Irish property market news and insights – by the industry, for the industry
I would like to take this opportunity to wish you all a Merry Christmas from all the team at Property District. 2019 has been an important year for our Communications & PR business with our tech-based solution for public consultation (PLACEengage.com) gaining traction; Property Matters radio show and podcast (iPropertyRadio.com) has survived 12 months on air and we are returning for another season in January 2020; and, thanks to our amazing clients, our ghost-written industry content has appeared across almost every publication in Ireland (and in an increasing number of UK media outlets). We are grateful and I am personally grateful for all the support this year. Thank you.
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:
- Firstly, Bitcoin was the decade’s best investment https://www.techspot.com/news/83245-bitcoin-decade-best-investment.html
- Strategic Housing
Development arrangements have now been extended until 31 December 2021 (S.I. No. 598 of 2019)
- Four new Rent Pressure Zones come into operation as average rents rise 8% https://www.breakingnews.ie/ireland/four-new-rent-pressure-zones-come-into-operation-as-average-rents-rise-8-971125.html
- Property market defies undersupply ‘groupthink’ https://www.irishtimes.com/business/economy/property-market-defies-undersupply-groupthink-1.4119633?mode=amp
- UK: Interest-only mortgages the ‘next big mis-selling scandal’ https://www.thetimes.co.uk/article/mortgage-mis-selling-next-big-scandal-after-ppi-mw3jmbpz3
- Ireland invites bids for share of €1bn rural regeneration fund https://www.theconstructionindex.co.uk/news/view/ireland-invites-bids-for-share-of-1bn-rural-regeneration-
- The Irish economy looks strong when the data fog of globalisation is lifted:
John FitzGerald: It is only after much CSO work that we are beginning to see what is really going on: https://www.irishtimes.com/business/economy/the-irish-economy-looks-strong-when-the-data-fog-of-globalisation-is-lifted-1.4120909?mode=amp
- Housing discrimination goes high tech https://www.curbed.com/2019/12/17/21026311/mortgage-apartment-housing-algorithm-discrimination
- Airbnb is not an estate agent, EU court rules: The accommodation-booking service Airbnb does not need an estate agent’s licence to operate in France, Europe’s top court has ruled.
The French tourism association had complained that Airbnb did not comply with French property laws.
It means the app’s users avoid a threat of disruption to its service in the country.
Had the court ruled the other way it would have served as a precedent for other EU regulators.
The Court of Justice of the European Union (CJEU)’s decision was based on its determination that Airbnb was an “information society service” rather than a property broker.
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.
Michael O’Flynn, CEO and Chairman of O’Flynn Group & Carol Tallon, Property District
For our final Property Matters show of the year, I was joined by Michael O’Flynn, CEO and chairman of the O’Flynn Group, for a 60-minute in-depth discussion on the state of development in Ireland right now. This was one of my highlights of the year for the radio show so I hope you enjoy it.
Listen here: https://anchor.fm/ipropertyradio/episodes/Property-Matters–17th-December-2019—Michael-OFlynn–OFlynn-Group-e9jvr1
*Listen back to all #PropertyMatters episodes here: https://anchor.fm/ipropertyradio
We will be putting together our guest and content line-up for the New Year schedule shortly, all suggestions welcome! Email the Property Matters team at hello@iPropertyRadio.com
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- ‘Legal challenges taken against planning decisions reach a new high this year: Infrastructure and housing being delayed by cases, says government’. This is a huge problem and one that the PLACEengage.com team has been talking directly to property developers about – developers, please take 2 minutes to answer these 5 questions: https://www.surveymonkey.com/r/KRTSYGY
- Alphabet’s Sidewalk Labs just unveiled a software that designs whole neighborhoods
- Placemaking leaps into a new decade: “The need for creativity is just as important as it always has been with building communities and bringing people together in a simple yet effective way – placemaking!” PLACEengage
- Call For Measures To Encourage People To Live In Rural Clare – Clare FM http://www.clare.fm/news/community/call-measures-encourage-people-live-rural-clare/
- Council to draw up plan to re-open access between two estates in Carlow –
This is becoming a huge issue:
- Wind Farm Public Consultation Opens | PLACEengage https://placeengage.com/wind-farm-public-consultation-opens/
- Dept of Heritage fighting plans to turn Joyce house into hostel: The site on Usher’s Island in Dublin 2 was the setting for the legendary author’s celebrated short story The Dead https://www.businesspost.ie/construction/dept-of-heritage-fighting-plans-to-turn-joyce-house-into-hostel-acb4b569
*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
- Irish Construction Data 2020: A pilot project will be kicking off in the early new year to collect Irish construction projects data in order to build industry big data. Property District is partnering with Dr. Houssem Jerbi and the team at Smart PMO to use AI (Artificial Intelligence) to develop industry collective intelligence to improve Irish construction. The predictive data analytics will help de-risk projects through reducing delays and cost-overruns. This is an industry first for Irish construction, providing participating organisations with new, unique insights and the opportunity to benchmark individual project/organisation data against the market, essentially revealing the strengths and weaknesses of live projects and optimising projects KPIs. I will be sending an email to contractors and cost/project managers shortly, if you are interested in getting involved in this pilot project in 2020 please email email@example.com.
- The lead industry story in The Sunday Times today reports that ‘Johnny Ronan’s docklands housing scheme to be tallest in Dublin’:
‘Property developer Johnny Ronan has started formal consultations with An Bord Pleanala about building an apartment scheme in the Dublin docklands that would include a 44-storey tower.
Ronan Group Real Estate and its backer Colony Capital are proposing to build 999 apartments at the Project Waterfront site, close to the 3Arena in the north docks.
The plan comprises 579 build-to-rent apartments alongside 420 units that would be offered for sale. The project would have two towers, of 44 and 40 storeys, twice the height of the current tallest residential building in Dublin.’
- Martin Keane sets out stall with fresh Iveagh Markets plan: Dublin publican and hotelier Martin Keane has lodged fresh plans for a €100m-plus development of the derelict Iveagh Markets in Dublin’s Liberties and says he aims to start work next year on the long-delayed project: https://www.thetimes.co.uk/edition/ireland/martin-keane-sets-out-stall-with-fresh-iveagh-markets-plan-mq028clkb
- Townmore takes over the front page of the Business Post today (image above), the Irish-based construction firm recently announced the opening of a new office in Cork (in addition to offices in Dublin, Tullamore and London), creating in excess of 90 new jobs: Townmore secures 2020 construction projects across Dublin, Cork and London worth an estimated €130 million: https://townmore.ie/news/townmore-secures-2020-construction-projects-across-dublin-cork-and-london/
- Also in the Business Post, Killian Woods reports that ‘McKillen jr bid to add floors to office block is turned down’: Permission refused for two extra floors on eight-storey building in Dublin https://www.businesspost.ie/commercial/mckillen-jr-bid-to-add-floors-to-office-block-is-turned-down-f21c5da5
- Developers lodge plans for 2,500 homes at five sites across Dublin:
Plans for nearly 2,500 homes in Dublin have been lodged with An Bord Pleanála.
They involve five separate large developments across the county. The largest of the proposals involves 999 apartments in the North Wall Quay in Dublin city, with more than half for the rental market. There are also plans for 659 apartments in nearby Sheriff Street Upper and the East Wall Road. Towards the north of the county, plans have been lodged for 512 apartments in the Howth Road in Howth.
- Construction manufacturer Horizon Offsite Ltd. awarded NSAI Agrément Certification:
“The Tipperary-headquartered company achieved the coveted certification for its Horizon Offsite Steel Frame Building System” Building Ireland Magazine https://buildingirelandmagazine.ie/construction-manufacturer-horizon-offsite-ltd-awarded-nsai-agrement-certification/
- Planning permissions for apartments up 80% after guideline changes https://www.irishtimes.com/business/construction/planning-permissions-for-apartments-up-80-after-guideline-changes-1.4119243?mode=amp
- Liberties 368-student residence plan gets approval https://www.irishtimes.com/business/commercial-property/liberties-368-student-residence-plan-gets-approval-1.4120334
- High Court overturns permission for 367 housing units in Cherrywood: The High Court ruled the council failed to adequately record its conclusions, based on its preliminary examination of the development, in accordance with 2001 planning regulations requiring an environmental impact statement in cases where a development would be likely to have significant effects on the environment.
- Sod turning and ribbons cut on Carrick-on-Shannon, Drumshanbo and Rooskey social housing projects https://lnkd.in/dieg3yz
- Gannon secures planning for 1,416 Dublin apartments https://www.rte.ie/news/business/2019/1219/1102148-gerry-gannon-developments/
- Plan to build 600 social and affordable homes on State land ‘a statement of intent’, says LDA – Independent.ie https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/irish-news/plan-to-build-600-social-and-affordable-homes-on-state-land-a-statement-of-intent-says-lda-38801275.html
- Work permit rules eased for chefs, nurses and construction workers
- Falcon submits Planning Application for North Quays Development https://waterfordnorthquays.ie/2019/12/17/falcon-submits-planning-application-for-north-quays-development/amp/?__twitter_impression=true
- The State of Construction:
“Queues of prospective buyers became something of a norm in recent years as people desperately fought to get on the property ladder and escape the rental sector, but now those queues are dwindling…”
- Green light for ‘boutique hotel’ style student accommodation in Dublin’s Liberties in spite of locals’ concerns https://www.thejournal.ie/liberties-student-accommodation-4942410-Dec2019/
- Council unveil plans for almost 600 new affordable homes in south https://www.dublinlive.ie/news/dublin-news/dun-laoghaire-rathdown-county-council-17449489
- Kildare Village owners to challenge planning permission refusal https://www.irishtimes.com/business/retail-and-services/kildare-village-owners-to-challenge-planning-permission-refusal-1.4120904?mode=amp
- Large shipping container site to be built beside Dublin Airport: A 12.1-acre (4.89-hectare) shipping container storage site will be situated at Coldwinters in north Co Dublin (pictured above) https://www.businesspost.ie/commercial/large-shipping-container-site-to-be-built-beside-dublin-airport-3a2df918
- Bolt and braces: Failures of structural fixings underline the need for improvements in how bolts, couplers and other structural connections are specified and installed, as well as their ongoing management in service.
- 10 trends for the construction sector in 2020 https://www.constructionnews.co.uk/agenda/opinion/10-trends-for-the-construction-sector-in-2020-19-12-2019/
PROPTECH, MMC & CONSTRUCTION INNOVATION
L-R: Geradine Larkin, NSAI Chief Executive, Ger Fahey, Managing Director of Horizon Offsite Ltd & Pat Breen, Minister for Trade, Business & Employment.
- 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 *
- Unissu launches TED Talk-like real estate platform – PropTech Ireland https://prop-tech.ie/unissu-launches-ted-talk-like-real-estate-platform/
- 10 Most Read Articles about Materials and New Construction Technologies of 2019 https://www.archdaily.com/929967/materials-and-new-construction-technologies-the-10-most-popular-articles-of-2019
- Construction Manufacturer Horizon Offsite Ltd. Awarded NSAI Agrément Certification:
“…our Horizon Offsite Steel Frame Building System has achieved a standard of excellence up to six storeys and, significantly, it will be accredited to 10 storeys from the beginning of 2020”.
Ger Fahey of Horizon Offsite Ltd. speaking to Construction Network Ireland: (image above) http://www.constructionnetworkireland.com/construction-manufacturer-horizon-offsite-ltd-awarded-nsai-agrement-certification/
- 6 innovations to watch in construction https://www.constructionnews.co.uk/tech/cn-vegas-6-innovations-watch-construction-16-12-2019/
- CREtech Acquires FUTURE PropTech To Form The Largest Global Real Estate Tech Conference And Research Company – PropTech Ireland https://prop-tech.ie/cretech-acquires-future-proptech-to-form-the-largest-global-real-estate-tech-conference-and-research-company/
- SoftBank-funded construction startup Katerra promised a tech revolution. It’s struggling to deliver. https://therealdeal.com/2019/12/16/softbank-funded-construction-startup-katerra-promised-a-tech-revolution-its-struggling-to-deliver/
- Is PropTech About To Have Its ‘Man On The Moon’ Moment? https://www.forbes.com/sites/garybarker/2019/12/16/is-proptech-about-to-have-its-man-on-the-moon-moment/
- Proptech Startup HqO Raises $34M To Serve As A ‘Universal Remote’ For Office Buildings https://news.crunchbase.com/news/proptech-startup-hqo-raises-34m-to-serve-as-a-universal-remote-for-office-buildings/
- Home page: The new platform using AI to revolutionise the property market https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/innovation/home-page-the-new-platform-using-ai-to-revolutionise-the-property-market-1.4114566?mode=amp
- Levelset raises $30 million to improve money management for contractors in construction – TechCrunch https://techcrunch.com/2019/12/19/levelset-raises-30-million-to-improve-money-management-for-contractors-in-construction/
OTHER PROPERTY NEWS
- Christmas and New Year in your new home | Buyers Broker International https://buyersbrokerinternational.com/2019/12/christmas-and-new-year-in-your-new-home/
- Solving the housing crisis https://www.irishtimes.com/opinion/letters/solving-the-housing-crisis-1.4118351?mode=amp
- Green homebuyers can avail of lower rate mortgages and loans https://www.irishtimes.com/sponsored/bank-of-ireland/green-homebuyers-can-avail-of-lower-rate-mortgages-and-loans-1.4117976?mode=amp
- Signs of rent stabilisation in Dublin and Cork – RTB https://www.rte.ie/news/2019/1218/1101825-rent-index/
- Can property-owning daughter inherit parents’ home without tax? https://www.irishtimes.com/business/personal-finance/can-property-owning-daughter-inherit-parents-home-without-tax-1.4116741?mode=amp
- Rising housing costs see 77% of young Irish adults still living with their parents https://www.irishexaminer.com/breakingnews/business/rising-housing-costs-sees-77-of-young-adults-in-ireland-still-living-with-their-parents-970990.html
- Peter McVerry Trust plans 100 housing units in 2020 after meeting targets a year ahead of schedule https://www.thejournal.ie/peter-mcverry-trust-targets-4939845-Dec2019/
- Couple win challenge over council’s refusal to include them on social housing list https://www.irishtimes.com/news/crime-and-law/courts/high-court/couple-win-challenge-over-council-s-refusal-to-include-them-on-social-housing-list-1.4120952?mode=amp
- What will €320k buy in Dublin 8 and Co Clare? https://www.irishtimes.com/life-and-style/homes-and-property/what-will-320k-buy-in-dublin-8-and-co-clare-1.4119500?mode=amp
- Dublin Port should relocate not expand, says business group https://www.irishtimes.com/business/commercial-property/dublin-port-should-relocate-not-expand-says-business-group-1.4116145?mode=amp
- Iput acquires Dublin Landings office for €115m https://www.irishtimes.com/business/commercial-property/iput-acquires-dublin-landings-office-for-115m-1.4116613
- VacantHomes.ie sees 10% surge in vacant homes registered after Christmas appeal to public | Buyers Broker International https://buyersbrokerinternational.com/2019/12/vacanthomes-ie-sees-10-surge-in-vacant-homes-registered-after-christmas-appeal-to-public/
- Dublin hotel market more challenging than expected https://www.rte.ie/news/business/2019/1218/1101839-datala-hotel-group-update
- Intercom agrees lease for new 113,000 sq ft headquarters in Dublin: Irish-founded technology company Intercom is to move into new headquarters on Earlsfort Terrace in Dublin.
The company, which is currently based in Anglo Irish Bank’s former HQ on St Stephen’s Green, has this week signed a deal to lease over 113,000 square feet for the new Cadenza building, which is to be located close to the National Concert Hall.
The tech company has agreed an 18-year lease with Irish Life at a rent of €60 per square feet. It s expected to move intor the new building in January 2022. https://www.irishtimes.com/business/commercial-property/intercom-agrees-lease-for-new-113-000-sq-ft-headquarters-in-dublin-1.4120796?mode=amp
- Yew Grove acquires Millennium Park portfolio for €25.3m https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/yew-grove-acquires-millennium-park-portfolio-for-25-3m-1.4120712?mode=amp
- Maybourne begins California dream with Beverly Hills hotel: The Montage Beverly Hills hotel is a regular haunt of A-list celebrities, with paparazzi successfully snapping the likes of actress Reese Witherspoon, model Kylie Jenner and her reality star half-sister Kourtney Kardashian at the Los Angeles property.
From this weekend, Paddy McKillen, the Belfast-born property investor and developer, is likely to be a frequent visitor to the 201-bedroom hotel. McKillen, whose property interests include the Jervis shopping centre and Clarence hotel in Dublin, was a key adviser on the purchase of the Montage by the Maybourne hotel group for about $400m (€361m) and will be heavily involved in the “repositioning and renovation” of the Montage: https://www.thetimes.co.uk/edition/ireland/maybourne-begins-california-dream-with-beverly-hills-hotel-hspbtx0nq
- Palm Capital plants €85m into Dublin warehouse project: An affiliate of the London-based real estate private equity firm Palm Capital has agreed to forward-fund an €85m logistics warehousing project in Dublin.
It is understood that Palm Logistics has agreed to buy the development, which comprises two grade A logistics warehouses plus associated offices and staff facilities at Greenogue Business Park in Rathcoole, spanning an area of nearly 41,670 sq m. https://www.thetimes.co.uk/edition/ireland/palm-capital-plants-85m-into-dublin-warehouse-project-d2w5h9hlg
Merry Christmas & Best Wishes for the New Year!