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: 

 

• OECD: Economy to grow 3% in 2021 despite January lockdown https://www.irishexaminer.com/business/economy/arid-40194252.html?type=amp

 

• Ministerial Letter to Local Authorities – Structural Housing Demand in Ireland and Housing Supply Targets https://www.gov.ie/en/collection/cdab3-ministerial-letter-to-local-authorities-structural-housing-demand-in-ireland-and-housing-supply-targets/

 

• Government dismissed housing state support before extending help to buy https://www.thetimes.co.uk/article/government-dismissed-housing-state-support-before-extending-help-to-buy-njjrc6kjv

 

• Proposal for State to buy out distressed mortgages held by vulture funds – Vulture funds are on a six or seven-year lifespan, while people living in homes under long-term arrears require a 25-year or 30-year solution, says business group chairman. https://www-irishexaminer-com.cdn.ampproject.org/c/s/www.irishexaminer.com/business/economy/arid-40194321.html?type=amp

 

• The Irish winners and losers as Covid-19 battered the business world: “Blackstone’s exit from Blanchardstown shopping centre was an example of cold-blooded capitalism. The private equity company simply walked away from its €200m-plus investment, made in 2016 when it bought the centre from Green Property.” https://www.thetimes.co.uk/edition/ireland/the-irish-winners-and-losers-as-covid-19-battered-the-business-world-sdlctrp57

 

• Why the year ahead will change estate agency forever https://www.estateagenttoday.co.uk/breaking-news/2020/12/why-the-year-ahead-will-change-estate-agency-forever

 

• Investors ready to move after Covid storm abates – When travel restrictions are lifted, capital will flow back into commercial property, benefiting in particular the office, PRS, industrial and logistics and social housing sectors: https://www.businesspost.ie/property-insight/investors-ready-to-move-after-covid-storm-abates-07e81ced

 

• On the home straight: new year looks brighter for hotel sector – Things are set to look up for the Irish hotel market 2020, with trends including an increased emphasis on client health and on high-tech developments https://www.businesspost.ie/property-insight/on-the-home-straight-new-year-looks-brighter-for-hotel-sector-bb572323

 

• Consultation on EIIS tax relief scheme for start-ups announced https://www.irishtimes.com/business/economy/consultation-on-eiis-tax-relief-scheme-for-start-ups-announced-1.4444760?mode=amp  

 

• Facebook moves key assets out of Ireland:  New documents show that the social media giant has moved to wind up several Irish holding companies which it used to hold its intellectual property (IP) for international sales. The company has also shifted billions of euros in profits from its Irish holding company back to the US. https://www.thetimes.co.uk/edition/ireland/facebook-moves-key-assets-out-of-ireland-5th5j9f86

 

 

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  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

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). The team delivers 60 minutes of industry chat weekly with guests from the areas of planning, construction, property and proptech.

 

 

Produced by Katie Tallon of Hear Me Roar Media. 

 

*Listen back to all shows at: https://ipropertyradio.com/property-matters/

Email the Property Matters team at hello@iPropertyRadio.com

 

PLACEMAKING

PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT

 

• Plans revealed for new and upgraded rail lines in Cork, Limerick and Waterford: Southern regions would benefit, but other reports rule out reopening the Western Rail Corridor for passenger services in Galway and Mayo https://www.businesspost.ie/transport/plans-revealed-for-new-and-upgraded-rail-lines-in-cork-limerick-and-waterford-ba79d6d7

 

• Dublin inner city project punches well above its weight – State can learn from its failures in tackling social disadvantage and deprivation https://www.irishtimes.com/opinion/dublin-inner-city-project-punches-well-above-its-weight-1.4444954?mode=amp

 

• Haulbowline Public Park finally set to open:  A new public park is finally set to open on a remediated former steelworks dump site in Cork Harbour. https://www.irishexaminer.com/news/munster/arid-40194771.html

 

• Almost €90m allocated for road improvement and maintenance across Cork https://www.echolive.ie/corknews/arid-40195845.html

 

• Emotional scenes in Limerick estate as mural is unveiled to remember Brooklyn Colbert https://www.limerickleader.ie/news/home/597905/emotional-scenes-in-limerick-estate-as-mural-is-unveiled-to-remember-brooklyn-colbert.html

 

• Rathkeale on the rise – Limerick town looks to come out of Covid-19 pandemic stronger than ever     https://www.limerickleader.ie/news/home/596961/rathkeale-on-the-rise-limerick-town-looks-to-come-out-of-covid-19-pandemic-stronger-than-ever.html

 

• Glen of the Downs tunnel an option for N11 upgrade: Engineers have scrapped plans to bring the upgraded road via Delgany Golf Club and close to the village https://amp.independent.ie/regionals/braypeople/news/glen-of-the-downs-tunnel-an-option-for-n11-upgrade-39891999.html

 

 

• Branching into community art https://www.anglocelt.ie/2020/12/26/branching-into-community-art/

 

 

*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

 

• Government expects 25,000 new homes built in 2021 – half by State or approved housing bodies: The shutdown of the industry slowed progress this year but it is unlikely further lockdowns would stop construction. https://www.thejournal.ie/covid-construction-5287368-Dec2020/?amp=1

 

• Idea that only councils should build social housing is nonsense – Not true that State can deliver much more cheaply than private sector https://www.irishtimes.com/business/construction/idea-that-only-councils-should-build-social-housing-is-nonsense-1.4440399?mode=amp

 

• Co-living builder appealed for finance minister to use ‘common sense’ in development request: A prominent developer appealed to the finance minister to bring some “common sense” to the discussion surrounding co-living, records reveal. Mike Flannery, chief executive of Bartra Capital Property, a large Dublin-based developer, also decried political “attacks” on co-living, and accused the government of creating significant uncertainty. https://www.thetimes.co.uk/article/co-living-builder-appealed-for-finance-minister-to-use-common-sense-in-development-request-gwm5lrd2d

 

• In the Sunday Independent today: Shortage of tradespeople ‘holding back construction’ https://amp.independent.ie/business/irish/shortage-of-tradespeople-holding-back-construction-39902830.html

 

• Johnny Ronan and Oaktree complete €160m Irish Glass Bottle site deal – Irish developer switched joint venture partners after being selected as preferred bidder https://www.irishtimes.com/business/commercial-property/johnny-ronan-and-oaktree-complete-160m-irish-glass-bottle-site-deal-1.4443857?mode=amp

 

• Council gives green light for €475m Kevin Street mixed-use development https://www.irishtimes.com/business/commercial-property/council-gives-green-light-for-475m-kevin-street-mixed-use-development-1.4443162?mode=amp

 

• Permission has been granted for a 378-bed co-living development in Dublin’s south city centre. The plan by a company called Alphabet ABC for a development up to seven storeys on Cork Street was opposed by local residents and representatives because of the scale and type of development. https://www.rte.ie/news/dublin/2020/1224/1186350-co-living/

 

• Plans lodged to build over 300 apartments in radical overhaul of Phibsborough Shopping Centre – The proposal will see the construction of 321 build-to-rent shared living student accommodation units, as well as a number of retail, restaurant and cafe units https://www.dublinlive.ie/news/dublin-news/phibsborough-shopping-centre-student-accommodation-19515993

 

• Publican Keane takes Guinness heir to court over Iveagh Markets: The move comes after Edward Iveagh took possession of the long-derelict Dublin 8 site earlier this month https://www.businesspost.ie/legal/publican-keane-takes-guinness-heir-to-court-over-iveagh-markets-f2b0c72f

 

• Plans for hotel, office and retail development in Cork town labelled ‘premature’ https://www.echolive.ie/corknews/arid-40194621.html

 

• Student-bed SHD proposal ‘requires further consideration’ before application can be lodged https://www.echolive.ie/corknews/arid-40194408.html

 

• Planning permission granted for the redevelopment of Cork’s historic Savoy Centre https://www.echolive.ie/corknews/arid-40196187.html

 

• Cork’s ‘Kildare Village’ project dealt planning blow https://www.irishexaminer.com/news/munster/arid-40196556.html

 

• Application to develop 1,000 apartments on Cork’s docklands lodged with detailed plans revealed https://www.echolive.ie/corknews/arid-40196559.html

 

• Planning permission for 150 residential units in Cork town refused  https://www.echolive.ie/corknews/arid-40194837.html

 

• Amber Oil fails to block new drive-thru facility at McDonald’s in Fermoy https://www.irishexaminer.com/news/munster/arid-40194141.html

 

• More time sought to build residential development in Oranhill https://galwaybayfm.ie/galway-bay-fm-news-desk/more-time-sought-to-build-residential-development-in-oranhill/

 

• Objections put brakes on Kilkenny hotel’s huge expansion plans  https://kilkennynow.ie/objections-put-brakes-on-kilkenny-hotels-huge-expansion-plans/

 

• Permission Sought For Upgrade Of Infrastructure In Millenium Park, Naas. | Kfm Radio https://kfmradio.com/news/23122020-0826/permission-sought-upgrade-infrastructure-millenium-park-naas

 

• Move to establish timeline for work on new zone at Knock airport | Connaught Telegraph https://www.con-telegraph.ie/2020/12/20/move-to-establish-timeline-for-work-on-new-zone-at-knock-airport/

 

• UK’s Primary Health Properties agrees contract for Wexford care centre https://amp.independent.ie/business/world/uks-primary-health-properties-agrees-contract-for-wexford-care-centre-39885314.html

 

• Council buys key 20-acre landbank in Bealnamulla https://www.westmeathindependent.ie/2020/12/26/council-buys-key-20-acre-landbank-in-bealnamulla/

 

• ESB rapid-response gas plants will back up renewables: The electricity body is to begin the first of three such plants in Dublin next summer, with energy storage facilities also in the pipeline https://www.businesspost.ie/energy/esb-rapid-response-gas-plants-will-back-up-renewables-fcfa3be5

 

• Statkraft to build, sell and manage two Irish wind farms https://www.globenewswire.com/news-release/2020/12/21/2148310/0/en/Statkraft-to-build-sell-and-manage-two-Irish-wind-farms.html

 

• Ardale group sells door lock and handle-maker Basta for estimated €1m – Developer Emma Maye’s Ardale group sells Basta to construction materials group Laydex Building Solutionshttps://www.irishtimes.com/business/manufacturing/ardale-group-sells-door-lock-and-handle-maker-basta-for-estimated-1m-1.4442168?mode=amp

 

• McKillen picks up £5m fee from his Qatari Maybourne hotel group backers https://www.irishtimes.com/business/transport-and-tourism/mckillen-picks-up-5m-fee-from-his-qatari-maybourne-hotel-group-backers-1.4443289?mode=amp

 

• Understanding The ‘Stop’ Method For Reducing Dust Exposure – Hilti Ireland https://constructionnews.ie/hilti-ireland-dust-control/amp/

 

• Kilsaran has announced a number of new appointments to its leadership team: Kilsaran employs 500+ people and specialises in making paving, walling, road surfacing materials, pre-mixed dry mortars, renders, screeds and ready-mixed concrete and blocks https://www.irishbuildingmagazine.ie/2020/12/21/kilsaran-expands-leadership-team/

 

• Grafton to buy Dublin-based Proline for undisclosed sum https://www.irishtimes.com/business/construction/grafton-to-buy-dublin-based-proline-for-undisclosed-sum-1.4443718?mode=amp

 

 

PROPTECH, MMC & CONSTRUCTION INNOVATION

 

• Proptech Ireland is updating the database of 2020 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: *PROPTECH INNOVATORS and STARTUPS *  

 

• 10 biggest proptech funding rounds of 2020: Investors poured nearly $2B into top real estate tech deals https://therealdeal.com/national/2020/12/24/10-biggest-proptech-funding-rounds-of-2020/ 

 

• We need to make it easy for startups to exit in Europe | Sifted https://sifted.eu/articles/startup-exits-europe/

 

• PropTech: New camera allows super-fast inventory photography https://www.lettingagenttoday.co.uk/breaking-news/2020/12/proptech-new-camera-allows-super-fast-inventory-photography

 

• London proptech startup secures six figure funding from Northern angel investors https://bdaily.co.uk/articles/2020/12/21/london-proptech-startup-secures-six-figure-funding-from-northern-angel-investors

 

• How to invest in ghost kitchens, according to a proptech associate – Business Insider https://www.businessinsider.com/ghost-kitchens-how-to-invest-proptech-metaprop-safi-aziz-2020-12?r=US&IR=T

 

• Introducing NurturingAI – PropTech to identify customers and preferences https://www.estateagenttoday.co.uk/breaking-news/2020/12/introducing-nurturingai–proptech-to-identify-customers-and-preferences

 

• Proptech Market to Witness Massive Growth by 2027 | Top Players Galileo Software Services Inc., InspectRealEstate https://farmingsector.co.uk/uncategorized/55972/proptech-market-to-witness-massive-growth-by-2027-top-players-galileo-software-services-inc-inspectrealestate/

 

• How Property Technology is Reshaping Real Estate Market https://www.cioreview.com/news/how-property-technology-is-reshaping-real-estate-market-nid-32685-cid-208.html

 

• Here Are Four Accelerated Technology Trends Impacting The 2021 Commercial Real Estate Market https://www.forbes.com/sites/jenniferhicks/2020/12/25/here-are-four-accelerated-technology-trends-impacting-the-2021-commercial-real-estate-market/?sh=25b42ee1e180

 

 

RESIDENTIAL PROPERTY NEWS (including PRS)

 

• House prices rise by almost 1.5% over three months https://www.thejournal.ie/house-prices-rise-5311067-Dec2020/?amp=1

 

• House prices likely to hold firm in 2021 as people returning from abroad fuel demand https://amp.independent.ie/business/personal-finance/property-mortgages/house-prices-likely-to-hold-firm-in-2021-as-people-returning-from-abroad-fuel-demand-39900455.html

 

• ‘We are witnessing the highest demand for housing I’ve ever seen’ – house prices rising despite Covid-19 crisis https://amp.independent.ie/business/personal-finance/property-mortgages/we-are-witnessing-the-highest-demand-for-housing-ive-ever-seen-house-prices-rising-despite-covid-19-crisis-39900461.html

 

• Let’s regulate short-term let platforms like Airbnb before tourism kicks back in, says housing minister https://www.thejournal.ie/short-term-let-platforms-regualtion-5310075-Dec2020/

 

• Mortgage approvals in November hit record level https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/economy/mortgage-approvals-in-november-hit-record-level-1.4443024?mode=amp

 

• Dublin rent continues to rise as average in capital sits at over €1.7k https://www.dublinlive.ie/news/dublin-news/dublin-rent-continues-rise-average-19494803

 

• Rents in Galway city overtake Cork city as second highest nationwide – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/rents-in-galway-city-overtake-cork-city-as-second-highest-nationwide/

 

• Just one landlord faced legal action arising from breaches of housing standards at 7,848 private rented properties that failed a first inspection this year https://amp.rte.ie/amp/1185810/

 

• Focus Ireland helps 23 families in Kilkenny secure a home https://www.kilkennypeople.ie/news/home/597957/focus-ireland-helps-23-families-in-kilkenny-secure-a-home.html

 

• British Lord loses appeal over palladian mansion in Kilkenny – Lord George Magan (74) was not entitled to relief against forfeiture of Castletown Cox house under landlord and tenant legislation, court finds https://www.irishtimes.com/news/crime-and-law/courts/high-court/british-lord-loses-appeal-over-palladian-mansion-in-kilkenny-1.4443292?mode=amp

 

• What sold for about €600k in Dublin, Cork and Wicklow – Houses in Glasthule, Portmarnock, Fermoy and Newcastle https://www.irishtimes.com/life-and-style/homes-and-property/what-sold-for-about-600k-in-dublin-cork-and-wicklow-1.4436278?mode=amp

 

 

COMMERCIAL PROPERTY NEWS

 

• Warehouse shortages due to pre-Brexit stockpiling to worsen in January https://www.irishtimes.com/business/warehouse-shortages-due-to-pre-brexit-stockpiling-to-worsen-in-january-1.4442166?mode=amp

 

• Hammerson gets dual listing as shares begin trading on Dublin market https://www.irishtimes.com/business/commercial-property/hammerson-gets-dual-listing-as-shares-begin-trading-on-dublin-market-1.4444598?mode=amp

 

• Topshop among four Irish firms in Arcadia Group to be wound up https://www.irishexaminer.com/business/companies/arid-40194669.html

 

• Six-storey office block sold on Sir John Rogerson’s Quay | Business Post https://www.businesspost.ie/commercial/six-storey-office-block-sold-on-sir-john-rogersons-quay-a9c31cd9

 

• Prime grazing farm for €1.3m in the Kingdom https://amp.independent.ie/business/farming/farm-property/munster-farm-sales/prime-grazing-farm-for-13m-in-the-kingdom-39885265.html

 

 

INTERNATIONAL PROPERTY NEWS

• Top Predictions For Retail 2021 https://www.forbes.com/sites/gregpetro/2020/12/20/top-predictions-for-retail-2021/

 

• Generation Rent discovers good neighbours: There haven’t been many saving graces about 2020 but one is the way that many streets are no longer full of strangers https://www.thetimes.co.uk/article/generation-rent-discovers-good-neighbours-gtgffsl2m

 

• Grenfell Tower inquiry: 11 key things we’ve learned this year https://www.bbc.co.uk/news/uk-55349395

 

• Michael Jackson’s Neverland Ranch sells for fraction of original $100 million asking price https://www.thejournal.ie/neverland-ranch-sold-5310744-Dec2020/?amp=1

 

 

 

FACEBOOK GROUP FOR IRISH PROPERTY BUYERS & INVESTORS

Crowd-sourcing answers topical property questions:    

 

Irish Property Buyers Handbook annuals

 

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 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/