It has been another busy week on the housing front. Below are some of the biggest industry stories of the week, including more exciting Irish announcements and bumper proptech news. If you missed last week’s Sunday Property Round-Up – which was our busiest to date – you can catch up here: https://propertydistrict.ie/sunday-property-round-up-july-8th-2018/
Most of the stories carried in the broadsheets today have already been covered in the dailies this week (appearing below with links) so I have only included new items or ones with new insights.
Also, 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!)
FUTURE LIVING: 3D printed homes built in less than 24 hours will ‘be mainstream by 2025’ in UK. As the average house price in Britain soars above £220,000, it’s time to rethink how we build our homes – shared via Damien Browne, Standard Access:
The Agile Agent – getting Ireland’s property marketplace digital by default
As mentioned last week, this been almost two years in preparation so I am genuinely delighted to announce that ‘The Agile Agent’ 12-month digital transformation programme for Irish estate agents will kick off in September. This programme will be delivered by a multi-disciplinary Irish and UK team and will go beyond proptech adoption to help agents get their industry digital by default. The ‘buddy system’ is something that we have been trialling amongst a few existing clients in an informal way and when it works, that is to say, when trust is formed and real sharing starts to happen, it is great for both agencies. By the way, this is something that I encourage all agents (and all businesses for that matter!) to try out, it can be a great resource, like an experienced but objective sounding board.
For further details or to attend an information session please contact firstname.lastname@example.org
Trending Property Stories
- Dublin Housing Observatory (DHO) Mapping Viewer – What this means for property buyers in the capital: http://buyersbrokerinternational.com/2018/07/all-island-research-observatory-airo/
- “A transformational opportunity for Irish cities and towns” – Minister Eoghan Murphy welcomes the new €2 Billion Urban Regeneration and Development Fund. More info (including a short video) here: ly/C4u930kRqoN
- Trinity College to build €1bn campus in the heart of Dublin’s docklands https://www.siliconrepublic.com/innovation/trinity-college-grand-canal-innovation-district
- Inside the billion-euro plans for a tech counterpart to Dublin’s IFSC. The Trinity-led project will involve a raft of new office space and other developments. https://fora.ie/grand-canal-innovation-district-dublin-4125352-Jul2018/
Other Property News
- Dublin residential investments overtook all others in Q2 . Eight large deals anchor €294m spend – with some 90% in build-to-rent sector: https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/dublin-residential-investments-overtook-all-others-in-q2-1.3560089?mode=amp
- Kennedy Wilson poised to buy last big Docklands site: https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/commercial-property/kennedy-wilson-poised-to-buy-last-big-docklands-site-37117209.html
- I mentioned here a few weeks ago that financier Dermot Desmond was planning to demolish Walford, which was Ireland’s most expensive house when it sold for €58 million back in 2005. It now appears – according to The Sunday Times – that the billionaire is seeking permission to build a 1595 m² mansion with opulent gardens inspired by Blenheim Palace, which will be designed by a Chelsea Flower Show-winning gardener.
- Also in the Times, the legal team for Paddy McKillen have filed a notice of discontinuance ( upon instruction by the DPP) in the civil case against former Nama employee Paul Hennigan, which is been going on for several years now.
- The same developer is featured on the front page of The Sunday Business Post today in an article by Tom Lyons: ‘ McKillen sues Anglo liquidators in US over “illegal“ €45 million loan’. Apparently the developer is seeking to have the former bank’s bankruptcy protection in the US lifted “As he believes it is pursuing him for a €45 million debt that was given to him illegally by the bank“.
- The lead business story in The Sunday Times today reads ‘Lone Star takes a shine to floating new house builder: US fund seeks Dublin and London listings for outfit led by Patrick Durkan’. According to Brian Carey, The fund has accelerated plans to float housebuilder on the Dublin and London stock markets. If this happens, it is likely to be in late 2018. This investment fund is thought to own approximately 600 acres of development land in Dublin with the potential to deliver approximately 7,000 new homes. There are now three housebuilders on the Dublin stock market (Glenveagh, Abbey and Cairn), however, As mentioned last week, Seamus Ross and Zamano Look to be close to a deal, which could bring the number of housebuilders on the Dublin stock market to five before the end of the year.
- The same journalist reports that “Nama is poised to enter a joint-venture agreement to develop the lucrative Players Square site in Dublin city centre, with quoted builder Glenveagh Properties favoured to clinch the deal“.
- In the same paper Niall Brady reports that the Ireland Strategic Investment Fund (ISIF) is in talks with Home for Life, The investor consortium led by stockbroker Davy, about funding the government’s mortgage-to-rent scheme.
- Samsonmont (Gerald McGreevy and Greg Kavanagh) will see a nice return on investment following the sale of Castleforbes Business Park by Bulwark to Glenveagh Properties, according to a piece in the Sunday Times.
- Greg Kavanagh also appears in The Sunday Business Post today; apparently the developer has written four-page letter to the governor of the Central Bank, questioning new homes delivery figures and forecasts, and accusing the governor of turning Ireland into the land of renters. Of course, he is absolutely right and is one of the few speaking out about the long-term unsustainability of this. It remains to be seen whether or not he will be listened to.
- Fearghal O’Connor, writing in the Business section of the Sunday Independent today confirms that Pat Moloughney “Has moved to further expand his plans for housing development in Finglas in Dublin 11“. His company, Greenwich Project Holdings, has sought planning for 19 homes 6.3 km north-west of Dublin’s city centre.
- In the SBP today it is revealed that Siobhan Quinlan, wife of financier Derek Quinlan, has invested in prime Ballsbridge site to the tune of €7.5 million alongside developer Johnny Ronan.
- €1.6million in rent arrears awarded to landlords in 2017 http://www.thejournal.ie/rtb-annual-report-4124661-Jul2018/
- €30m affordable housing project proposed for Cork city; https://www.irishexaminer.com/ireland/30m-affordable-housing-project-proposed-for-cork-city-472782.html
- Global tech firms spread from Googletown to ‘Amazonville’ in Dublin City Centre: https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/commercial-property/global-tech-firms-spread-from-googletown-to-amazonville-in-dublin-city-centre-37112764.html
- Construction activity growth slows from elevated levels: https://www-rte-ie.cdn.ampproject.org/c/s/www.rte.ie/amp/977348/
- ‘Dark horse’ destination – Ireland is new favourite for millionaire Chinese emigrants: https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/irish/dark-horse-destination-ireland-is-new-favourite-for-millionaire-chinese-emigrants-37102673.html
- Community group proposes cost rental model as housing crisis solution: https://www.rte.ie/news/politics/2018/0712/978205-housing/
- Call for #Cork to be developed into a Maritime Cluster https://www.irishexaminer.com/breakingnews/ireland/call-for-cork-to-be-developed-into-a-maritime-cluster-853750.html
- Profit at Abbey falls but group beats expectations – Company on course for ‘satisfactory’ year: https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/construction/profit-at-abbey-falls-but-group-beats-expectations-1.3561363?mode=amp
- Housebuilding group Abbey has said 40,000 new homes per year is an unrealistic and unsustainable annual target to fix Ireland’s housing supply issue. CÈO Charles Gallagher said increasing annual new housing output, from current levels of around 19,000, up to 25,000 is a realistic target for the next couple of years and would be sustainable: https://www.irishexaminer.com/breakingnews/business/abbey-40000-houses-per-year-is-unrealistic-854542.html
- Houses in Ireland with ‘unlucky’ number 13 are €4,700 cheaper than other homes, study reveals – If the opportunity came knocking, would you buy it for less? https://www.irishmirror.ie/lifestyle/homes-and-property/houses-ireland-unlucky-number-13-12905891
- Come to Keenagh – An Open Invitation from the locals. ‘Keenagh Community Development Council has shot a video in the hope of attracting people to come and live in the North Mayo area.’ http://www.midwestradio.ie/index.php/news/24796-come-to-keenagh-an-open-invitation-from-the-locals
- Tesco building on College Green sells for €4.65m https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/tesco-building-on-college-green-sells-for-4-65m-1.3560313?mode=amp
- Hibernia Sells New Century House for €65.3m – Construction Network Ireland – Construction Network Ireland http://www.constructionnetworkireland.com/hibernia-sells-new-century-house-e65-3m/
- Navan site zoned residential sells for €9m – 59 acres at Blackcastle could host some 1,100 houses as well as a commercial centre: https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/navan-site-zoned-residential-sells-for-9m-1.3550152?mode=amp
- Via Marie Hunt, CBRE: “Another quarter of property statistics counted and verified. Q2 saw 45 transactions extending to 80,309m2 completed in the Dublin office market, take-up of 37,330m2 in the Dublin industrial market, 29 development land transactions being completed, €939 million of investment transactions signed and 4 hotel sales negotiated…” https://bit.ly/2tIUest
- Affordable housing: ‘Taxing high end real estate transfers could fix the problem’: http://www.thejournal.ie/readme/affordable-housing-taxing-high-end-real-estate-transfers-could-fix-the-problem-4116920-Jul2018/
- We need to kickstart a war on mortgage rates: https://www.breakingnews.ie/ireland/we-need-to-kickstart-a-war-on-mortgage-rates-michael-mcgrath-855211.html
Proptech and Construction Innovation
- Are you an Irish-led or Ireland-based #proptech business? If so, please take five minutes to add or update your details to our internationally-shared listing here: SIGN UP: http://prop-tech.ie/proptech-innovators-ireland/
- “The fact that influential figures like The Duchess of Sussex are engaging in the topic of women in tech can really help elevate the conversation. Further, having The Duke of Sussex at the table sends a strong signal that men can play a valuable role in amplifying women’s voices”, Liz McCarthy, Head of Diversity & Inclusion at Dogpatch Labs who led the Roundtable: https://irishtechnews-ie.cdn.ampproject.org/c/s/irishtechnews.ie/the-duke-and-duchess-of-sussex-visit-irelands-leading-startup-hub-dogpatch-labs-meeting-the-people-shaping-the-countrys-future/amp/
- Limerick Secures €6.5M in EU Funding to become a Smart Positive Energy City | Limerick.ie https://www.limerick.ie/council/newsroom/news/limerick-secures-eu65m-eu-funding-become-smart-positive-energy-city
- Power of Proptech 2018: awareness of tech shifting | Insight | Property Week: https://www.propertyweek.com/data/power-of-proptech-2018-awareness-of-tech-shifting/5097670.article
- The Rise of ‘Urban Tech’ #proptech: https://www.citylab.com/life/2018/07/the-rise-of-urban-tech/564653/
- Smart City Tech Adds Innovative Solutions – And Tough New Problems: https://www.newschannel5.com/newsy/smart-city-tech-adds-innovative-solutions-and-tough-new-problems
- Property’s Digital Skeleton Key: ‘Technological innovation, from blockchain to shared-economy start-ups, threatens to unlock value that has always been hidden in real estate markets. Steve Weikal and Thomas Wiegelmann explain’ #proptech: https://realassets.ipe.com/real-estate/propertys-digital-skeleton-key/realassets.ipe.com/real-estate/propertys-digital-skeleton-key/10025396.fullarticle
- Nestio raises $4.5M from RE heavy hitters: ‘Residential listings startup Nestio has raised $4.5 million from several major New York developers — a sign of their growing desire to invest in the burgeoning real estate tech sector.’: https://therealdeal-com.cdn.ampproject.org/c/s/therealdeal.com/2018/07/11/nestio-raises-4-5m-from-re-heavy-hitters/amp/
- To keep up-to-date on all things tech and innovation for the planning, construction and property industries, head over to http://www.prop-tech.ie, the national resource website for innovators, investors and mentors or email email@example.com .
Property Insiders Guide
As many of you might know, my annual property book The Irish Property Buyers’ Handbook (since 2011) has undergone a rebrand for 2018 and will now appear as part of The Property Insider series, published by Oak Tree Press, the first three titles are now published and available here.