Irish property market news and insights – by the industry, for the industry
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:
- Eoghan Murphy survives confidence motion by three votes: Fifty-three TDs voted against the housing minister and 56 supported him, including the independents Michael Lowry, Noel Grealish and Denis Naughten. Thirty-five abstained.
https://www.thetimes.co.uk/article/eoghan-murphy-survives-confidence-motion-by-three-votes-50v0q62rv
- Bisnow – Irish Residential Review (image below)
https://propertydistrict.ie/bisnow-irish-residential-review/
- Makhlouf orders ‘deep dive’ review of Irish property funds https://www.irishtimes.com/business/commercial-property/makhlouf-orders-deep-dive-review-of-irish-property-funds-1.4104567?mode=amp
- Dublin ranked the worst city in the world to move to for housing
https://www.irishtimes.com/life-and-style/abroad/dublin-ranked-the-worst-city-in-the-world-to-move-to-for-housing-1.4102979?mode=amp
- A potential housing model for Ireland?
The Swedish housing experiment that brings everyone together:
“The building is an experiment in intergenerational living will put 31 flats for retired people side by side with 20 flats for 18-25-year-olds, of which ten are reserved for recent immigrants…”
https://www.telegraph.co.uk/news/2019/12/07/swedish-housing-experiment-brings-everyone-together/
- Martina Devlin: ‘This rising tide of anger over housing can only be held back for so long – the walls will come crashing down on Fine Gael’ – Independent.ie https://m.independent.ie/opinion/comment/martina-devlin-this-rising-tide-of-anger-over-housing-can-only-be-held-back-for-so-long-the-walls-will-come-crashing-down-on-fine-gael-38761943.html
- Economy being held back by ‘congestion’ in transport and housing, says Ibec https://www.irishtimes.com/business/economy/economy-being-held-back-by-congestion-in-transport-and-housing-says-ibec-1.4101020?mode=amp
- Decarbonising construction: Six things industry could do – – GCR http://www.globalconstructionreview.com/perspectives/decarbonising-construction-six-things-industry-cou/
- Why Amazon Is Betting You’ll Buy a Million Dollar Prefab Home https://marker.medium.com/why-amazon-is-betting-youll-buy-a-million-dollar-prefab-homes-e618aa9d2a8c
- Eight quarries in Carlow recommended for ‘enforcement action’ after inspections https://www.carlowlive.ie/news/home/499375/eight-quarries-in-carlow-recommended-for-enforcement-action-after-council-inspections.html
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@caroltallon.com.
(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). 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.
l-r: Bryan Fox, Carol Tallon, Tommy Drumm of Collen Construction
Tommy Drumm, Managing Director of Collen joins us in studio to talk about the first 200 years of the company, recent awards won, STEM (Science, Technology, Engineering & Maths) programme in schools, ongoing projects in Blackrock and Sandyford, extending into Europe and future plans for the company.
Listen back here: https://anchor.fm/ipropertyradio/episodes/Property-Matter-with-Collen-Construction–December-3rd-2019-e9b7os
*Listen back to all #PropertyMatters episodes here: https://anchor.fm/ipropertyradio
Email the Property Matters team at hello@iPropertyRadio.com
PLACEMAKING
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- In The Sunday Times today: A planner’s perspective: Stop the demolition of residents’ rights – “Attempts to speed up the building of new homes favour big developers and silence third parties affected by planning proposals, who are increasingly vilified as nimbys…”
https://www.thetimes.co.uk/edition/ireland/a-planners-perspective-stop-the-demolition-of-residents-rights-znzwxlzz2
And the opposite side of this argument:
- ‘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
- Curtain call: City centre cinema delayed after Dun Laoghaire woman lodges appeal https://m.independent.ie/business/commercial-property/curtain-call-city-centre-cinema-delayed-after-dun-laoghaire-woman-lodges-appeal-38755057.html
- Plans to convert Dublin house featured in Joyce’s work to 56-bed hostel slammed https://www.dublinlive.ie/news/dublin-news/james-joyce-house-hostel-josephamadigan-17349948
- Residents’ group challenge planned Chapelizod social housing development https://www.irishtimes.com/news/crime-and-law/courts/high-court/residents-group-challenge-planned-chapelizod-social-housing-development-1.4102307?mode=amp
- Attempt to block O’Devaney Gardens plan for 800 homes fails https://www.irishtimes.com/news/social-affairs/attempt-to-block-o-devaney-gardens-plan-for-800-homes-fails-1.4102459?mode=amp
- Cliff Taylor: Time to shout WTF on Dublin’s white-water rafting project https://www.irishtimes.com/opinion/cliff-taylor-time-to-shout-wtf-on-dublin-s-white-water-rafting-project-1.4107083?mode=amp Also, the Business Post gives this front page coverage: Keegan’s love of kayaking ‘not relevant’ to whitewater rafting proposal, says DCC – “Dublin City Council chief Owen Keegan has said his personal interest in canoeing has no bearing on the local authority‘s pursuit of a €23 million whitewater rafting facility in George’s Dock.” https://www.businesspost.ie/construction/keegans-love-of-kayaking-not-relevant-to-whitewater-rafting-proposal-says-dcc-178ce948
- Another new bridge across the River Liffey is scheduled to be in place by 2023:
The Blood Stoney Bridge is planned as a facility for pedestrians and cyclists that would link Sir John Rogerson Quay to New Wapping Street on the North Quay Wall
https://www.rte.ie/news/dublin/2019/1204/1097073-dublin/
*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
- In the Sunday Independent today: Builders fear housing supply will dry up as new builds remain unsold:
“Representatives of some of the country’s most active housebuilders met for a regular catch-up to discuss industry issues earlier in the week and, according to people with knowledge of the meeting, they nearly all had one observation in common: a distinct slowdown in the length of time it is taking to sell the average family home around the country.
Many of the housebuilders present complained that the queues of buyers at new housing estates have disappeared and that newly-built units are still sitting idle long after they would have expected them to sell.
In a country in the midst of a housing crisis, where families are crying out to buy their own homes and where house prices may not be rising as fast as they were but are certainly still holding up well, that observation would seem to make little sense…”
https://amp.independent.ie/business/irish/builders-fear-housing-supply-will-dry-up-as-new-builds-remain-unsold-38762546.html
- *Offsite & Modular Institute for Ireland? Take part in a survey here – https://www.surveymonkey.com/r/3CSJCWZ
- Spanish, Japanese builders win €130m Irish social housing contract – News – GCR http://www.globalconstructionreview.com/news/spains-ohl-wins-130m-social-housing-contract-irela/
- In the Business Post: Greystar calls for revision of apartment bed ratios – ‘Renter demand is for studios and one-bed units’
https://www.businesspost.ie/construction/greystar-calls-for-revision-of-apartment-bed-ratios-aa897fe6
- Cost of children’s hospital could jump by €50m https://www.rte.ie/news/ireland/2019/1205/1097221-childrens-hospital/
- Green light for €23 million white water rafting course for Dublin https://www.irishtimes.com/news/politics/green-light-for-23-million-white-water-rafting-course-for-dublin-1.4102404?mode=am
- €15m #coliving project in capital gets the go-ahead – Independent.ie https://m.independent.ie/business/commercial-property/15m-coliving-project-in-capital-gets-the-goahead-38755075.html
- Approved Housing Body paying €17m for 62 Cork apartments for social housing https://www.irishexaminer.com/breakingnews/business/approved-housing-body-paying-17m-for-62-cork-apartments-for-social-housing-968507.html
- Council gives green light to 21-storey tower on former Apollo House site https://www.irishtimes.com/business/commercial-property/council-gives-green-light-to-21-storey-tower-on-former-apollo-house-site-1.4105981?mode=amp
- Hammerson gets green light for Dundrum Town Centre apartments https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/construction/hammerson-gets-green-light-for-dundrum-town-centre-apartments-1.4106771?mode=amp
- Tenders for conversion of Naas Town Hall due in January https://www.kildarenow.com/news/news/498598/tenders-for-conversion-of-naas-town-hall-due-in-january.html
- Waterford city centre car park refused planning permission https://www.waterfordlive.ie/news/motoring/498882/endanger-public-safety-waterford-city-centre-car-park-refused-planning-permission.html
- Cavan County Council outlines plans to develop 15 new social housing units – Northern Sound https://www.northernsound.ie/cavan-county-council-outlines-plans-develop-15-new-social-housing-units/
- Latest: New Ross bypass and Ireland’s longest bridge to open in January https://www.kilkennypeople.ie/news/home/499922/latest-new-ross-bypass-and-ireland-s-longest-bridge-to-open-in-january.html
- Homebuilder Abbey sees profits slip amid ‘patchy’ UK market – Independent.ie https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/commercial-property/homebuilder-abbey-sees-profits-slip-amid-patchy-uk-market-38761713.html
- UK building projects put on hold as new orders continue to fall https://www.irishtimes.com/business/construction/uk-building-projects-put-on-hold-as-new-orders-continue-to-fall-1.4103762?mode=amp
- UK: Buyers report construction still in “contraction hole” | Construction Enquirer http://www.constructionenquirer.com/2019/12/03/buyers-report-construction-still-in-contraction-hole/
- Fusion favours ISG for bedsit towers https://www.theconstructionindex.co.uk/news/view/fusion-favours-isg-for-bedsit-towers
PROPTECH, MMC & CONSTRUCTION INNOVATION
Geowox team
- 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 *
- Property tech start-up Geowox (image above) secures €1.5m in funding https://www.irishtimes.com/business/technology/property-tech-start-up-geowox-secures-1-5m-in-funding-1.4105932?mode=amp
- Proptech: opening new doors for ‘Generation Rent’ | ITProPortal https://www.itproportal.com/features/proptech-opening-new-doors-for-generation-rent/
- Mace adopts Australian off-site methods https://www.theconstructionindex.co.uk/news/view/mace-adopts-australian-prefab-method
- What’s driving the PropTech Market Growth? Prominent Players – Bowery, Buildium, Enertiv, Flip, Foyr, Huthunt, Opendoor, PeerStreet etc – The Chicago Sentinel https://www.ccsentinel.com/business/whats-driving-the-proptech-market-growth-prominent-players-bowery-buildium-enertiv-flip-foyr-huthunt-opendoor-peerstreet-etc/
- Planet plan: Kingspan’s 10-year bid to go green – Independent.ie https://m.independent.ie/business/irish/planet-plan-kingspans-10year-bid-to-go-green-38748024.html
- New Digital Construction platform builds momentum | BIMIreland.ie | Ireland’s Only Dedicated BIM Exclusive Resource http://www.bimireland.ie/2019/12/05/new-digital-construction-platform-builds-momentum/
- The impact of #PropTech on the property manager’s role | Property Reporter https://www.propertyreporter.co.uk/property/the-impact-of-proptech-on-the-property-managers-role.html
- Proptech start-up launches app for young homeowners https://www.businesscloud.co.uk/news/proptech-start-up-launches-app-for-young-homeowners
- In The Retail Shakeout, PropTech Tools Are Unseen Life Preservers https://www.bisnow.com/dallas-ft-worth/news/retail/in-the-retail-shake-out-proptech-tools-are-unseen-life-preservers-102067
- Proptech: Track, a Property Manager for Homeowners, has Raised Nearly £160,000 of its £250,000 Fundraising Target on Seedrs https://www.crowdfundinsider.com/2019/12/154847-proptech-track-a-property-manager-for-homeowners-has-raised-nearly-160000-of-its-250000-fundraising-target-on-seedrs/
OTHER PROPERTY NEWS
- Philip Ryan, writing in the Sunday Independent today: ‘Housing is hurting Fine Gael but party will support Murphy’ –
“Minister for Housing Eoghan Murphy isn’t going anywhere. In fact, we are probably going to be seeing and hearing more of him in the coming weeks and months. The plan in Fine Gael seems to be to double down on its performance in housing rather than hide the minister away in the deepest, darkest parts of Dublin Bay South, like some sections of the party wish it would do.” https://amp.independent.ie/opinion/comment/philip-ryan-housing-is-hurting-fine-gael-but-party-will-support-murphy-38763535.html
- Also in the Independent, TD objects to housing on site owned by ex Taoiseach: “A Fine Gael TD has lodged a planning objection against plans for a major housing development on a site once owned by former Taoiseach Liam Cosgrave.
Dublin South West TD Colm Brophy issued a letter to his constituents telling them he was “fully opposed” to the proposal to build 590 apartments.
In the letter, Mr Brophy said he received calls and emails from local residents expressing “concern and horror” about the development which is situated beside the M50 exit in Knocklyon.”
https://amp.independent.ie/irish-news/politics/td-objects-to-housing-on-site-owned-by-ex-taoiseach-38763537.html
- Conor Skehan: ‘Nothing but the facts will do when tackling homelessness’-
“The Government is forever being attacked for its dire record on housing issues, but is it really doing that badly?” The answer is, simply, no. New housing figures are up 20%. https://amp.independent.ie/opinion/comment/conor-skehan-nothing-but-the-facts-will-do-when-tackling-homelessness-38763570.html
- French firm may supply green power to data hubs – Independent.ie
”Schneider Electric, one of the world’s biggest suppliers of power equipment and automation, may enter the Irish wind turbine market to supply the booming data centre sector with renewable energy, says the new head of the industrial giant’s Irish business.
The company already sells energy-saving products and services to owners and operators of Irish data centres, and they have an appetite for green energy, Kelly Becker, Ireland president of Schneider Electric, says.”
https://amp.independent.ie/business/irish/french-firm-may-supply-green-power-to-data-hubs-38762553.html
- Gunne shoots off to London with new UK property vehicle:
“Green Reit founder and serial property entrepreneur Pat Gunne is set to launch a new property investment vehicle in London called 3RE Capital Ventures… It is understood Gunne will now focus on his own real estate investment vehicle, 3RE Capital Ventures, which has an address in the Mayfair area of London and another address in Dublin.”
https://amp.independent.ie/business/world/gunne-shoots-off-to-london-with-new-uk-property-vehicle-38762548.html
- In The Sunday Times today: Seán FitzPatrick pleads poverty while planning dream home
“Former Anglo chief tries to beg off €25,000 fine while plotting €400,000 construction in Wicklow – Seán FitzPatrick, the former Anglo Irish Bank chairman, would be put “at the pin of his collar” by a €25,000 fine levied by Chartered Accountants Ireland (CAI) for violating its professional standards, his solicitor said last week. But FitzPatrick, 71, and his wife Caitriona have grand designs for a new four-bedroom home in Co Wicklow.“
https://www.thetimes.co.uk/article/sean-fitzpatrick-pleads-poverty-while-planning-dream-home-pmn7znhff
- The lead business story in The Irish Times reads: Investors sweat on unregulated German property scheme Dolphin Trust –
“A property promoter that has borrowed more than €100m from 1,800 Irish investors to renovate apartments in Germany will miss an interest payment due this week, according to the Irish administrator of the unregulated investment.
Dolphin Trust, renamed German Property Group (GPG) last April, promised annual returns of up to 15% to investors who loaned it a minimum of €15,000 each for three or five years to redevelop listed buildings into luxury apartments. The company has been beset by problems in the UK, however, where investors have complained for some time about delayed payments after their investments matured…”
https://www.thetimes.co.uk/edition/ireland/investors-sweat-on-unregulated-german-property-scheme-dolphin-trust-c3qb956pk
- In the Business Post today: Property experts warn of stalling development – ‘Industry chiefs sound alarm on rent cap ‘contagion’ and ‘drip-fed’ policy changes’
https://www.businesspost.ie/construction/property-experts-warn-of-stalling-development-92e72d38
- In the property supplement of the Business Post, Donal Buckley reports on a ‘Near-record year for commercial sales – With strong employment and growth in both personal incomes and demographics in 2020, the sector looks to be well supported by economic factors’
https://www.businesspost.ie/commercial/near-record-year-for-commercial-sales-3f8f474b
- Also in the Business Post, Sherry FitzGerald’s Ivan Gaine writes that ‘Crisis in new housing sector needs joined-up thinking, not rhetoric – Ireland’s current and future populations need housing choice, and all solutions should be explored’
https://www.businesspost.ie/property/crisis-in-new-housing-sector-needs-joined-up-thinking-not-rhetoric-6ac01066
- Owen Reilly writes that: Docklands rents continue to soar – ‘Selling prices remained static in the prime Dublin location in 2019, but huge demand for rental accommodation means no let-up for tenants’
https://www.businesspost.ie/property/docklands-rents-continue-to-soar-e1845a85
- What the property experts saw in 2019 – and what’s in store for 2020:
“As the end of yet another year approaches, it is disappointing that we seem no closer to resolving the national crisis that is the housing market. If anything, the crisis has deteriorated in the year.
Despite the strength of demand, overall transaction activity in the Irish residential market remained flat.” Marian Finnegan, Sherry FitzGerald
https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/life-and-style/homes-and-property/what-the-property-experts-saw-in-2019-and-what-s-in-store-for-2020-1.4103450?mode=amp
- Only a targeted housing strategy will fix Ireland’s property market woes https://www.irishtimes.com/life-and-style/homes-and-property/only-a-targeted-housing-strategy-will-fix-ireland-s-property-market-woes-1.4104379?mode=amp
- Increase in first-time buyers moving to Dublin commuter belt https://www.thejournal.ie/first-time-buyers-commuter-belt-4918393-Dec2019/
- Mortgage limits left unchanged as more households borrow to the max https://www.irishtimes.com/business/personal-finance/mortgage-limits-left-unchanged-as-more-households-borrow-to-the-max-1.4104527?mode=amp
- Landlords of energy-inefficient homes may have to pay heating bills https://www.irishtimes.com/news/environment/landlords-of-energy-inefficient-homes-may-have-to-pay-heating-bills-1.4106065?mode=amp
- Top 10 commercial property megadeals in 2019 https://www.irishtimes.com/business/commercial-property/top-10-commercial-property-megadeals-in-2019-1.4103322?mode=amp
- Stephen’s Green Shopping Centre bought by Davy for €175m https://www.irishtimes.com/business/commercial-property/stephen-s-green-shopping-centre-bought-by-davy-for-175m-1.4107369?mode=amp
- Record investment spend driven by sale of Green Reit https://www.irishtimes.com/business/commercial-property/record-investment-spend-driven-by-sale-of-green-reit-1.4099373?mode=amp
- People living near Dart or Luas stops are paying over €4,000 a year more than average Dublin rent https://www.thejournal.ie/daft-property-prices-luas-dart-4914891-Dec2019/
- Fergus Finlay: Housing crisis shows we’re not heeding the lessons of the past https://www.irishexaminer.com/breakingnews/views/columnists/fergus-finlay-housing-crisis-shows-were-not-heeding-the-lessons-of-the-past-967939.html
- Over €23,000 annual management fee for eight Dublin social homes https://www.irishtimes.com/news/social-affairs/over-23-000-annual-management-fee-for-eight-dublin-social-homes-1.4106144?mode=amp
- Council housing lease deal to cost €35 million more than building homes https://www.dublinlive.ie/news/property/dundrum-housing-lease-deal-cost-17369248
- Dublin City Council pays €195,000 a year for empty building https://www.irishtimes.com/news/social-affairs/dublin-city-council-pays-195-000-a-year-for-empty-building-1.4102262?mode=amp
- Dublin council runs out of money to refurbish empty social housing https://www.dublinlive.ie/news/dublin-news/dublin-city-council-runs-out-17374650
- Celtic Tiger property investments and capital gains https://www.irishtimes.com/business/personal-finance/celtic-tiger-property-investments-and-capital-gains-1.4102146?mode=amp
- How equitable is the local property tax? https://www.irishtimes.com/opinion/letters/how-equitable-is-the-local-property-tax-1.4104844?mode=amp
- Fallon brothers share a dividend of €5.8m from daft.ie property site – Independent.ie https://m.independent.ie/business/commercial-property/fallon-brothers-share-a-dividend-of-5-8mfrom-daft-ie-property-site-38755055.html
- M&G suspends £2.5bn property fund blaming retail crisis and Brexit https://www.theguardian.com/money/2019/dec/04/m-and-g-suspends-property-portfolio-fund-retail-downturn-brexit