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 a few local and international stories that might be of particular interest:
- Auctioneers call for end to ‘archaic’ property system: “The Institute of Professional Auctioneers & Valuers, who surveyed 300 of its members, is calling for the next government to urgently streamline the process by bringing it online.” https://amp.breakingnews.ie/business/auctioneers-call-for-end-to-archaic-property-system-976950.html
- Dublin ‘must double homes built as population explodes’ – https://m.independent.ie/business/personal-finance/property-mortgages/dublin-must-double-homes-built-as-population-explodes-38890748.html
- Housing crisis: What the rest of the world can teach Ireland https://www.irishtimes.com/life-and-style/homes-and-property/housing-crisis-what-the-rest-of-the-world-can-teach-ireland-1.4150007?mode=amp
- Ireland – 5th largest number of billionaires per capita https://www.rte.ie/news/business/2020/0120/1108528-oxfam-wealth-study/
- ‘The whole heart of rural Ireland is gone’: Midlands publican https://www.agriland.ie/farming-news/the-whole-heart-of-rural-ireland-is-gone-midlands-publican/
- Women appointed to senior roles at AIB, Hibernia Reit – https://m.independent.ie/business/irish/women-appointed-to-senior-roles-at-aib-hibernia-reit-38880571.html
- London property back with a bang as buyers flood back after election https://www.homesandproperty.co.uk/property-news/london-property-news-housing-market-boom-a136091.html
- WeWork Is Still a Good Business at Its Core, SoftBank Says https://www.bloomberg.com/news/articles/2020-01-18/wework-is-still-a-good-business-at-its-core-softbank-says
- UK industry perspective- 22 disasters in a year: why firms worth £1.2bn collapsed: During 2019, on average Construction News reported on a contractor administration almost once a fortnight. Reporter Megan Kelly and finance editor David Price explore the factors that cause a company to collapse, and how to spot the signs of a business in trouble
- US perspective: The Rent Crisis Won’t Go Away Without More Housing https://www.bloomberg.com/opinion/articles/2020-01-22/u-s-rent-crisis-won-t-go-away-without-more-housing-construction
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 email@example.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!)
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 we were joined in the Property Matters studio by newly appointed Managing Director of Lisney David Byrne, Director of TA Group Thomas Campbell and Customer Success Manager of UtilityAR Patrick Liddy.
*Listen back to this episode here: https://ipropertyradio.com/property-matters-january-21st-2020-lisney-ta-group-utilityar/
Email the Property Matters team at hello@iPropertyRadio.com
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- Dublin’s Inchicore at risk of escalation of anti-social behaviour, report warns https://www.irishtimes.com/news/social-affairs/dublin-s-inchicore-at-risk-of-escalation-of-anti-social-behaviour-report-warns-1.4144664?mode=amp
- Fresh objections to Tayto Park rollercoaster despite 14 noise reduction measures | Sonitus Systems
- Expensive housing, long commutes, poor services making Ireland ‘less attractive’ https://www.irishtimes.com/business/economy/expensive-housing-long-commutes-poor-services-making-ireland-less-attractive-1.4144641?mode=amp More on this: Commuting For A Living https://www.rte.ie/news/primetime/2020/0123/1110453-commute/
- Planning and the capital
“… it is time that urban planning focused on housing outside the capital…”
- Dublin City Council opposes plans for over 650 apartments beside St Anne’s Park https://www.thejournal.ie/st-annes-park-apartments-dublin-city-council-4977828-Jan2020/
- Dublin ranks 120th out of 150 cities for raising a family https://www.irishtimes.com/life-and-style/health-family/parenting/dublin-ranks-120th-out-of-150-cities-for-raising-a-family-1.4147849?mode=amp
- The affordable housing scheme changed my life: Under the scheme’s claw back formula, if I sold in under 10 years, I’d repay any profit in that ratio. After 10 years this dropped by 10 per cent a year. “What if prices go down?” I asked. There was a pause, “No one has ever asked us that.”
- Dublin council promised to drop claims for €12m ‘in return’ for white-water rafting grant https://www.irishtimes.com/news/ireland/irish-news/dublin-council-promised-to-drop-claims-for-12m-in-return-for-white-water-rafting-grant-1.4148127?mode=amp
- Joan Burton objects to local housing development https://www.irishtimes.com/news/ireland/irish-news/joan-burton-objects-to-local-housing-development-1.4144671?mode=amp
- Galway needs high-density housing to cope with demand, says land agency: Up to 1,000 homes planned for site near Eyre Square as city ‘set to grow’ by 50% in 20 years
- New UK housing ‘dominated by roads’ https://www.bbc.com/news/science-environment-51179688 #placemaking
*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
- DAA gets shovels ready for €2bn plan but can it dig it? Terminal extensions and bigger aprons will increase capacity to cope with the extra passengers that a new runway will bring.
Last year, DAA insisted that a decision by the aviation regulator to lower passenger charges at the airport threatened the entire plan. This tender suggests, however, that DAA is gearing up to get shovels in the ground. But, according to the tender announcement, it comes with a caveat: “The contracting authority reserves the right to make any announcements in respect of the project at any time during the competition.”
- CRH linked to move for €3.7bn Australian group: Building materials group CRH has been linked to a buyout of Boral, an Australian construction materials company with a market valuation of AU$5.96bn (€3.7bn).
The Irish company has developed a presence in Australia already, having been involved in an acquisition in 2018. According to its results for 2018, CRH’s Australian business benefited from continued demand in the high-rise residential market.
CRH’s Australian companies include Cubis Systems, a provider of network access products. It also has Ancon, a construction accessories business, and CR Laurence, a supplier to the glass and glazing industry.
- The owner of a Dublin limo hire company is advancing plans for a high-rise scheme of more than 1,100 apartments on an industrial site in Tallaght, west Dublin.
Joseph Costello, of Absolute Limousines, is in pre-planning talks with An Bord Pleanala and South Dublin county council about the proposed development at Cookstown Industrial Estate. The company operates from the industrial park, which is near the Square shopping centre and Tallaght hospital.
Absolute Limousines is proposing to demolish the existing industrial buildings and build 1,156 apartments, a creche and other amenities, according to outline details. An Bord Pleanala will decide by March 16 whether there is a reasonable basis for the plan and when a full planning application can be lodged.
- The property development group Twinlite is proposing to build over 100 apartments at a site in Dalkey, south Dublin, where its previous plans for 49 units sparked objections and a court case.
The group, owned by the Larkin family, has lodged fresh plans for a development on a site beside Castle Park School in Dalkey. It would have 101 apartments in a “crescent-shaped” building of up to four storeys.
The Twinlite company sought permission in 2017 for 50 apartments on the site but residents objected and the project was refused by Dun Laoghaire-Rathdown county council. An Bord Pleanala overturned that decision and gave its approval for a scheme of 49 apartments.
- Development land: the prospect for 2020: According to Donal Buckley in the Business Post today, this year, potential developers must contend with stabilising house and land prices, rising build cost inflation and macroprudential regulation. Infill sites outside the capital are the likely target of domestic home builders while the larger, internationally-funded developers progress strategic sites in and around the city:
- Fast-track housing scheme could set ‘dangerous precedent’: Minister for Housing Eoghan Murphy has opted to renew the Strategic Housing Development, but the Irish Planning Institute and others have warned strongly against it
- More than 200 express interest in buying €1.25m-plus homes on new street in Ranelagh: The Red Cow group’s Michael Moran is responsible for the development of 20 houses in the leafy south Dublin suburb https://www.businesspost.ie/business/more-than-200-express-interest-in-buying-125m-plus-homes-on-new-street-in-ranelagh-2712b072
- Seven solutions to Ireland’s housing crisis: Reduce building costs: Ballymore’s Sean Mulryan “Government needs to set up a taskforce urgently to assess why houses are much more expensive to build outside Dublin city centre than major English cities.
There may be demand for 35,000 new homes a year but people can’t afford them”
- Building projects at risk over children’s hospital overruns, HSE warns: Fresh delays and new concerns around the budget of the project were discussed in private meetings between senior civil servants and HSE chiefs
- Irish Construction Data 2020: A pilot project kicks off this month 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. If you are interested in getting involved in this pilot project for 2020 please email firstname.lastname@example.org.
- Tallaght’s Square set for €100m extensions in new revamp: The shopping centre is marking three decades since it opened in 1990
- Builders completed 21,500 homes in State during 2019 https://www.irishtimes.com/business/construction/builders-completed-21-500-homes-in-state-during-2019-1.4145894?mode=amp
- Dublin City Council throws out Iveagh Markets application https://www.irishtimes.com/news/environment/dublin-city-council-throws-out-iveagh-markets-application-1.4145922?mode=amp
- Planning granted for 426 residential unit in Co Wicklow https://www.irishexaminer.com/breakingnews/ireland/planning-granted-for-426-residential-unit-in-co-wicklow-977228.html
- Bray Centre to open by third quarter of year – https://m.independent.ie/regionals/braypeople/news/centre-to-open-by-third-quarter-of-year-38882925.html
- Apartment build in Cork City restarts after 12 years https://www.irishexaminer.com/breakingnews/ireland/apartment-build-in-cork-city-restarts-after-12-years-977168.html
- Tipperary land holding of 800 acres seeking €11m https://www.irishtimes.com/business/commercial-property/tipperary-land-holding-of-800-acres-seeking-11m-1.4144458?mode=amp
- Social Housing Charity Looking To Build Up To 750 Homes In Laois https://www.midlands103.com/news/midlandsnews/social-housing-charity-looking-to-build-up-to-750-homes-in-laois/
- O’Flynn company ‘mistakenly’ got go-ahead for Birmingham project https://www.irishtimes.com/business/commercial-property/o-flynn-company-mistakenly-got-go-ahead-for-birmingham-project-1.4147032?mode=amp
- Property firm sues engineering company over waterproofing of basement https://www.irishtimes.com/business/commercial-property/property-firm-sues-engineering-company-over-waterproofing-of-basement-1.4145635?mode=amp
- Commercial premises in the heart of Carlow Town on sale for €250,000 https://www.carlowlive.ie/news/home/510144/property-commercial-premises-in-the-heart-of-carlow-town-on-sale-for-250-000.html
- Construction industry say 2027 Cork motorway target is unacceptable https://www.irishexaminer.com/breakingnews/business/construction-industry-say-2027-cork-motorway-target-is-unacceptable-977218.html
- Plans for major new shopping centre in Tullamore on hold as appeal lodged with An Bord Pleanala https://www.offalyexpress.ie/news/home/511498/plans-for-major-new-shopping-centre-in-tullamore-on-hold-as-appeal-lodged-with-an-bord-pleanala.html
- 24 residential buildings under construction in in Leitrim in December 2019 https://www.leitrimobserver.ie/news/property/511398/24-residential-buildings-under-construction-in-in-leitrim-in-december-2019.html
- 2020: The year modular construction goes mainstream? https://www.pbctoday.co.uk/news/modular-construction-news/2020-modular-construction/70496/
- More on this: Countryside to open second housing factory next year https://www.building.co.uk/news/countryside-to-open-second-housing-factory-next-year/5103890.article
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 *
- Start-up ‘information packs’ proptech platform receives big-name backing https://thenegotiator.co.uk/senior-industry-figures-to-advise-start-up-information-packs-proptech/
- The two faces of the smart city https://www.fastcompany.com/90453305/the-two-faces-of-the-smart-city
- Berlin’s Home pulls in €11M Series A for its landlord and tenant solution – TechCrunch https://techcrunch.com/2020/01/21/berlins-home-pulls-in-e11m-series-a-for-its-landlord-and-tenant-solution/
- Corporate relocation startup Shyft raises $15M – TechCrunch https://techcrunch.com/2020/01/21/shyft-series-a/
- Placer.ai, a location data analytics startup, raises $12 million Series A – TechCrunch https://techcrunch.com/2020/01/22/placer-ai-a-location-data-analytics-startup-raises-12-million-series-a/
- Octi launches a social network built around augmented reality – TechCrunch https://techcrunch.com/2020/01/22/octi-social-network-launch/
- Can Toyota Turn Its Utopian Ideal Into a ‘Real City’? https://www.citylab.com/life/2020/01/toyota-woven-city-smart-technology-cities-of-the-future/604741/
- The Future Of Real Estate Tech: Nine Outlooks On What’s Ahead https://www.forbes.com/sites/forbesrealestatecouncil/2020/01/21/the-future-of-real-estate-tech-nine-outlooks-on-whats-ahead/#30ac8ce76915
- 8 start-ups transforming the construction industry https://www.siliconrepublic.com/start-ups/construction-startups-ireland-europe-us
- Explore Revit models in VR with Unity Reflect – Unity Technologies Blog https://blogs.unity3d.com/2020/01/23/explore-revit-models-in-vr-with-unity-reflect/
- Horizon Offsite Construction: Step-by-step video guide to the build process
Watch here: http://horizonoffsite.ie/horizon-offsite-construction-step-by-step-guide/
OTHER PROPERTY NEWS
- Starwood to put €35.1m in Irish property loan: A subsidiary of US investment giant Starwood Capital Group, a property investment firm, has committed to invest €35.1m into a loan secured against 12 properties in Dublin.
- Irish property investors should look beyond Ireland: Irish commercial property has produced strong returns over the last decade. We spoke to Ruairí McDonald, investment (development) manager at Standard Life Ireland, to discuss Irish versus Global Real Estate Funds – also known as Grefs https://www.businesspost.ie/commercial/irish-property-investors-should-look-beyond-ireland-77e6ea20
- Grade-A office property in D4 goes for €20m: Three Haddington Buildings has been sold off-market to a German fund which had already acquired the next-door building
- There is plenty of room for the new hotels set to open in 2020: Despite headwinds in terms of a higher Vat rate and Brexit uncertainty, the Irish hotel real estate market performed solidly in 2019, and more hotel supply is expected to open in 2020
- Manufacturing facility is sold for €2.9m: The former Rennicks site in north-west Dublin has potential for expansion or redevelopment
- Fixed-rate mortgage price war heats up https://www.irishexaminer.com/breakingnews/business/fixed-rate-mortgage-price-war-heats-up-977245.html
- Average property price in Dublin at €420,000 – report https://www.breakingnews.ie/ireland/average-property-price-in-dublin-at-420000-report-977196.html
- Moody’s confident of house price pick-up – https://m.independent.ie/business/personal-finance/property-mortgages/moodys-confident-of-house-price-pick-up-38880556.html
- Subscriber Only: David McWilliams: A fall in house prices should be our goal https://www.irishtimes.com/opinion/david-mcwilliams-a-fall-in-house-prices-should-be-our-goal-1.4149151
- Churches urge faithful to exert pressure on politicians over housing https://www.irishtimes.com/news/social-affairs/religion-and-beliefs/churches-urge-faithful-to-exert-pressure-on-politicians-over-housing-1.4145874?mode=amp
- No rent freeze under FF government as party states it would be unconstitutional https://www.thejournal.ie/rent-freeze-fianna-fail-4974007-Jan2020/
- Fianna Fáil may have just pressed the pause button on the property market https://www.irishtimes.com/business/economy/fianna-f%C3%A1il-may-have-just-pressed-the-pause-button-on-the-property-market-1.4147137?mode=amp
- Now Fine Gael promises €30,000 tax break to first-time buyers – Independent.ie https://m.independent.ie/irish-news/election-2020/now-fine-gael-promises-30000-tax-break-to-first-time-buyers-38884482.html
- Greens pledge to spend €50bn on retrofitting homes in election manifesto https://www.irishexaminer.com/breakingnews/ireland/greens-pledge-to-spend-50bn-on-retrofitting-homes-in-election-manifesto-977678.html
- Richard Curran: ‘Election debate fails to offer new solutions to our housing crisis’ – Independent.ie https://amp.independent.ie/business/personal-finance/property-mortgages/richard-curran-election-debate-fails-to-offer-new-solutions-to-our-housing-crisis-38893608.html
- Housing crisis: What the rest of the world can teach Ireland https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/life-and-style/homes-and-property/housing-crisis-what-the-rest-of-the-world-can-teach-ireland-1.4150007?mode=amp
- ‘Families will have opportunity to buy bargain housing plots to ease crisis’ https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/irish-news/election-2020/families-will-have-opportunity-to-buy-bargain-housing-plots-to-ease-crisis-38890987.html
- Social Democrats to ‘radically scale up’ number of new homes https://www.irishtimes.com/news/politics/social-democrats-to-radically-scale-up-number-of-new-homes-1.4146678?mode=amp
- Property Watch: Fixer-upper property in Kilcullen with granny flat up for auction for €220,000 https://www.leinsterleader.ie/news/property/510257/property-watch-fixer-upper-property-in-kilcullen-with-granny-flat-up-for-auction-for-220-000.html (image above)
- Comment: We cannot allow tenants to act as if they own houses https://m.independent.ie/business/personal-finance/comment-we-cannot-allow-tenants-to-act-as-if-they-own-houses-37456377.html
- Dublin office vacancy rate hits lowest level in 20 years https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/dublin-office-vacancy-rate-hits-lowest-level-in-20-years-1.4142071?mode=amp
- Council tells Johnny Ronan firm to keep the noise down at D4 Embassy venue https://www.irishtimes.com/business/economy/council-tells-johnny-ronan-firm-to-keep-the-noise-down-at-d4-embassy-venue-1.4150620?mode=amp
- A huge homeware exhibition is coming to Dublin in March https://lovindublin.com/lifestyle/a-huge-homeware-exhibition-is-coming-to-dublin-in-march
- Downfall of Daniel Daggers, the not-so secret estate agent: