Irish property market news and insights – for the industry, by the industry
- The following was the highlight for me reading this morning’s broadsheets: Honest and open article by the fantastic Liz O’Kane in the Business Post today on starting over while staying true to your passions and skills. ‘So what exactly is a buyer’s agent?’
Liz O’Kane was the first in Ireland to tap into this idea for the property market – and she has built quite a reputation in the nearly two decades since … https://www.businesspost.ie/property-insight/so-what-exactly-is-a-buyers-agent-0b45d8d0
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:
- A cultural revolutionary – The inside story on Eoin Ó Broin and how Sinn Féin won the class war on #housing https://m.independent.ie/irish-news/politics/a-cultural-revolutionary-the-inside-story-on-eoin-o-broin-and-how-sinn-fein-won-the-class-war-on-housing-38958105.html
- To truly solve crisis, we must build more homes, in right areas – and at right price https://m.independent.ie/opinion/comment/to-truly-solve-crisis-we-must-build-more-homes-in-right-areas-and-at-right-price-38958585.html
- Property prices fall in Dublin for fifth month in a row https://m.independent.ie/business/personal-finance/property-mortgages/property-prices-fall-in-dublin-for-fifth-month-in-a-row-38953496.html
- Property generated up to €24bn in sales last year https://amp.independent.ie/business/commercial-property/property-generated-up-to-24bn-in-sales-last-year-38952013.html
- Dublin among top FDI locations in Europe, new survey says https://www.irishtimes.com/business/economy/dublin-among-top-fdi-locations-in-europe-new-survey-says-1.4170198?mode=amp
- Build high-rise apartments to solve the housing crisis, says Francesca McDonagh https://www.irishtimes.com/business/economy/build-high-rise-apartments-to-solve-the-housing-crisis-says-francesca-mcdonagh-1.4171504?mode=amp
- Builders getting to grips with the new reality: “Irish property and banking shares were hit hard after the election, but not everyone in Irish business is afraid of the rise of Sinn Féin”, writes Dan White in the Sunday Independent today.
- This is a trend in Ireland too – ‘More UK letting agents want to sell-up’: More agents said they would consider selling their agency than six months ago, “perhaps reflecting the pessimistic sentiment towards the the future of the lettings industry”
- In The Sunday Times today: ‘Welcome to Dublin-under-Sea, as climate experts forecast floods’: Dublin’s average temperature is predicted to increase by 1.33C by 2050, and there will be widespread flooding in the capital unless remedial action is taken, according to the latest projections. This represents a more dramatic shift in climate than will be experienced by many other coastal European cities, including Edinburgh.
Dublin’s water demand-supply ratio is not predicted to undergo a significant change by 2040, however, according to the research.
The predicted average temperature increase of 1.33C placed Dublin 73rd in a league of 85 cities that were studied. The highest predicted increase was in Ljubljana in Slovenia, with a rise in average temperatures of 3.5C by 2050.
- Aidan Regan in the Business Post yesterday: The under 35’s in Ireland own 4.2% of household wealth. The over 50’s own almost 80% – “Capitalist democracy is premised on the support of a property-owning middle class.” (Graphic below)
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.
*Listen back to all #PropertyMatters episodes here: https://anchor.fm/ipropertyradio
This week on ‘Property Matters’ we were joined in studio by Director of New Homes at Knight Frank Ireland, Ray Palmer Smith, Business Owner of Robert Colleran Property Consultants Ltd, Robert Colleran and Director of Proptech TV, Gavin Gallagher.
Email the Property Matters team at hello@iPropertyRadio.com
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- Farmers challenge to Intel planning permission should be head in presence of other parties, judge directs https://www.breakingnews.ie/ireland/farmers-challenge-to-intel-planning-permission-should-be-head-in-presence-of-other-parties-judge-directs-980893.html
- 175-year-old Dublin building being refurbished & becoming ‘central tourist spot’ https://www.dublinlive.ie/news/dublin-news/historic-old-courthouse-howth-refurbishment-17729128
- Injunction to be sought over Chapelizod housing scheme: Company representing residents said it was bringing action to stop work proceeding
- Questions Around Social Housing Provision in Planned | Dublin Inquirer https://www.dublininquirer.com/2020/02/12/questions-around-social-housing-provision-in-planned-connolly-quarter
- Dubliner gets lots of love online for his tweets praising Cork https://www.corkbeo.ie/news/local-news/dublin-man-tweets-10-reasons-17748405
*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
- Commercial sector boosts construction activity – PMI https://www.rte.ie/news/business/2020/0210/1114334-ulster-bank-construction-pmi/
- Homebuilders outline barriers they face in solving housing crisis https://www.irishexaminer.com/breakingnews/ireland/homebuilders-outline-barriers-they-face-in-solving-housing-crisis-981696.html
- Huge numbers of housing being built in areas with no infrastructure, experts warn https://m.independent.ie/business/personal-finance/property-mortgages/huge-numbers-of-housing-being-built-in-areas-with-no-infrastructure-experts-warn-38950830.html
- In the Business Post today – Three-bed semis are not answer for future market: Cullaun boss ‘Co-living schemes have a place’, according to the former banking executive whose firm lends to developers around the country
- New homes schemes in south Dublin https://www.irishtimes.com/life-and-style/homes-and-property/new-to-market/new-homes-schemes-in-south-dublin-1.4163981?mode=amp
- 29-storey skyscraper at heart of plan for 500 apartments by Liffey:
Ruirside Developments, which is operated by Joe O’Reilly, has lodged an application with An Bord Pleanala to build a high-rise development comprising 481 apartments, communal facilities, office space and a cafe/restaurant on the former Hickey’s Fabrics site on Parkgate Street.
The proposed complex, which would be made up of six blocks including a 29-storey tower, would be built beside Sean Heuston Bridge.
The other blocks range in height from eight to 13 storeys.
- The lead business story in the Sunday Independent today reads ‘Microsoft plans for new data centre at 20-acre Dublin site’ – Microsoft, the US technology company, is in talks to acquire a further 20 acres of land in order to construct a data centre and 120-person office development in Dublin.
The land is within Grange Castle Business Park, next to its existing data centre campus, as the US giant looks to meet ongoing demands in the data centre and cloud computing sector.
- Village site north of the capital offering potential for 18 homes at almost €1m https://amp.independent.ie/business/commercial-property/village-site-north-of-the-capital-offering-potential-for-18-homes-at-almost-1m-38952022.html
- The Naas area of Kildare tops the national house completions league in 2019 https://www.kildarenow.com/news/home/517010/the-naas-area-of-kildare-tops-the-national-house-completions-league-in-2019.html
- RCSI given green light for €90m Dublin city centre development https://www.irishtimes.com/business/commercial-property/rcsi-given-green-light-for-90m-dublin-city-centre-development-1.4172587?mode=amp
- Premier Inn secures site for new hotel in Dublin’s Liberties https://www.irishtimes.com/business/commercial-property/premier-inn-secures-site-for-new-hotel-in-dublin-s-liberties-1.4171417?mode=amp
- Permission granted for 63 apartments on former Gowan Motors site in Dublin 4 https://www.irishtimes.com/business/commercial-property/permission-granted-for-63-apartments-on-former-gowan-motors-site-in-dublin-4-1.4171664?mode=amp
- Fallon & Byrne plan for Dundrum Town Centre food hall ‘under review’ https://www.irishtimes.com/business/commercial-property/fallon-byrne-plan-for-dundrum-town-centre-food-hall-under-review-1.4173111?mode=amp
- Major road through Carlow granted 500,000 euro in funding for maintenance works https://www.carlowlive.ie/news/home/516525/major-road-through-carlow-granted-500-000-euro-in-funding-for-maintenance-works.html
- Tenants accused of holding developers to ransom over Stillorgan site: Property firm Kennedy Wilson seeks injunction to force Butler brothers to vacate Leisureplex premises https://www.businesspost.ie/legal/tenants-accused-of-holding-developers-to-ransom-over-stillorgan-site-334af5b0
- Owners of Cork city premises awarded €45k after tenant converted it into pub without their consent https://www.thejournal.ie/damages-tenant-converted-pub-without-consent-flux-bar-5008159-Feb2020/
- Owners of derelict buildings in Cork given month to remove metal support beams https://www.irishexaminer.com/breakingnews/ireland/owners-of-derelict-buildings-in-cork-given-month-to-remove-metal-support-beams-981379.html
- EDF picks up stake in Wicklow wind farm for estimated €100m https://www.irishtimes.com/business/retail-and-services/edf-picks-up-stake-in-wicklow-wind-farm-for-estimated-100m-1.4170593?mode=amp
PROPTECH, MMC & CONSTRUCTION INNOVATION
- 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 *
- It’s 2020, so where’s our virtual and augmented learning? https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/technology/it-s-2020-so-where-s-our-virtual-and-augmented-learning-1.4167208?mode=amp
- Thanks to Ralph Montague of Arcdox for passing this on: NBC Roadmap to Digital Transition:
Re-issued to include WEF BIM Adoption Cycle 2018 https://issuu.com/constructionitalliance/docs/nbc_roadmap_to_digital_transition_updated_2020
- Purplebricks boss slams agents as “miles behind” on digital personalisation https://www.estateagenttoday.co.uk/breaking-news/2020/2/purplebricks-boss-slams-agents-as-miles-behind-on-personal-service
- Tall towers and #proptech | Comment | Building https://www.building.co.uk/communities/tall-towers-and-proptech/5104131.article
- Taking a page from SimCity, UrbanFootprint pitches new tools for urban development – TechCrunch https://techcrunch.com/2020/02/12/taking-a-page-from-simcity-urbanfootprint-pitches-new-tools-for-developers-and-urban-planners/ #placemaking #digital placemaking
- Big Al’s Creative Emporium launches campaign for proptech rental platform Prolific London https://www.prolificlondon.co.uk/agency-news/marketing-services-news/2020/02/big-als-creative-emporium-launches-campaign-proptech
- Rivalry between agents is key feature of enhanced PropTech platform
- Morty wants to make mortgages less confusing for first-time buyers https://www.siliconrepublic.com/start-ups/morty-startup-new-york-mortgages
- A/O PropTech offers giant sandbox for startups disrupting real estate | Inventiva https://www.inventiva.co.in/trends/surbhi/a-o-proptech-offers-giant-sandbox-for-startups-disrupting-real-estate/
- Sidewalk Labs tests possibilities for timber with 35-storey tower model https://www.dezeen.com/2020/02/13/proto-model-sidewalk-labs-timber-tower-construction-prototype/
- Where top VCs are investing in construction robotics – TechCrunch https://techcrunch.com/2020/02/14/where-top-vcs-are-investing-in-construction-robotics/
- Top 13 enterprise architecture tools for 2020 https://www.cio.com/article/3526445/top-enterprise-architecture-tools.html
OTHER PROPERTY NEWS
- Boost for next housing minister as figures show 18.5pc rise in new dwellings at end of 2019 https://m.independent.ie/business/personal-finance/boost-for-next-housing-minister-as-figures-show-185pc-rise-in-new-dwellings-at-end-of-2019-38946706.html
- Property prices fell almost 1% in Dublin in 2019: Prices across the State are now 17.5 percent off their boom time peak, with Dublin prices 22.1 per cent lower than their peak.
- New Homes 2020: A guide to the market and what’s coming https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/life-and-style/homes-and-property/new-homes-2020-a-guide-to-the-market-and-what-s-coming-1.4168112?mode=amp
- Smart tips for when you’re saving for a mortgage https://lovindublin.com/sponsored/smart-tips-for-when-youre-saving-for-a-mortgage
- Mortgage holders here still paying double Euro average https://m.independent.ie/business/personal-finance/mortgage-holders-here-still-paying-double-euro-average-38956569.html
- Batch of homes within easy access of Intel and the M4 https://m.independent.ie/life/home-garden/new-homes/batch-of-homes-within-easy-access-of-intel-and-the-m4-38950634.html
- Seeds of the drama that once engulfed infamous Walford: In the High Court last Wednesday, the ownership of the most expensive private house ever sold in Ireland was finally vested in a trust fund established by billionaire Dermot Desmond and named after his Scottish football club, Celtic Trustees Ltd, for the benefit of his adult children.
- How about we simply let them build some homes? “The current views of the major parties cannot produce a coherent housing policy”, writes Colm McCarthy in the Sunday Independent today:
- Dix to demolish Lynn’s old Howth Head house: Irish boardroom director (Glenveagh, Siteserv, Dalata and others) Robert Dix is to demolish the Howth Head mansion once owned by former solicitor Michael Lynn. Dix plans to build a new 607sqm five-bedroom home with landscaped terraces, a gym, wine store and stunning views of Dublin Bay on a site of 1.2 acres: https://amp.independent.ie/business/irish/dix-to-demolish-lynns-old-howth-head-house-38957770.html
- Also in The Sunday Times today – Property funds face Central Bank of Ireland scrutiny: Investors in property funds may be denied instant access to their money or forced to take a hit if they insist on withdrawing their cash right away under plans being considered by financial watchdogs.
A “deep dive” investigation of property funds was ordered by Gabriel Makhlouf within weeks of him becoming governor of the Central Bank of Ireland.
It is drawing on international research into the problems posed by funds that allow investors to take out their money whenever they want it, despite
investing it in so-called illiquid assets such as property, which may be difficult to sell in a hurry: https://www.thetimes.co.uk/article/property-funds-face-central-bank-of-ireland-scrutiny-kmhqwwkhf
- In the Business Post today – Hundreds of social homes could lapse back into private ownership: Local authorities are entering leasing rather than purchase deals with developers in fast-track schemes and after lease periods, properties could return to private market
- Designers of Dublin library win UK’s top architecture prize https://www.breakingnews.ie/ireland/designers-of-dublin-library-win-uks-top-architecture-prize-981691.html
- What will it cost to get parking in our front garden? https://www.irishtimes.com/life-and-style/homes-and-property/what-will-it-cost-to-get-parking-in-our-front-garden-1.4162545?mode=amp
- Hibernia Reit says negotiations on vacant office space ‘advanced’ https://www.irishtimes.com/business/commercial-property/hibernia-reit-says-negotiations-on-vacant-office-space-advanced-1.4170201?mode=amp
- Global tech giants make a 3.6m sq ft impression on Dublin cityscape https://www.irishtimes.com/business/commercial-property/global-tech-giants-make-a-3-6m-sq-ft-impression-on-dublin-cityscape-1.4170472?mode=amp
- Council seeks private company to inspect private rented dwellings in Cork https://www.irishexaminer.com/breakingnews/ireland/council-seeks-private-company-to-inspect-private-rented-dwellings-in-cork-980671.html
- UCD spending millions buying premium south Dublin homes https://www.irishtimes.com/news/education/ucd-spending-millions-buying-premium-south-dublin-homes-1.4167119?mode=amp
- Commercial real-estate body eyes international expansion https://amp.independent.ie/business/commercial-property/commercial-real-estate-body-eyes-international-expansion-38952014.html
- Focus on retail parks drives Sigma’s success: Leasing vacant units, adding space and attracting the right tenants has led to a significant uplift for the retail asset manager
- Interesting opinion piece by Derek Mulligan of OMD Estate Agents in the Business Post today – Post-election housing plans may be more political than practical: Incentivising builders and landlords should be an important part of solving the housing crisis but is unlikely to be play well with voters https://www.businesspost.ie/property-insight/post-election-housing-plans-may-be-more-political-than-practical-9b69a419
- A €29k cottage? A €90k church? One woman’s search for Ireland’s cheapest houses https://www.irishtimes.com/life-and-style/homes-and-property/a-29k-cottage-a-90k-church-one-woman-s-search-for-ireland-s-cheapest-houses-1.4164061?mode=amp (image below)