please read: https://lnkd.in/gfGPQpk
12-month digital transformation programme for independent estate agents and auctioneers across Ireland
Getting Ireland’s property marketplace digital by default
To get involved and for free Proptech Prompts, please
Proptech and Construction Innovation
- Are you an Irish-led or Ireland-based #proptech business? If so, please take five minutes to add or update your details to our internationally-shared listing here: SIGN UP: PROPTECH INNOVATORS and to keep up-to-date on all things tech and innovation for the planning, construction and property industries, head over to http://www.prop-tech.ie, the national resource website for innovators, investors and mentors or email email@example.com .
- Excellent #startups and #VC insights here by @angiekdonati and @FaisalButt_ – particularly around “last mover advantage”: This Is The Lesson Startup Founders Should Learn From Emoov’s Demise https://www.forbes.com/sites/angelicakrystledonati/2018/12/10/this-is-the-lesson-startup-founders-should-learn-from-emoovs-demise/amp/
- And from the horse’s mouth: Mistakes I’ve made include ‘hiring the wrong people’, says Emoov founder Russell Quirk – Property Industry Eye https://www.propertyindustryeye.com/mistakes-ive-made-include-hiring-the-wrong-people-says-emoov-founder-russell-quirk/
- Think tank: rise of the robo-agent? | Insight | Property Weekhttps://www.propertyweek.com/5100187.article?utm_medium=email&utm_campaign=Monthly%20Client%20Solutions&utm_content=Monthly%20Client%20Solutions+CID_0225c70a14b0a174f792d1e2a7bac923&utm_source=Campaign%20Monitor&utm_term=Full%20article%20blue
- With $15M, The Riveter plans to open 100 new female-focused co-working spaceshttps://techcrunch.com/2018/12/11/with-15m-the-riveter-plans-to-open-100-new-female-focused-co-working-spaces/amp/
- Co-Living Firm Wins $1.1 Billion Investment for Europe Expansion
- More on this: Medici and Corestate launch world’s largest co-living investment vehiclehttps://www.propertyweek.com/finance/medici-and-corestate-launch-worlds-largest-co-living-investment-vehicle/5100358.article
- PlaceTech | How to spot a flawed fad https://placetech.net/analysis/how-to-spot-a-flawed-fad/
- Google invests in London property tech start-up AskPorter https://www.standard.co.uk/business/google-invests-in-london-property-tech-startup-askporter-a4014331.html?amp
- UK PropTech will survive whatever Brexit brings
- Here’s how Nike, Alibaba and Walmart are reinventing retail https://www.wired.co.uk/article/future-of-retail
- So many important insights here- Real collaboration between property and tech is keyhttps://www.propertyweek.com/insight/real-collaboration-between-property-and-tech-is-key/5100369.article
- Google invests in London property tech start-up AskPorter | London Evening Standardhttps://www.standard.co.uk/business/google-invests-in-london-property-tech-startup-askporter-a4014331.html
- The next proptech success? Juniper Square raises $25M https://thinkrealty.com/next-proptech-success-juniper-square-raises-25m/
- PropTech firms claim new products will help lettings … https://www.lettingagenttoday.co.uk/breaking-news/2018/12/proptech-firms-claim-new-products-will-help-lettings-agents
- Unconventional bootstrapping: round 1 https://justinjackson.ca/round1/
- The cofounder of Casper wants to make home renovations less hellish: https://www.fastcompany.com/90280279/the-cofounder-of-casper-wants-to-make-home-renovation-less-hellish
- PropTech in Ireland 2018 via FUTURE:PropTech https://futureproptech.co.uk/blog/overview-of-the-irish-proptech-sector-2018
Crowd-sourcing: New Facebook Group for Irish Property Buyers & Investors
As many of you might know, my annual property book The Irish Property Buyers’ Handbook (since 2011) has undergone a rebrand for 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.
For the first time, the 2019 edits will be crowd-sourced and will include 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/