Below are some of the biggest property stories of the week, including construction and proptech. If you missed last week’s Sunday Property Round-Up, as always, you can catch up here: https://propertydistrict.ie/sunday-property-round-up-june-24th-2018/
Also, you might let me know if I have missed out on any relevant property news by emailing email@example.com.
Given the fabulously scorching weather this week – and knowing my penchant for upcycling shipping containers – this link was sent to me earlier this week and I just had to share (thanks to Paul O’Reilly)!
“This pool is made from a disused shipping container” (photo above)
(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 Read – If it can be done in New York…
How NYC Is Planning Well-Designed Affordable Housing
‘Designing Better Affordable Housing in New York
A city commission has new guidelines for developers, designers, and community members.’
Also, Vishaan Chakrabarti: How we can design timeless cities for our collective future | TED Talk https://www.ted.com/talks/vishaan_chakrabarti_how_we_can_design_timeless_cities_for_our_collective_future/up-next?utm_campaign=social&utm_medium=referral&utm_source=facebook.com&utm_content=talk&utm_term=art-design
Other Property News
- The Q2 2018 Daft House Price Report is now available : http://www.daft.ie/report The headline figures show that despite a shortage of housing stock, the rate of price increases is beginning to slow. Ronan Lyons’ accompanying commentary, which is included in the Sunday Independent today, repeats his warning that we are still building the wrong types of homes in the wrong places i.e. we need to move away from suburban three-bed semis and start building apartment blocks as the norm. As previously discussed here, apartment blocks are more expensive and more capital intensive to develop, this is a huge problem.
- Richard Curran has an interesting take on the housing market in his column today with a piece headed ‘International investors bet billions Government’s housing plan won’t work’. He is referring to Ireland’s emerging build-to-rent (BTR) sector and how it is attracting international capital at a strong rate, which indicates that the market sees continued strong rental demand and yields for the foreseeable future.
*A report by Donal Buckley suggests that Glenveagh PLC are ramping up in this direction also, as flagged at their recent AGM – this is noteworthy given that the company has enough land to develop 10,000 homes, with 800 currently under construction across 12 sites. Donal Buckley also has an article in the business sector the Independent stating that ‘Commercial property tipped to bounce back’ with long-term and overseas investors fuelling demand. Also, Ian Guider has a short piece in The Sunday Business Post today quoting John Mulcahy (Glenveagh chairman) as saying that the housing market needs big investors.
- *Great and important news for the industry* Estate agent calls time on drawn-out house sales – Hunters says it will not sell a house unless the contracts for sale are prepared in advance: https://www.irishtimes.com/life-and-style/homes-and-property/estate-agent-calls-time-on-drawn-out-house-sales-1.3545535?mode=amp
- How one planning decision shows the door is open to taller buildings in Dublin: http://jrnl.ie/4085703
- Mortgage approvals break through €1bn mark in May – Remortgaging activity drives growth in market: https://www.irishtimes.com/business/economy/mortgage-approvals-break-through-1bn-mark-in-may-1.3546710?mode=amp
- Rate of house price growth slows as new homes make impact – Figures from Sherry FitzGerald indicate moderation in Dublin house prices: https://www.irishtimes.com/business/economy/rate-of-house-price-growth-slows-as-new-homes-make-impact-1.3546849?mode=amp
- Minister Murphy’s statement on May homeless figures: http://rebuildingireland.ie/news/minister-murphys-statement-on-may-homeless-figures/
- Cairn Homes sells Dublin city centre development for €101m https://m.independent.ie/business/commercial-property/cairn-homes-sells-dublin-city-centre-development-for-101m-37058988.html
- Kennedy Wilson Completes Irish PRS Joint Venture With AXA Investment Managers – Real Assets: https://www.businesswire.com/news/home/20180627005113/en/Kennedy-Wilson-Completes-Irish-PRS-Joint-Venture
- Project that includes Cork city’s biggest hotel gets go-ahead: https://www.irishexaminer.com/ireland/project-that-includes-cork-citys-biggest-hotel-gets-go-ahead-472423.html
- Infill site opposite Bord Gáis Energy Theatre for €5m – Cardiff Lane redevelopment, extending to 440sq m, has current rent roll of €58,000: https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/infill-site-opposite-bord-g%C3%A1is-energy-theatre-for-5m-1.3544294?mode=amp
- Irish Life plans €20m revival of St Stephen’s Green office – Investor ’s first development in two decades will be on building it originally built in 1964: https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/irish-life-plans-20m-revival-of-st-stephen-s-green-office-1.3526652?mode=amp
- Ireland to experience shortage of over 2,000 surveyors: https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/construction/ireland-to-experience-shortage-of-over-2-000-surveyors-1.3543333?mode=amp
- An Bord Pleanála admits ‘error’ in approving controversial development of 500 homes for north Dublin park: https://m.independent.ie/irish-news/courts/an-bord-pleanla-admits-error-in-approving-controversial-development-of-500-homes-for-north-dublin-park-37060220.html
- As mentioned last week, the CIF annual Top 50 Contactors list is ready for launch (I was delighted to profile the leaders of many of these businesses for Construction Magazine this month) and will be announced on Tuesday – I will include a link in next week’s Round-Up.
- Woodvale Construction wins contract for six unfinished schools – Stalled project after Carillion collapse resulted in liquidation of Sammon Construction Ireland: https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/construction/woodvale-construction-wins-contract-for-six-unfinished-schools-1.3543459?mode=amp
*The story is expanded by Fearghal O’Connor in the Sunday Independent today as he reports that 17 schools around Ireland have been hit by a wave of insolvencies in the building sector so far. This follows on from the CIF commentary that I referred to last week highlighting this problem.
- Neighbours challenge demolition works at Ormond Hotel in High Court – Historic hotel on Dublin’s quays featured in James Joyce’s ‘Ulysses’: https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/neighbours-challenge-demolition-works-at-ormond-hotel-in-high-court-1.3543376?mode=amp
- Irish Water wants to build ‘an underground orbital sewer’ in north county Dublin: https://www-thejournal-ie.cdn.ampproject.org/c/www.thejournal.ie/irish-water-sewage-pipe-4080052-Jun2018/?amp=1
- All-electric houses will buy energy from each other in future: https://www.irishexaminer.com/breakingnews/lifestyle/homeandinteriors/all-electric-houses-will-buy-energy-from-each-other-in-future-850658.html
- Tom Lyons, writing in The Sunday Business Post today, reports on ‘Claims Nama rejected offer of $90m for Kelleher loan: British property tycoon [Andy Ruhan] makes claim in €1 billion court case Kelleher firm is taking against Nama’, the latest in this long-running and convoluted saga.
- Also, in the SBP, Michael Brennan reports that Galway City Council sold an affordable house at a discounted rate to one of their senior managers back in 20007 who was earning an estimated €60,000 to €80,000. The property is now being used as an investment property.
Proptech and Construction Innovation
- 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 firstname.lastname@example.org .
- 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/
- What #Proptech Investors are Looking for?The characteristics of funded start-ups include having an ideal revenue model, and the founders being entrepreneurial and having excellent capabilities to prove themselves. Bringing these elements to the table is a good start and understanding that it isn’t only about the technology… http://prop-tech.ie/what-proptech-investors-are-looking-for/
- Great initiative: Irish #PropTech Start-up Property Basecamp Strikes Winning Partnership with Co-Living Giant: https://propertybasecamp.co/prop-tech-start-up-strikes-winning-partnership-with-co-living-giant/
- Should there be free ‘open’ platform for smaller agents to access #proptech? https://thenegotiator.co.uk/charlie-wright-proptech-open-platform-best-agent/
- “Anybody who says blockchain has no value will be wiped out” Aaron Block via PlaceTech: https://placetech.net/tag/energy-efficiency/
- SoftBank joins Dublin City Council’s Smart City programme – Firm will work with industry, academia and entrepreneurs to solve challenges facing cities: https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/technology/softbank-joins-dublin-city-council-s-smart-city-programme-1.3544301?mode=amp
- JLL and Lendlease launch #proptech accelerator: https://sbr.com.sg/commercial-property/news/jll-and-lendlease-launch-proptech-accelerator?inf_contact_key=860d290fe1fe8280ee74ecb282e5daa4c03f6b722d98bebe4107a7c4b754adb5
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.
GDPR for Irish Real Estate Businesses
Comprehensive Guide to GDPR Compliance for Irish Real Estate Businesses