Weekly 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:
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According to a new report by leading consultants Mitchell McDermott (https://mitchellmcdermott.com/insight/), construction costs for apartment buildings rose by 9.6% in 2022, resulting in an increase of between €21,000 to €25,000 per 2-bed apartment. The total cost for a mid-range suburban 2-bed apartment is now estimated to be over €460,000. The report also found that construction inflation for commercial offices rose by 12% but is expected to moderate to between 5% and 7% in 2023. Furthermore, the report revealed a 79% drop in the number of judicial reviews taken against Strategic Housing Developments (SHDs) last year, but due to a backlog at An Bord Pleanála, 59% of 2022 SHD applications have yet to be decided upon, stalling the future of 29,000 housing units. Mitchell McDermott is calling for planners to be drafted in to clear the backlog. Between 2018 and 2022, a total of 31,000 units were subjected to judicial reviews, 10,727 have been quashed, and 17,805 are still awaiting a decision from the courts. Additionally, 28,000 units with planning permission have not yet commenced, with half of those due to viability issues. Paul Mitchell, one of the authors of the report, stated that while 2022 was a year of two halves, there are signs that the current inflationary cycle may be coming to an end. He also emphasized the need for additional resources and workers in the construction industry in order to push inflation lower and increase apartment output. The report author also highlighted the importance of addressing the planning system in order to scale up supply and meet housing targets. Also: ‘In an emergency you take radical action and housing is an emergency’: The Government needs to bite its tongue and take dramatic action if the ongoing crisis is to end, Paul Mitchell, of construction experts Mitchell McDermott say https://www.independent.ie/business/irish/in-an-emergency-you-take-radical-action-and-housing-is-an-emergency-42317285.html
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Ireland’s finance department said inflation is expected to be lower this year than the 7.1% rate it forecast last September https://m.investing.com/news/economic-indicators/ireland-sees-lower-than-forecast-inflation-in-2023-2990473?ampMode=1
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Ireland to avoid recession in 2023 report predicts https://www.rte.ie/news/business/2023/0123/1350210-ireland-to-avoid-recession-in-2023-report-predicts/
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Europe Is Bracing for a Sharp and Abrupt Real Estate Reversal: Borrowers face crunch as valuations fall and lending tightens- New rules, market changes may make downturn steep but short https://www.bloomberg.com/news/articles/2023-01-23/europe-is-bracing-for-a-sharp-and-abrupt-real-estate-reversal?leadSource=uverify%20wall
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Ireland: A New Macroprudential Policy Framework For Irish Property Funds https://www.mondaq.com/ireland/financial-services/1275974/a-new-macroprudential-policy-framework-for-irish-property-funds
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The Irish property market has cooled. Data reveals how long the trend is likely to last: The property market started to cool noticeably at the end of 2022, while demand appears to have weakened further this year. And, based on the data, we are unlikely to see any upward pressure on prices over the coming months. https://thecurrency.news/articles/107384/the-irish-property-market-has-cooled-data-reveals-how-long-the-trend-is-likely-to-last/
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Irish banks ‘significantly exposed’ to EU commercial property sector https://m.independent.ie/business/commercial-property/irish-banks-significantly-exposed-to-eu-commercial-property-sector-42313148.html
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Return on investment in Irish property down two quarters in a row for first time since 2011: New report showing declining returns comes amid warnings that up to €10bn could be wiped off the value of commercial property in Ireland in 2023 https://www.businesspost.ie/news/return-on-investment-in-irish-property-down-two-quarters-in-a-row-for-first-time-since-2011/
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No plan to extend evictions ban despite rise in homeless: The latest figures show there were 8,190 adults and 3,442 children in emergency accommodation last month — 11,632 in total https://www.irishexaminer.com/news/politics/arid-41059013.html BUT… Push for eviction ban to be extended as number of homeless hits new high: Chief executive of Depaul says continuing the eviction ban beyond the end of March is necessary to ease the pressure on housing services https://www.businesspost.ie/news/push-for-eviction-ban-to-be-extended-as-number-of-homeless-hits-new-high/
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Government publishes contentious legislation to reform planning process: Coalition hopes changes will lead to less litigation, fewer judicial reviews and swifter delivery of homes https://www.irishtimes.com/ireland/housing-planning/2023/01/26/government-publishes-contentious-legislation-to-reform-planning-process/ Also, A system no longer fit for purpose: Planning woes https://www.irishexaminer.com/opinion/ourview/arid-41058032.html
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Six members of Irish Planning Institute’s ruling council resigned amid controversies https://www.irishexaminer.com/news/arid-41056922.html
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Government needs to prove it can respond to the housing crisis: Minister for Housing is promising an overhaul of the planning process and a new Bord Pleanála, but he needs to ensure that this is not merely a rejigging and rebranding of the current system https://www.businesspost.ie/analysis-opinion/editorial-government-needs-to-prove-it-can-respond-to-the-housing-crisis/
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John Walsh: Allocating extra resources for housing is not necessarily the right strategy: Before considering fiscal incentives to tackle the housing crisis, we should examine whether reform can deliver greater value for money on existing spending https://www.businesspost.ie/article/john-walsh-allocating-extra-resources-for-housing-is-not-necessarily-the-right-strategy/
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‘The answer may be staring us in the face’ – urgent call to identify derelict buildings as homeless figures hit record high: The bleak situation is compounded by asylum-seekers arriving here being forced to sleep rough https://m.independent.ie/irish-news/the-answer-may-be-staring-us-in-the-face-urgent-call-to-identify-derelict-buildings-as-homeless-figures-hit-record-high-42315935.html
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A total of 75 so-called “ghost estates” still exist across Ireland more than 15 years after the Celtic Tiger economic and property crash. https://www.rte.ie/news/2023/0125/1351805-ghost-estates-celtic-tiger/
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Dept to fund purchase of vacant town centre properties by local authorities https://www.rte.ie/news/2023/0126/1352088-local-authority-housing/
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Refurbishing Vacant Property – All Supports https://www.gov.ie/en/publication/43d9d-refurbishing-vacant-property-all-supports/
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We can’t afford to let the national retrofit plan fail: Thinking in a Climate Emergency: Perhaps it is frustration rather than failure that is driving criticism, given that demand for retrofitting services greatly exceeds capacity right now https://www.irishtimes.com/environment/climate-crisis/2023/01/26/we-cant-afford-to-let-the-national-retrofit-plan-fail/
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The Offer-a-Home Scheme has had over 1,000 offers of unoccupied properties since it was introduced two months ago in a drive to find accommodation for Ukrainian refugees. https://www.rte.ie/news/2023/0125/1351794-refugee-accommodation/
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Mayo wants to be ‘an exemplar’ in giving fresh life to vacant buildings https://www.con-telegraph.ie/2023/01/25/mayo-wants-to-be-an-exemplar-in-giving-fresh-life-to-vacant-buildings/
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We need a fundamental rethink of land ownership and value: Coillte’s deal with a multinational asset company spotlights bigger questions about the role of semi-state bodies here and the centrality of land within efforts to address climate change https://www.irishexaminer.com/opinion/commentanalysis/arid-41055689.html
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Editor of Village magazine settles dispute with tenant who claimed he was threatened with eviction by masked men https://m.independent.ie/irish-news/courts/editor-of-village-magazine-settles-dispute-with-tenant-who-claimed-he-was-threatened-with-eviction-by-masked-men-42317366.html
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Estate agency fees: Are you charging enough for your service? https://propertyindustryeye.com/estate-agency-fees-are-you-charging-enough-for-your-service/
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EY agrees multimillion-euro settlement of Anglo Irish case: The 2012 case sought €50m in damages over losses allegedly resulting from auditor’s failings https://www.irishtimes.com/business/financial-services/2023/01/25/ibrc-case-against-pre-crash-auditors-ey-settled-on-confidential-terms/
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Judge amends O’Connor judgment in Davy 16 case https://www.businesspost.ie/news/judge-amends-oconnor-judgment-in-davy-16-case/
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John Delaney’s father Joe joins his son’s property firm https://m.independent.ie/irish-news/john-delaneys-father-joe-joins-his-sons-property-firm-42317736.html
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Men, guard your friendships – heed the warning of the Banshees of Inisherin: Men like to think that because our friendships are slow-growing, studded with barbs, and requiring little tending, they are durable, like a drought-resistant hedge https://www.irishtimes.com/opinion/2023/01/23/men-guard-your-friendships-heed-the-warning-of-the-banshees-of-inisherin/
If you missed last week’s round-up, you can catch up here: https://propertydistrict.ie/sunday-roundup/
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
What started as #PropertyMatters, a single 60-minute show on Dublin South FM 93.9FM every Tuesday night, has now evolved into an online station hosting the very best construction, urban planning, property and proptech radio shows and podcasts from around the world. Our new website – produced by Hear Me Roar Media – offers audiences live and recorded access to global built environment content. To have your industry podcast included in the iPropertyRadio line-up, or to contribute as a guest on any of the show on iPropertyRadio.com, email hello@ipropertyradio.com
This week on iPropertyRadio
A vision for Dublin, despite a “broken and dysfunctional” planning system
On ‘Breaking Ground’ on iPropertyRadio.com this week, Carol Tallon chats to Tony Reddy, Chairman Reddy Architecture + Urbanism about why the Irish planning system is no longer functioning effectively to meet the needs of our society; why European planning practice should be our vision for the future; and the impact of a poorly functioning planning system on Ireland’s ability to attract Foreign Direct Investment.
“Communities are increasingly concerned; developers, architects and planners frustrated, and politicians under constant pressure due to issues arising from almost every development proposal, particularly for new housing schemes…”
Watch back and listen back: https://ipropertyradio.com/breaking-ground/
Expansion through partnership: Proptech collaboration to drive industry improvements
In the iPropertyRadio.com Proptech Hot Seat with host Carol Tallon this week are Oli Fargo, CEO of Coyote, and Peter Rose, Director of Forbury and Head of UK, to discuss their strategic partnership and what this new offering means for portfolio owners.
Watch back and listen back: https://ipropertyradio.com/proptech-hot-seat/
Produced by Hear Me Roar Media https://hearmeroarmedia.com
*iPropertyRadio (https://ipropertyradio.com/) is part of Property District (https://propertydistrict.ie/), with content produced for radio, social media and podcasts by the team at Hear Me Roar Media https://hearmeroarmedia.com
PLACEMAKING
OPEN PUBLIC CONSULTATIONS AND COMMUNITY ENGAGEMENT
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Ag crúthú Luach Sóisialta Trí Comhforbairt Áite (Creating Social Value Through Placemaking) 👉https://placeengage.com/ag-cruthu-luach-soisialta-tri-comhforbairt-aite/
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Ireland referred to EU court over ‘insufficient’ efforts on water quality laws: An EU directive issued more than 20 years ago requires that all inland and coastal waters reach a minimum of ‘good’ status by 2027. https://www.thejournal.ie/ireland-referred-to-eu-court-over-insufficient-efforts-on-water-quality-laws-5980099-Jan2023/
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Is the tiny little neighborhood the city of the future? The 15-minute city. Why the hyper-local ‘15-minute city’ is gaining ground in urban planning circles https://www.theguardian.com/us-news/2023/jan/25/15-minute-city-urban-planning-future-us-cities
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Metrolink and new Luas lines in €25bn Dublin transport plan: Twenty-year strategy will govern future rail development in the capital https://www.irishtimes.com/ireland/dublin/2023/01/24/nta-publishes-new-25-billion-dublin-transport-plan/
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Forget the idea of a central business district: Reviving city districts requires new planning policies promoting pedestrian-friendly streets, parks and, crucially, more homes in the heart of the city https://www.irishtimes.com/business/work/2023/01/23/forget-the-idea-of-a-central-business-district/
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Officials find no need for orbital Luas line around Dublin: However, there are plans to examine the issue again some time in the 2030s https://www.businesspost.ie/news/officials-find-no-need-for-orbital-luas-line-around-dublin/
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Minister O’Brien Visits New Cost Rental Development Site in Kiltiernan https://www.irishrealestate.news/minister-obrien-visits-new-cost-rental-development-site-in-kiltiernan/
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“Town Centre Living” Architectural Design Competition launched by Minister O’Brien and RIAI https://www.gov.ie/en/press-release/0c8e1-town-centre-living-architectural-design-competition-launched-by-minister-obrien-and-riai/
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New traffic plan outlined amid major works on Cork City streets: The works are to upgrade footpaths and public lighting, as well as provide new bus stops and shelters and to resurface roads https://www.irishexaminer.com/news/munster/arid-41056097.html
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Plans to change signage welcoming visitors to Limerick https://www.live95fm.ie/news/live95-news/look-plans-to-change-signage-welcoming-visitors-to-limerick/
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Silver for residents of Tramore’s An Garrán: An Garrán residents’ association in Tramore was named as runner-up at the All-Island IPB Pride of Place awards last weekend https://waterfordcouncilnews.com/2023/01/24/silver-for-residents-of-tramores-an-garran/
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Failte Ireland: communities need a balance between Airbnbs and private housing: Tourism body says register will provide insight into how much accommodation is available in Ireland https://www.businesspost.ie/news/failte-ireland-communities-need-a-balance-between-airbnbs-and-private-housing/
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When will we know what route the Farranfore Killarney bypass will take? https://m.independent.ie/regionals/kerryman/news/when-will-we-know-what-route-the-farranfore-killarney-bypass-will-take-42312321.html
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How Irish men’s sheds are telling a sustainability story https://www.rte.ie/brainstorm/2023/0124/1350426-mens-sheds-ireland-sustainability-health-wellbeing/
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Ireland’s Top 10 visitor attractions for 2023 announced – how many have you been to? You voted The Cliffs of Moher as Ireland’s top visitor attraction https://www.independent.ie/life/travel/awards/irelands-top-10-visitor-attractions-for-2023-announced-how-many-have-you-been-to-42295683.html
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‘Totally inappropriate’ Galway premises appealed as locals stage last push to stop controversial plans: The community has rallied together to try and stop the closed store from being revamped https://www.galwaybeo.ie/news/property/totally-inappropriate-galway-premises-appealed-8064748.amp
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Fresh plans have been lodged for a glamping site in Ballyconneely in West Connemara. https://connachttribune.ie/plans-for-glamping-site-in-ballyconneely-in-west-connemara/
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Limerick street could become one-way under bike lane plans https://www.limerickleader.ie/news/home/1017987/limerick-street-could-become-one-way-under-bike-lane-plans.html
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‘Important step’ as preferred option for N24 Cahir to Limerick Junction Project narrowed down https://www.limerickleader.ie/news/home/1017892/important-step-as-preferred-option-for-n24-cahir-to-limerick-junction-project-narrowed-down.html
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More than 300 planning applications impacted by new road https://www.live95fm.ie/news/live95-news/more-than-300-planning-applications-impacted-by-new-road/
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Public consultation launched for MD O’Shea to Ballycasheen road upgrade works https://www.radiokerry.ie/news/public-consultation-launched-for-md-oshea-to-ballycasheen-road-upgrade-works-314835
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Planning permission secured for expansion of Roscommon waterpark https://www.shannonside.ie/news/planning-permission-secured-for-expansion-of-roscommon-waterpark-218012
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Mallow locals begin protesting at modular home site https://www.irishexaminer.com/news/arid-41056844.html
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Historic Waterford hotel to be used as direct provision centre: Meanwhile, planning granted for new 16-bedroom boutique hotel close to Dungarvan town centre https://www.irishexaminer.com/news/munster/arid-41054810.html
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Housing crisis threatens to force young family out of Baltinglass as eviction looms: Family has made a public plea to local landlords as prospect of having to move up to two counties away from support network and community is starting to become reality https://m.independent.ie/regionals/wicklow/news/housing-crisis-threatens-to-force-young-family-out-of-baltinglass-as-eviction-looms-42308970.html
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Donegal County Council has received 67 applications to refurbish vacant properties. https://www.donegaldaily.com/2023/01/27/over-60-applications-to-have-local-vacant-properties-refurbished/amp/
CONSTRUCTION & DEVELOPMENT NEWS
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Croí Cónaithe €450m building subsidy scheme draws its first suitors: First round of 15 live proposals by developers to avail of state funding will see over 2,000 apartments built for sale to private individuals https://www.businesspost.ie/news/croi-conaithe-e450m-building-subsidy-scheme-draws-its-first-suitors/
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Developers contested that it was unfair to impose a land-hoarding tax because the threat of judicial reviews impacted their ability to get on site, and because local infrastructure was needed before construction could commence https://www.businesspost.ie/news/developers-push-back-against-new-land-hoarding-taxes/
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PLANNING: Ó Broin calls on regulator to examine high number of successful fire safety appeals – Analysis by this newspaper found 90 per cent of appeals by developers to cut building safety conditions were upheld by An Bord Pleanála https://www.businesspost.ie/politics/o-broin-calls-on-regulator-to-examine-high-number-of-successful-fire-safety-appeals/
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Conor O’Connell: Extraordinary times mean a unified effort is needed to build homes for all: We are entering a difficult phase of housing development as escalating costs coincide with land shortages and other problems, but housing initiatives, planning advances and a cooperative approach could boost delivery https://www.businesspost.ie/analysis-opinion/conor-oconnell-extraordinary-times-mean-a-unified-effort-is-needed-to-build-homes-for-all/
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What you need to know about data centre construction https://www.building.co.uk/news/what-you-need-to-know-about-data-centre-construction/5121290.article
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Private sector delivering more than seven in 10 new social homes, department figures show: Turnkey or Part V purchases delivered 72% of social homes in first nine months of 2022 https://www.irishtimes.com/business/2023/01/24/private-sector-delivering-more-than-seven-in-10-new-social-homes-department-figures-sh
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Government missed its social housing targets in 2022, Taoiseach says: New-build social homes should have hit 9,000 last year but fell well short at 6,500 https://www.irishtimes.com/ireland/housing-planning/2023/01/25/government-missed-its-social-housing-targets-again-in-2022-taoiseach-says/
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More than 45,000 homes stuck in planning system despite housing crisis, consultants say: Construction inflation expected to ease from 12% last year to between 5% and 7% this year, says Mitchell McDermott firm https://www.irishtimes.com/business/2023/01/26/more-than-45000-homes-stuck-in-planning-system-despite-housing-crisis-consultants-say/
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Elderly residents living in an apartment block in the north inner city have said the noise and disruption from the construction of a student accommodation complex is “unbearable”. https://m.independent.ie/regionals/dublin/dublin-news/everything-is-destroyed-elderly-residents-complain-of-unbearable-noise-and-dust-from-building-works-42312892.html
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Irish Land Seller Loses Appeal Of $45M Deal’s Tax Treatment https://www.law360.com/amp/articles/1567955
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€5,000 gender discrimination award for architect over ‘toxic male-only culture’ complaint is overturned: Court questions why ‘eminently practical advice’ about what to wear on site visit would be ‘indicative of a male-oriented culture’ https://www.irishtimes.com/business/work/2023/01/27/labour-court-overturns-5000-award-for-architect-after-male-culture-discrimination-case/
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Government fund for delivering new homes grows loan approvals to €1.25bn https://m.independent.ie/business/irish/government-fund-for-delivering-new-homes-grows-loan-approvals-to-125bn-42312082.html
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Irish Water to be summoned to County Hall to answer tough questions https://connachttribune.ie/irish-water-to-be-summoned-to-county-hall-to-answer-tough-questions/
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Amazon lodges plans for 3 new data centres for North Dublin https://www.rte.ie/news/business/2023/0125/1351817-amazon-lodges-plans-for-3-new-data-centres-for-dublin/
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Oakmount rolling back the years with meticulous restoration: The conservation-oriented developer transformed Rathmine’s Stella Cinema to its wondrous former glory, while this year it will unveil Clerys on O’Connell Street, the firm’s most ambitious project yet https://www.businesspost.ie/property/oakmount-rolling-back-the-years-with-meticulous-restoration/
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Hibernia Real Estate Group begins delivery of new headquarters for KPMG: Developer preparing former Garda Dublin regional headquarters at Harcourt Square for demolition https://www.irishtimes.com/property/commercial-property/2023/01/25/hibernia-real-estate-group-begins-delivery-of-new-headquarters-for-kpmg/
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An Bord Pleanála gives green light for 3,000-worker office on St Stephen’s Green https://www.breakingnews.ie/amp/ireland/an-bord-pleanala-gives-green-light-for-3000-worker-office-on-st-stephens-green-1423837.html
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Plan for 1,600 apartments in Drumcondra blocked by High Court: Judge says An Bord Pleanála failed to follow the required approach to assessing a development’s impact on a protected structure https://www.irishtimes.com/ireland/housing-planning/2023/01/27/plan-for-1600-apartments-in-drumcondra-is-blocked-by-high-court/
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Council’s vote on Raheny land zoning an ‘unjust and disproportionate attack’ on property rights: Marlet group chief says decision is contrary to ‘common good’ during housing crisis https://www.irishtimes.com/business/2023/01/24/councils-vote-on-raheny-land-zoning-an-unjust-and-disproportionate-attack-on-property-rights/
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Residents take High Court action over plans for apartments in Donnybrook, Dublin https://www.breakingnews.ie/ireland/residents-take-high-court-action-over-plans-for-apartments-in-donnybrook-dublin-1423233.html
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Dublin student village refused planning permission to prevent ‘overbearing’ on nearby properties: Hazelwood has sought permission to build two new rooms for its shared accommodation on Botanic Avenue https://www.businesspost.ie/news/dublin-student-village-refused-planning-permission-to-prevent-overbearing-on-nearby-properties/
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Court challenge to demolition of Georgian houses for office block: Developer has approval for the six-storey development in Dublin https://www.irishtimes.com/business/2023/01/26/court-challenge-to-demolition-of-georgian-houses-for-office-block/
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Locals oppose Tetrarch plans for Citywest graveyard: Opponents to plans question rationale for 8,047 plot burial ground https://www.irishtimes.com/business/2023/01/24/locals-oppose-tetrarch-plans-for-citywest-graveyard/
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Bartra secures €4.15m from sale of south Dublin residential site: Red Rock Developments to pursue plan for 26 high-end homes at Woodlands Park in Blackrock https://www.irishtimes.com/property/commercial-property/2023/01/25/bartra-secures-415m-from-sale-of-south-dublin-residential-site/
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Planning application denied for apartments on former Bessborough Mother and Baby Home site: Cork County Council admitted in June that it was unable to find the burial place of twin babies who apparently died in Bessborough. https://www.thejournal.ie/planning-denied-for-apartments-bessborough-5975847-Jan2023/
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Permission refused for Douglas apartment complex proposal: Nine submissions or objections were made in relation to the plans, including from Inland Fisheries Ireland, Transport Infrastructure Ireland, and Irish Water. https://www.echolive.ie/corknews/arid-41059088.html
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Appeal to An Bord Pleanala over refusal of housing development in Loughrea https://connachttribune.ie/appeal-to-an-bord-pleanala-over-refusal-of-housing-development-in-loughrea/
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Galway people left wanting after vital apartment plans refused as idle building remains: The iconic building and its grounds will remain in its current state https://www.galwaybeo.ie/news/ireland-news/galway-people-left-wanting-after-8076742
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Permission granted for 99 new homes in Limerick development https://www.limerickleader.ie/news/home/1017351/permission-granted-for-99-new-homes-in-limerick-development.html
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Second hotel development given approval in Waterford town https://www.waterfordlive.ie/news/home/1018138/second-hotel-development-given-approval-in-waterford-town.html
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Kilmeaden village continues to grow after the Clochán estate received the go-ahead to double its current footprint – with local councillor John O’Leary querying what community facilities will be provided. https://www.munster-express.ie/front-page-news/destination-kilmeaden/
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Ó Súilleabháin seeks ways to speed up An Bord Pleanála decisions in light of derelict house frustration in Wexford https://www.independent.ie/regionals/wexford/news/o-suilleabhain-seeks-ways-to-speed-up-an-bord-pleanala-decisions-in-light-of-derelict-house-frustration-in-wexford-42307553.html
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Planning sought for development of large concrete plant in Longford https://www.shannonside.ie/news/planning-sought-for-development-of-large-concrete-plant-in-longford-217902
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Arvagh bank property to be converted to apartments https://www.anglocelt.ie/2023/01/26/arvagh-bank-property-to-be-converted-to-apartments/
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Permission granted for fifteen apartments in Monaghan https://www.northernsound.ie/news/permission-granted-for-fifteen-apartments-in-monaghan-209162
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Tesco Ireland submits planning application for new store https://www.northernsound.ie/news/tesco-ireland-submit-planning-application-for-new-store-209081
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Planning granted for 43 apartments in Killarney https://www.radiokerry.ie/news/planning-granted-for-43-apartments-in-killarney-314458
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IDA still acquiring lands for second advanced technology building in Tralee https://www.radiokerry.ie/amp/news/ida-still-acquiring-lands-for-second-advanced-technology-building-in-tralee-314415
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Dublin property developer records €31m profit as revenues soar to €100m https://www.breakingnews.ie/amp/ireland/dublin-developers-record-e31-million-profit-as-revenues-soar-to-e100-million-1422845.html
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The Society of Chartered Surveyors Ireland has described a case it took against a man for wrongly using the title building surveyor as “very serious.” https://dublinpeople.com/news/court/articles/2023/01/24/56472/
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Ballsbridge house dispute over noisy wall is dismissed by High Court https://www.breakingnews.ie/amp/ireland/ballsbridge-house-dispute-over-noisy-wall-is-dismissed-by-high-court-1423782.html
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Developer Conor Clarkson yet to pay €565k to settle rent arrears case with investment firm https://www.businesspost.ie/news/developer-conor-clarkson-yet-to-pay-e565k-to-settle-rent-arrears-case-with-investment-firm/
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Housebuilder Glenveagh sees Swiss hedge fund build 19% stake: Move comes as Singapore’s sovereign wealth fund GIC has been selling down a third of its stake at a discount to the price it paid in 2017 IPO https://www.irishtimes.com/business/2023/01/25/singapore-cuts-glenveagh-stake-as-swiss-hedge-fund-nears-19/
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Construction activity December 2022: Northern Ireland https://www.constructionnews.co.uk/uncategorised/construction-activity-december-2022-northern-ireland-27-01-2023/
PROPTECH, ESG, MMC & CONSTRUCTION INNOVATION
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Proptech Ireland is updating the database of 2023 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: *https://prop-tech.ie/register/ * and email product or service details to hello@prop-tech.ie
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3D printed homes being considered as option to tackle Ireland’s housing crisis: Irish company is at the vanguard of delivering the UK’s first major 3D printed housing development and Housing Minister is watching the project with a keen interest https://www.irishmirror.ie/news/irish-news/3d-printed-homes-being-considered-29050601.amp
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Hemp makes a comeback in the construction industry https://www.bbc.com/news/business-63666195
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UK Government department commissions British Standards Institution to create standard to raise quality of offsite homes: Government has commissioned the British Standards Institution to come up with a UK-wide standard for modern methods of construction https://www.housingtoday.co.uk/news/dluhc-launches-plan-for-uk-wide-mmc-standard/5121473.article
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Daft launches Vendor Approval Tool – This tool enables agents to send draft ads from the Daft Admin to their vendors for review and approval. https://www.agentproducts.daft.ie/vendor-approval-tool
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Zoopla’s Alto announces new integration with Goodlord https://propertyindustryeye.com/zooplas-announces-new-integration-with-goodlord/
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Zillow introduces Calendly-like instant booking for rental property tours https://techcrunch.com/2023/01/24/zillow-introduces-calendly-like-instant-booking-for-rental-property-tours/amp/
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ConTech investment weathered last year’s shaky economy: CEMEX Ventures releases its annual list of leading startups, and its prognosis for where money will gravitate this year. https://www.bdcnetwork.com/contech-investment-weathered-last-years-shaky-economy
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Hai’s Smart Showerhead and Infusion Will Transform Your Bathroom Into a Spa…Without raising the water bill. https://www.housebeautiful.com/shopping/a42662485/hai-smart-showerhead-review/
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German proptech startup aedifion raises €12M to enable smart building revolution via AI https://siliconcanals.com/crowdfunding/aedifion-raises-12m/
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Fifth Wall, focused on real estate tech and managing $3.2B, looks to eat up even more of its market https://techcrunch.com/2023/01/27/fifth-wall-focused-on-real-estate-tech-and-managing-3-2b-looks-to-eat-up-even-more-of-its-market/
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Aussie proptech raises $2.6 million U.S. to fund U.S expansion https://aimgroup.com/2023/01/26/aussie-proptech-raises-2-6-million-u-s-to-fund-u-s-expansion/
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Landeed, a proptech startup, has raised $8.3 million. This round witnessed the participation of investors led by Draper Associates, Y Combinator, and Bayhouse Capital… https://www.constructionworld.in/latest-construction-news/real-estate-news/proptech-landeed-raises–8.3-million/38895
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Proptech in Review: Investors predict slower growth in 2023 https://techcrunch.com/2023/01/25/2475219/
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JLL’s head of proptech in APAC on why brokers will always survive disruption https://www.propertyweek.com/video-and-podcasts/jlls-head-of-proptech-in-apac-on-why-brokers-will-always-survive-disruption/5123696.article
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Technology and the changing face of the mortgage market https://www.finextra.com/blogposting/23630/technology-and-the-changing-face-of-the-mortgage-market
ENERGY, CLIMATE & ENVIRONMENT
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Supply squeeze hits green energy projects: Rush to wind power will leave some countries struggling https://www.irishtimes.com/business/2023/01/24/supply-squeeze-hits-green-energy-projects/
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ESB Networks announces €10bn investment to 2030 https://irishbuildingmagazine.ie/2023/01/23/esb-networks-announces-e10bn-investment-to-2030/
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Bord Gáis to invest in power plant in Grange Castle https://www.echo.ie/bord-gais-to-invest-in-power-plant-in-grange-castle/
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German energy giant RWE seeks approval for Co Clare wind farm https://www.irishtimes.com/business/2023/01/22/german-energy-giant-rwe-seeks-approval-for-co-clare-wind-farm/
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SSE to develop solar and battery co-location project at Wexford wind farm: Operating since 2026, the wind farm has the capacity to power almost 18,000 homes annually https://www.irishexaminer.com/business/companies/arid-41055638.html
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Celtic Interconnector project aims to make Ireland the ‘Saudi Arabia of Europe for offshore wind’ https://www.breakingnews.ie/amp/advertising-feature/celtic-interconnector-project-aims-to-make-ireland-the-saudi-arabia-of-europe-for-offshore-wind-1424675.html
RESIDENTIAL PROPERTY NEWS (including PRS)
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Increased building costs, interest rates, cost of living crisis – How much is your house worth in 2023? https://www.independent.ie/business/personal-finance/property-mortgages/how-much-is-your-house-worth/increased-building-costs-interest-rates-cost-of-living-crisis-how-much-is-your-house-worth-in-2023-42302853.html
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Home sales volumes down as prices jump 9.7%: Pace of house price inflation continues to show signs of cooling https://www.irishtimes.com/business/2023/01/28/home-sales-volumes-down-as-prices-jump-97/
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360,000 homeowners submit Local Property Tax values below Revenue’s estimates: Self-assessed tax raised €500m last year amid property inflation https://m.independent.ie/business/personal-finance/tax/360000-homeowners-submit-local-property-tax-values-below-revenues-estimates-42309368.html
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Retrofit numbers have ‘fallen off a cliff’ since 2011 https://www.irishexaminer.com/news/arid-41054327.html
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Bank of Ireland to impose second mortgage rate rise but deposit rates up too https://m.independent.ie/business/personal-finance/property-mortgages/bank-of-ireland-to-impose-second-mortgage-rate-rise-but-deposit-rates-up-too-42309942.html
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Constant delays from lenders and local authorities slowing down property sales – Law Society: Submission says a range of planning and administrative issues are slowing down conveyancing and calls on the government to support a raft of changes to the system https://www.businesspost.ie/news/constant-delays-from-lenders-and-local-authorities-slowing-down-property-sales-law-society/
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Restrictions on short-term rentals will have ‘devastating impact in rural and coastal areas’ https://www.irishexaminer.com/news/arid-41057039.html
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TD says Department of Finance needs to wake up to rental crisis reality https://www.radiokerry.ie/news/td-says-department-of-finance-needs-to-wake-up-to-reality-rental-crisis-314501
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Landlord fined after trying to raise rent by 61% in pressure zone: Wow Investments said it was unaware the property it listed for €1,850 per month was previously leased out https://www.businesspost.ie/news/landlord-fined-after-trying-to-raise-rent-by-61-in-pressure-zone/
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Glasnevin four-bed transformed from bedsits for €775,000: The mid-terrace house on Marguerite Road is in turnkey condition and has off-street parking https://www.irishtimes.com/property/residential/2023/01/24/glasnevin-four-bed-transformed-from-bedsits-for-775000/
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Revealed: Wicklow eircode with most expensive homes outside Dublin https://m.independent.ie/regionals/wicklow/news/revealed-wicklow-eircode-with-most-expensive-homes-outside-dublin-42308339.html
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Take 5: What will €240,000 buy in Romania, Spain, Norway, the UK and Tipperary? One price, home and away: Apartments in Bucharest and Alicante, a waterside cabin in Longyearbyen, a floating home in London or an old farmhouse in Cashel https://www.irishtimes.com/property/residential/2023/01/25/take-5-what-will-240000-buy-in-romania-spain-norway-the-uk-and-tipperary/
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41% of lease termination notices brought Threshold in Galway were invalid https://connachttribune.ie/41-of-lease-termination-notices-brought-threshold-in-galway-were-invalid/amp/
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Self-Build Ireland: ‘A build is all about compromises (and some disappointments!)’ https://www.image.ie/living/image-x-dyson-self-build-ireland-a-build-is-all-about-compromises-and-some-disappointments-699959/amp
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This former industrial premises in Dublin 12 has been turned into a family home with two workspaces https://www.image.ie/living/this-former-industrial-premises-in-dublin-12-has-been-turned-into-a-family-home-with-two-workspaces-700201
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‘Within 10 minutes we had bought a 10-bed country estate house and a castle’: A snap decision saw Michael Ramsden buy this run-down Cloughjordan country estate but it took 35 years to restore the ‘big house’ and preserve the castle for future plans https://m.independent.ie/life/home-garden/within-10-minutes-we-had-bought-a-10-bed-country-estate-house-and-a-castle-42314727.html
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spacious six-bed Tipperary house with Georgian heritage and our pick of homes for sale in Ireland https://www.thetimes.co.uk/article/a-spacious-six-bed-tipperary-house-with-georgian-heritage-and-our-pick-of-homes-for-sale-in-ireland-nsxd8jfz0
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27 clever small bathroom ideas that will breathe new life into size-challenged spaces: Any of these small bathroom ideas can make your room all the brighter, airier and more spa-like https://www.livingetc.com/spaces/interior-inspiration/small-bathroom-ideas-224193
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How to take inspiration from Gen Z for a bright and beautiful home: ‘Fearless’ Zoomers make the most of neon, nostalgia and natural materials https://m.independent.ie/life/home-garden/interiors/how-to-take-inspiration-from-gen-z-for-a-bright-and-beautiful-home-42314588.html
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Flexible work revolution drives rising demand for country houses: Post-pandemic, people are starting to look further afield for a home and, at the top end of the market, buyers are prepared to wait and pay a premium price for the perfect pile https://www.businesspost.ie/property/the-abiding-appeal-of-a-trophy-home-in-the-country/
COMMERCIAL PROPERTY NEWS
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A week in the life of Dublin’s shrinking office districts: With remote working popular on Mondays and Fridays, the city is transforming – with an increase in surplus office space being sublet, and a fall-off in lunchtime hospitality trade https://www.businesspost.ie/news-focus/a-week-in-the-life-of-dublins-shrinking-office-districts/
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Sean Keyes on investing: Foreign investors are the ones on the hook for slumping commercial property: The slowdown in commercial property offers yet another example of why we should be welcoming foreign property investors. https://thecurrency.news/articles/108114/sean-keyes-on-investing-foreign-investors-are-the-ones-on-the-hook-for-slumping-commercial-property/
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Beauparc Utilities founder acquires Victoria’s Secret on Grafton Street as part of €40m deal: Eamon Waters pays €28m for lingerie chain’s landmark store and €12m for Tesco premises on Lower Baggot Street https://www.irishtimes.com/property/commercial-property/2023/01/23/beauparc-utilities-founder-acquires-victorias-secret-on-grafton-street-as-part-of-40m-deal/
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French investor buys part of Airside complex in Swords for nearly €18m: Leisure and office buildings bought by Iroko Zen have benefited from substantial investment in recent years and are located next to one of the largest retails parks in Ireland https://www.businesspost.ie/property/french-investor-buys-part-of-airside-complex-in-swords-for-nearly-e18m/
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Intercom set to sublet half of new Dublin HQ to US investment giant: Irish-founded technology company agreed deal with Irish Life for all 110,868sq ft of offices at the Cadenza building in 2019 https://www.irishtimes.com/property/commercial-property/2023/01/25/intercom-set-to-sublet-half-of-new-dublin-hq-to-us-investment-giant/
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Primary Health Properties buys Ireland’s Axis for undisclosed sum https://www.sharecast.com/amp/news/m-a/primary-health-properties-buys-irelands-axis-for-undisclosed-sum–12049204.html
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Dutch private equity firm plans to double Irish investments to €200m: Waterland – owners of majority stake in Silver Stream Healthcare – has spent about €100m in Ireland to date https://www.irishtimes.com/business/2023/01/26/dutch-private-equity-firm-plans-to-double-irish-investments-to-200m/
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Publicans return to Dublin pubs market with €51.5m in deals https://m.independent.ie/business/commercial-property/publicans-return-to-dublin-pubs-market-with-515m-in-deals-42314986.html
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Private equity investors turn away from buying Dublin pubs: Buyers may instead look at regional pubs after acquiring many prime Dublin sites in 2021 https://www.businesspost.ie/news/private-equity-investors-turn-away-from-buying-dublin-pubs/
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Revenues surge 79pc to €25.5m at Porterhouse Group https://m.independent.ie/business/irish/revenues-surge-79pc-to-255m-at-porterhouse-group-42314982.html
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Irish investment consortium in €6.5m deal for landmark Donnybrook Mall: Developer Sean Dunne had acquired Dublin 4 retail complex for €17m at height of last boom https://www.irishtimes.com/property/commercial-property/2023/01/25/private-irish-investor-in-68m-deal-for-landmark-donnybrook-mall/
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Two Dublin properties could appeal to modest investors https://m.independent.ie/business/commercial-property/two-dublin-properties-could-appeal-to-modest-investors-42314221.html
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Lifestyle Sports directors share €600k as profits more than double: The retailer enjoyed a successful 2022, reporting a strong rise in sales https://www.businesspost.ie/news/lifestyle-sports-directors-share-e600k-as-profits-more-than-double/
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Greystones retail scheme at €5.5m offers buyer 9.64% yield: Meridian Point comes fully occupied by strong tenants including Sports Direct and Costa Coffee https://www.irishtimes.com/property/commercial-property/2023/01/25/greystones-retail-scheme-at-55m-offers-buyer-964-yield/
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Large proportion of Cork commercial property left vacant: Around 14% of commercial property remains empty, which is likely to increase even further in 2023 https://www.irishexaminer.com/business/economy/arid-41052086.html
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Work begins on new store in former Cork city Eason location: Designer goods outlet, FLANNELS is set to open their second Irish store in the old Eason’s location on Patrick’s Street. https://www.echolive.ie/corknews/arid-41056880.html
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West Cork family buy city’s Westlink filling station, shop and forecourt for over €1.7m: Cronin family retailers add a city base to their West Cork Ballylickey, Leap and Union Hall retail ‘basket’ https://www.irishexaminer.com/property/commercial/arid-41057015.html
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Joint move by Galway councils to Crown Square ruled out https://connachttribune.ie/joint-move-by-galway-councils-to-crown-square-ruled-out/
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Publican wants court to overturn council’s decision to acquire Limerick city property https://www.breakingnews.ie/amp/ireland/publican-wants-court-to-overturn-councils-decision-to-acquire-limerick-city-property-1422894.html
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Waterford Chamber CEO optimistic about retail future of City Centre https://www.wlrfm.com/news/waterford-chamber-ceo-optimistic-about-retail-future-of-city-centre-287800
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Former Grand Hotel in Tramore is sold again https://www.wlrfm.com/news/former-grand-hotel-in-tramore-is-sold-again-288826
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Historic Tramore shop for sale https://www.wlrfm.com/news/historic-tramore-shop-for-sale-288761
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Penneys expected to open Wicklow store at Bray Central https://m.independent.ie/regionals/wicklow/news/penneys-expected-to-open-wicklow-store-at-bray-central-42311350.html
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Sale discussions for historic Mayo hotel nearing conclusion https://www.con-telegraph.ie/2023/01/27/sale-discussions-for-historic-mayo-hotel-nearing-conclusion/
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€5 million expansion plans for Donegal hotel https://donegalnews.com/2023/01/e5-million-expansion-plans-for-donegal-hotel/
INTERNATIONAL PROPERTY NEWS
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Where are the UK’s happiest, most affordable property markets? https://www.propertyreporter.co.uk/where-are-the-uks-happiest-most-affordable-property-markets.html
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Top 10 most prominent estate agency brands across Britain revealed https://propertyindustryeye.com/top-10-most-prominent-estate-agency-brands-across-britain-revealed/
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UK Construction payment times ‘getting later’ https://www.constructionnews.co.uk/supply-chain/construction-payment-times-getting-later-24-01-2023/
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How bad is the situation in Scandinavian housing markets? House prices in the Nordic countries are now down double digits from their peak. How much further have they got to fall and what might that do to the Nordic economies? https://www.thelocal.dk/20230125/in-charts-how-bad-is-the-situation-in-scandinavian-housing-markets/
FACEBOOK GROUP FOR IRISH PROPERTY BUYERS & INVESTORS
Crowd-sourcing answers topical property questions:
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 wanted to ensure the content remains topical and we are now 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/