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:
The theme of the industry news this week seems to be about property developers fighting back against residents’ abuse and corruption of Ireland’s democratic planning regime – and we welcome this 👏 Much of our work involves public consultation and community engagement; it’s a vital part of the planning process and one that – when properly executed – makes a development better for the local community. But when a loud minority of citizens abuse the process, the silent majority of citizens pay the price and this is not democracy. Much as we don’t want NIMBY-ism (Not In My Back Yard), YIMBYs extorting project owners and holding critical new housing delivery to ransom will not be tolerated. Over the past decade and a half, home builders and developers have been disproportionately vilified over and over again; yet most have been unable or unwilling to fight back or even share the reality of their contributions to address Ireland’s housing crisis – until now…
- Rate hikes, property strain and banking stress — signs of recession in Ireland https://www.thetimes.co.uk/article/rate-hikes-property-strain-banking-stress-signs-of-recession-ireland-phfxlb2k0
- Number of houses owned outright increases https://www.anglocelt.ie/2023/06/10/number-of-houses-owned-outright-increases/
- MMC Ireland National Conference 2023: MMC Ireland hosted its inaugural National Conference, a milestone event for the modern methods of construction (MMC) sector in Ireland. With over 300 attendees from the public and private sectors, including academia and Government, the conference showcased the potential of MMC and its role in driving innovation and sustainability in the construction industry. Thought leaders and experts discussed global opportunities, advancements in modular construction, and the importance of collaboration. The event emphasised the need for testing and certification, highlighted the journey to energy efficiency and zero-carbon buildings, and explored the impact of digital platforms. The conference concluded with a roadmap for MMC, outlining industry objectives and Government alignment. Overall, the event marked a significant turning point for MMC in Ireland, shaping the future of construction through modern methods and fostering collaboration among industry stakeholders. Learn more about the work of MMC Ireland here: https://mmcireland.ie/
- Liam O’Sullivan appointed as Chief Executive Officer of Tailte Éireann https://www.gov.ie/en/press-release/d9cd1-liam-osullivan-appointed-as-chief-executive-officer-of-tailte-eireann/#
- DAA’s 55 million passenger master plan ‘would require McEvaddy land’: Sales brochure for 261 acres valued at around €200m states the land is in DAA’s shortlisted options to safeguard airport growth but the DAA refuses to say https://www.businesspost.ie/news/daas-55-million-passenger-master-plan-would-require-mcevaddy-land/
- Cabinet Minister admits delays to Galway Housing Taskforce report “unusual” https://connachttribune.ie/cabinet-minister-admits-delays-to-galway-housing-taskforce-report-unusual/
- ECB’s Makhlouf Warns of Risks in Commercial Property Markets: Sector faces cyclical headwinds and structural challenges; also, Residential markets are at risk for a ‘sharp price correction’ https://www.bloomberg.com/news/articles/2023-06-07/ecb-s-makhlouf-warns-of-risks-in-commercial-property-markets
- South Dublin planning saga:Lawyer leaves firm over €225k demand: Senior lawyer sent email to property developer for cash to not block housing: ‘We are taking this very seriously, Matheson email is for Matheson business only.This was not Matheson business’ https://m.independent.ie/irish-news/south-dublin-planning-saga-lawyer-leaves-top-firm-over-225k-demand/a1299017362.html
- Land wars in Wicklow: Trinity Biotech founder wins trespass row – High Court has clears the way for sewage works for a major housing development in Co Wicklow. Neighbouring landowners had sought to block the laying of wastewater pipes https://thecurrency.news/articles/120041/land-wars-in-wicklow-trinity-biotech-founder-wins-trespass-row/
- Funds’ interest in apartment building starting to wane: Glenveagh boss says inflation and interest rates have dampened enthusiasm of private sector, while state and housing bodies are stepping in to fill gap https://www.businesspost.ie/news/funds-interest-in-apartment-building-starting-to-wane/
- Paul McNeive: Are we returning to a situation of employers providing housing for their staff? https://m.independent.ie/business/commercial-property/paul-mcneive-are-we-returning-to-a-situation-of-employers-providing-housing-for-their-staff/a1187606445.html
- ‘FDI will remain a key part of Ireland’s economic growth story’ – Martin Shanahan, Grant Thornton: The former IDA chief executive is looking forward to expanding the professional services firm’s FDI business and engagement with foreign multinationals https://www.businesspost.ie/news-focus/fdi-will-remain-a-key-part-of-irelands-economic-growth-story-martin-shanahan-grant-thornton/
- Trump Earned $82 Million From Properties in Scotland and Ireland While President: A watchdog group called the income Trump made from his properties while in office “extraordinary conflicts of interest.” https://truthout.org/articles/trump-earned-82-million-from-properties-in-scotland-and-ireland-while-president/
- 🎉As you know, we love our industry innovation, so here’s something cool for the weekend – Andrew Maher and the team at DroneClean have designed an eco-friendly, no impact, smart window and facade pressure cleaning solution (particularly good for smart glass!) for buildings of every height in Ireland, using the latest in drone technology. What buildings/structures should they tackle next? We’re thinking The Spire, maybe The Convention Centre Dublin (The CCD), Dublin Landings, Coopers Cross, Capital Dock Residence, The Campus Cherrywood? Let us know your suggestions…
@droneclean #question from @droneclean This week Avoca, Dunboyne, became the first building in Ireland to be cleaned by drone! What building should we do next? #drone #droneclean #fyp #dronevideo #drones #cleaning #facadecleaning #facade #property #ireland #avoca #dunboyne #dronetok ♬ Feels Like Summer
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
We are excited to share the growth of iPropertyRadio! What started as #PropertyMatters, a 60-minute weekly show on Dublin South FM 93.9FM over 4 years ago, has now evolved into a global online station for the best construction, urban planning, property and proptech content. Check out our website, iPropertyRadio.com, brought to you by Hear Me Roar Media for live and recorded access to all the week’s built environment news.
Want to have your industry podcast included or be a guest on our shows? Reach out to us at hello@ipropertyradio.com. Last year, we hit a massive 7.5 million digital impressions across our brands and this figure is growing – Q4 2022/Q1 2023 we now have an average of 765,876 digital impressions each month, not including radio listenership and website visits. Huge thanks to all of you for your continued support!
Be sure to subscribe to the podcast and check out all of the other real estate and construction shows on https://ipropertyradio.com/shows/
This week on iPropertyRadio…
#PropertyRoundup
Sponsored by Property District, your industry communications partner, learn more: https://propertydistrict.ie
This week on #PropertyRoundup, host Carol Tallon chats to Majella Galvin, Director of DNG MICHAEL GALVIN and Chair of SCSI (Southern region). Majella joins us to discuss downsizing or rightsizing your home and the many benefits it can have including; reduced running costs, less to maintain and more independence.
Majella writes weekly articles to help buyers and sellers make informed decisions when thinking about downsizing.
Listen back to get a view on the current market conditions in Cork and new trends emerging in the property industry.
Watch/ listen back: https://ipropertyradio.com/property-matters/
#Proptech Hot Seat
Sponsored by Proptech Ireland, the hub for innovators, investors and industry leaders, learn more: https://prop-tech.ie
In the iPropertyRadio.com Proptech Hot Seat with host Carol Tallon this week is Kyle Spencer and David Blumenfeld, Co-Founders of NextRivet. NextRivet’s focus on digital innovation opportunities, supported by an expansive network of solutions, makes them an ideal source of consultation for the real estate innovation space. Kyle and David talk through how they assist corporations bridge the gap between physical and digital processes by turning theoretical innovation concepts into tangible, results-driven initiatives. They discuss who their customers are and what problems they are helping to solve. Listen back to the full interview to hear the long term vision for NextRivet!
Watch/ listen back: https://ipropertyradio.com/proptech-hot-seat/
#Breaking Ground
Sponsored by PLACEengage, a data-driven platform for more successful public consultation and community engagement for your next development project, learn more: https://placeengage.com
FEMCON European Project: Listen back to Mary Whitney, Director of Education with Future Cast (Construction & Quarrying) , about the FEMCON European Project, which is on a mission to create innovative vocational education and training tools to help women – working in or considering a career in the construction industry – advance to visible roles within the industry. The project’s goal is to make the industry more appealing to women, resulting in a greater number of women choosing the sector, creating conditions for positive change, and improving the industry’s gender outlook and quality of life in the male-dominated sector.
Watch back and listen back: https://ipropertyradio.com/breaking-ground/
Produced by Katie Tallon, with Hear Me Roar Media on sound: https://hearmeroarmedia.com/
PLACEMAKING
OPEN PUBLIC CONSULTATIONS AND COMMUNITY ENGAGEMENT
- Céard é Comhfhorbairt Áite? “Teastaíonn dea-áitíocht saineolaithe ildisciplíneacha freagraí a chur ar fáil, ach tugann áitíocht maith guth don phobal chun na ceisteanna cearta a chur ar bun.” 👉https://placeengage.com/ceard-e-comhfhorbairt-aite/
- Digital Placemaking Tools for Public Consultation & Community Engagement | PLACEengage https://placeengage.com/digital-placemaking-tools-for-public-consultation-community-engagement/
- €300m now spent on Dublin metro projects but construction still years away https://extra.ie/2023/06/06/news/dublin-metro-spend
- Office of Public Works to take ownership of historic GPO: Building will remain in public ownership with 180 An Post staff to continue working there for the next 18 months https://www.businesspost.ie/news/office-of-public-works-to-take-ownership-of-historic-gpo/
- ‘Ever widening’ economic gap leaves North-West lagging far behind Dublin and Cork: Have Dublin and Cork left Ireland’s regions behind? https://www.irishexaminer.com/news/spotlight/arid-41154367.html
- ‘A small community with a massive heart’: Mahon prepares to welcome Ukrainian refugees in new modular homes: Community activists in the Cork suburb extend a welcome to refugees moving into the first of Ireland’s rapid-build homes https://www.irishexaminer.com/news/munster/arid-41159128.html
- People renovating vacant and derelict homes on offshore islands to be entitled to higher grants – The ‘Our Living Islands’ strategy being published today is the first national island policy in 27 years. https://www.thejournal.ie/island-properties-vacant-derelict-grant-boost-6086376-Jun2023/
- O’ Cuiv calls for special fund to raise roads in remote coastal areas https://galwaybayfm.ie/galway-bay-fm-news-desk/o-cuiv-calls-for-special-fund-to-raise-roads-in-remote-coastal-areas/
- Recent published book again draws attention to an old debate about the precise boundaries of Connemara https://connachttribune.ie/recent-published-book-again-draws-attention-to-an-old-debate-about-the-precise-boundaries-of-connemara/amp/
- The headache caused by Mayo electoral boundaries revealed https://www.con-telegraph.ie/2023/06/04/the-headache-caused-by-mayo-electoral-boundaries-revealed/
CONSTRUCTION, MMC & DEVELOPMENT NEWS
- Up to 73% of social housing coming from private sector: Government funds the delivery of 7,433 social homes in 2022 https://www.irishtimes.com/business/economy/2023/06/08/up-to-73-of-social-housing-coming-from-private-sector/
- Irish developer says up is the only way out of Dublin’s housing shortage: Johnny Ronan came to symbolise the country’s property-driven boom-to-bust cycle https://www.ft.com/content/3aed8d33-67ea-4f28-ab27-8f0c0ce36355
- Developer seeks permission for almost 200 apartments on site of old bakery in Phibsborough – A previous planning permission decision for the site was quashed by the High Court. https://www.thejournal.ie/planning-permission-apartments-old-bakery-site-phibsborough-6086701-Jun2023/
- Plans for €300 million apartment scheme in south Dublin to be lodged with City Council: This comes months after An Bord Pleanála conceded a High Court challenge against a previous permitted scheme for the site. https://www.thejournal.ie/ardstone-planning-apartments-milltown-6089562-Jun2023/
- Dublin City Council warns landlord to remove fences and gates in luxury development: Owner limited public access to high-end apartment block in Cabra West following series of anti-social incidents https://www.businesspost.ie/news/dublin-city-council-warns-landlord-to-remove-fences-and-gates-in-luxury-development/
- Red light for 65 Douglas apartments while Kerry Pike to get 60 new homes: Planning appeals had been lodged with An Bord Pleanála in January 2022, meaning the projects had been placed on hold https://www.irishexaminer.com/news/munster/arid-41154748.html
- SuperValu parent company takes ownership of Knocknacarra landbank https://connachttribune.ie/supervalu-parent-company-takes-ownership-of-knocknacarra-landbank/
- Planning sought for three apartment blocks in Galway City https://www.galwaydaily.com/news/planning-sought-for-three-apartment-blocks-in-galway-city/
- €11m fit-out for new City Hall in Galway will go to tender https://connachttribune.ie/e11m-fit-out-for-new-city-hall-in-galway-will-go-to-tender/
- Plans lodged for 28 homes at Letteragh Road https://galwaybayfm.ie/galway-bay-fm-news-desk/plans-lodged-for-28-homes-at-letteragh-road/
- An Bord Pleanala to reconsider appeal against refusal of 74 homes in Knocknacarra https://galwaybayfm.ie/galway-bay-fm-news-desk/an-bord-pleanala-to-reconsider-appeal-against-refusal-of-74-homes-in-knocknacarra/
- New 91-bed nursing home gets green light https://www.leinsterleader.ie/news/home/1191027/kildare-new-91-bed-nursing-home-gets-green-light.html
- Over 200 homes and creche approved for greenfield site near Kildare town https://www.leinsterleader.ie/news/home/1191042/over-200-homes-and-creche-approved-for-greenfield-site-near-kildare-town.html
- Modular Homes Project Being Constructed At Midlands Barracks https://www.midlands103.com/news/midlands-news/modular-homes-project-being-constructed-at-midlands-barracks/
- Midlands New Build Planning Permissions Down On Last Year https://www.midlands103.com/news/midlands-news/almost-500-midlands-apartments-and-houses-granted-planning-permission-this-year/
- Construction set to begin on major Longford school extension https://www.ireland-live.ie/news/longford-live/1190661/construction-set-to-begin-on-major-longford-school-extension.html
- Plans unveiled to renovate South Kerry hotel derelict for over 30 years https://www.radiokerry.ie/news/plans-unveiled-to-renovate-south-kerry-hotel-derelict-for-over-30-years-334559
- UK perspective- The ‘golden thread’ of building-safety information mandated after the Grenfell tragedy may be stymied by a profusion of digital systems, industry leaders have warned. In a debate on standardised product data and building safety, chaired by Dame Judith Hackitt (pictured) during Digital Construction Week, concerns were raised that progress on the issue was being undermined by a lack of digital standardisation. https://www.constructionnews.co.uk/health-and-safety/post-grenfell-golden-thread-regs-threatened-by-glut-of-digital-platforms-05-06-2023/
- Glenveagh says improved planning process helping firm meet strong demand https://m.independent.ie/business/irish/glenveagh-says-improved-planning-process-helping-firm-meet-strong-demand/a580873656.html
- Belfast build-to-rent scheme £155m funding deal agreed https://www.bbc.com/news/uk-northern-ireland-65811544.amp
- CRH sets off on its American adventure with move to NYSE: The Irish-based building materials giant is migrating its primary stock market listing to New York to take advantage of Biden’s $1 trillion infrastructure bill https://www.businesspost.ie/analysis-opinion/crh-sets-off-on-its-american-adventure-with-move-to-nyse/
PROPTECH, ESG & CONSTRUCTION INNOVATION
- 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
- Proptech Ireland: Ireland’s CONSTRUCTION and REAL ESTATE ESG technologies resource hub. Confused about how and where to start on your ESG journey? Contact us 👉https://prop-tech.ie
- European tech can weather funding decline, says VC firm – Despite forecasting a 39 per cent decline in capital investment this year, Atomico expects sentiment to improve in the next six months https://www.businesspost.ie/tech/european-tech-can-weather-funding-decline-says-vc-firm/
- ScaleUp Capital has invested into GoReport to fuel its next phase of growth, including product development to enable further growth into core markets. https://m.belfasttelegraph.co.uk/business/northern-ireland/tech-company-goreport-wins-new-investment-for-property-industry-solutions/a930849866.html
- Irish-led drone firm achieves major milestone in Britain: John McKenna’s Sees.ai is given permission by the Civil Aviation Authority to remotely inspect live electricity lines https://www.businesspost.ie/tech/irish-led-drone-firm-achieves-major-milestone-in-britain/
- Key reasons why agents use IT revealed by PropTech: New survey reveals that the safety of client funds is one of the key reasons why letting agents look to PropTech. More than 80 per cent of responding agents listed the safety of client funds as one of the most important consideration when selecting a tech solution.; this was followed by system security and functionality. And when given the opportunity to air their views on the benefits of technology, two thirds of respondents said they believe that increasing automation is both more productive and cheaper than increasing the workforce. https://www.lettingagenttoday.co.uk/breaking-news/2023/6/key-reasons-why-agents-use-it-revealed-by-proptech-survey
- EliseAI, a conversational AI platform for the real estate industry, has raised $35 million in Series C funding https://aimgroup.com/2023/06/09/proptech-eliseai-secures-35m-series-c/
- CONSTRUCTION TECHNOLOGY: PropTech is Now a Part of the Design & Build Phase – Including security systems, communications networks, AI-enhanced databases, property management systems, entertainment setups… https://www.forconstructionpros.com/construction-technology/article/22863870/allbridge-proptech-is-now-a-part-of-the-design-build-phase
- Spot the Robot Dog Earns its Keep with Tech-Savvy Construction Contractor https://www.equipmentworld.com/technology/article/15448275/how-one-construction-contractor-is-using-spot-the-robot-dog
- VTS Announces Expanded Integration with MRI Software, Providing Unmatched Insights for Commercial Real Estate Owners https://finance.yahoo.com/news/vts-announces-expanded-integration-mri-130000651.html
- New map charts growth of Australian proptech industry – The toolkit, designed and released by Proptech Association Australia, identifies nearly 500 different products, start-ups, and established companies across the sector.https://www.realestatebusiness.com.au/tech/25926-new-map-charts-growth-of-australian-proptech-industry
ENERGY, CLIMATE & ENVIRONMENT
- The MMC Ireland National Conference 2023, which took place in Croke Park this week, brought together industry leaders and experts to delve into the sustainability aspects of modern methods of construction (MMC). Pat Barry, CEO of the Irish Green Building Council, emphasised the role of the built environment in mitigating climate impacts and stressed the importance of sufficiency, efficiency, and the use of low-carbon materials. Discussions centred around designing for MMC from the start and the need for competent designers to meet sustainability criteria. The conference highlighted the significance of reducing embodied and operational carbon while focusing on innovation, design standardisation, and sustainable practices. The insights shared during the conference showcased the industry’s commitment to addressing climate change and driving sustainability in the construction sector. Learn more about the work of MMC Ireland here: https://mmcireland.ie/
- Energy hedging means prices won’t be coming down anytime soon: The same mechanism by which retail energy companies protected us from the worst of last year’s skyrocketing wholesale prices will slow and reduce any downward trend https://www.businesspost.ie/analysis-opinion/energy-hedging-means-prices-wont-be-coming-down-anytime-soon/
- ‘CLIMATE EMERGENCY MUST BE TOP OF THE AGENDA’, MINISTER SAYS, AS HE OPENS SUSTAINABLE CONSTRUCTION EVENT: Spain’s Deputy Chief Minister Joseph Garcia told developers they could not ‘put profit over quality of life’ https://www.theolivepress.es/spain-news/2023/06/11/climate-emergency-must-be-top-of-the-agenda-minister-says-as-he-opens-sustainable-construction-event/amp/
RESIDENTIAL PROPERTY NEWS (including PRS)
- Council warns Dublin hotel over short-term apartment lettings – Company operating Drury Court in city centre says there is a shortage of tourist accommodation in the city https://www.businesspost.ie/news/council-warns-dublin-hotel-over-short-term-apartment-lettings/
- Landlord has over 100 Airbnb listings despite city-wide ban https://www.rte.ie/news/investigations-unit/2023/0608/1388105-landlord-has-over-100-airbnb-listings-despite-city-wide-ban/
- Room to Improve’s Claire Irwin on dealing with derelict buildings https://www.rte.ie/lifestyle/living/2023/0605/1386878-room-to-improves-claire-irwin-on-dealing-with-derelict-buildings/
- Former lock keeper’s home on the Grand Canal for sale https://www.echo.ie/former-lock-keepers-home-on-the-grand-canal-for-sale/
- Home Economics: Should we quit our tracker mortgage for a fixed rate? https://m.independent.ie/life/home-garden/home-economics-should-we-quit-our-tracker-mortgage-for-a-fixed-rate/a1943448075.html
- New Clonskeagh apartments from €400,000 with green credentials and younger buyer appeal: One-bed, two-bed and penthouse units designed with first-time buyers and city-based professionals in mind https://www.irishtimes.com/property/residential/2023/06/08/contemporary-clonskeagh-apartments-from-400000/
- Dublin homes for sale: Budget-friendly properties on the market for under €200,000: While Dublin’s property market can be expensive, there are still options available for those on a tight budget https://www.dublinlive.ie/news/property/dublin-homes-sale-budget-friendly-27089334.amp
- I’m renting the home of my emigrant brother. What are the tax implications if he signs it over to me? Q&A: A family arrangement that suited both of you when you moved in 12 years ago could become tricky when the mortgage is paid off https://www.irishtimes.com/your-money/2023/06/04/im-renting-the-home-of-my-emigrant-brother-what-are-the-tax-implications-if-he-signs-it-over-to-me/
- Two facing trial in connection with alleged accommodation fraud in south Dublin: Two accused charged with 15 counts of theft relating to property https://www.irishtimes.com/crime-law/courts/2023/06/07/two-facing-trial-in-connection-with-alleged-accommodation-fraud-in-south-dublin/
- How to help your adult child scramble up the property ladder: The most tax-efficient ways to assist them https://m.independent.ie/business/personal-finance/how-to-help-your-adult-child-scramble-up-the-property-ladder/a1894824960.html
- Dublin homes for sale: Incredible apartments for sale for under €300,000- We bring you a number of stylish two-bedroom apartments located across Dublin that are currently on the market for under €300,000 https://www.dublinlive.ie/news/property/dublin-homes-sale-incredible-apartments-27073490.amp
- Public incensed as west Wicklow home sits empty for years while homelessness soars: “I think I have about eight people on my list, who have a notice to quit and are facing homelessness. Many are out of options” https://m.independent.ie/regionals/wicklow/west-wicklow-news/public-incensed-as-west-wicklow-home-sits-empty-for-years-while-homelessness-soars/a236081580.html
- Demand for homes in Offaly jumps massive 26pc https://www.offalyexpress.ie/news/business/1189504/demand-for-homes-in-offaly-jumps-massive-26pc.html
- First impressions count: nine tips for a classy front of house makeover- Sort It: The front of your home is the prologue to the story that unfolds inside https://www.irishtimes.com/property/interiors/2023/06/09/in-front-freshen-up-your-homes-facade-to-reflect-your-style/
- Bathroom makeover guide: the mistakes to avoid and what to get right – Before you’re captivated by photographs of suburban spa retreats, consider these practicalities and traps for the unwary https://www.irishtimes.com/property/interiors/2023/05/27/tiling-and-timing-showers-and-soil-pipes-what-to-think-about-when-you-think-about-a-new-bathroom/
- Take a look around gold-medal garden design for Avoca: Looms & Blooms creation at Bloom by garden designer Kevin Dennis celebrated the past and present https://www.irishexaminer.com/property/homeandgardens/arid-41158105.html
- ‘We’re creating the antiques of the future’: Ranelagh’s Interiors Atelier is a carefully curated interiors store that offers flair and future-proofed designs: Founder Sinead Moore and creative director Lisa Donnelly of Interiors Atelier on the moment that sparked their partnership, and the appetite for tapping into international design using native craft https://www.businesspost.ie/irish-tatler/were-creating-the-antiques-of-the-future-ranelaghs-interiors-atelier-is-a-carefully-curated-int/
COMMERCIAL PROPERTY NEWS
- Commercial real estate seen as weak link this time around – Commercial property companies borrowed heavily in recent years to fuel expansion and now face significantly higher refinancing costs https://www.irishtimes.com/business/2023/06/08/commercial-real-estate-seen-as-weak-link-this-time-around/
- Commercial property market faces €10 billion correction: Central Bank warns of downturn as pension funds and retail investors brace for double-digit losses https://www.businesspost.ie/news/commercial-property-market-faces-e10-billion-correction/
- Dublin offices are too dear and sales at the prime end of the market have effectively paused: The office vacancy rate in Dublin has risen faster than in almost any other European location, yet the pricing has not adjusted https://www.irishtimes.com/business/2023/06/05/dublin-offices-are-too-dear-and-sales-at-the-prime-end-of-the-market-have-effectively-paused/
- Richard Barrett’s Bartra seeks occupier for new Dublin docklands office – The Sidings on Clanwilliam Terrace, due for completion in the second quarter of 2024, will extend to 215,278sq ft of LEED Platinum space https://www.irishtimes.com/property/commercial-property/2023/06/07/richard-barretts-bartra-seeks-occupier-for-new-dublin-docklands-office/
- Fully fitted Dublin 15 office property guiding at €14m – Aurora Building in Blanchardstown’s Ballycoolin Business Park extensively refurbished between 2013 and 2015 https://www.irishtimes.com/property/commercial-property/2023/06/07/fully-fitted-dublin-15-office-property-guiding-at-14m/
- Blanchardstown shopping centre put up for sale with €725 million price tag: The sale comes months after a €450 million apartment development was approved for a site beside the centre https://www.dublinlive.ie/news/property/blanchardstown-shopping-centre-put-up-27077704.amp
- Stephen Vernon’s foresight vindicated again by latest Blanchardstown sale – Finance giants have taken successive hits since Vernon’s Green Property offloaded shopping centre https://www.irishtimes.com/business/2023/06/10/stephen-vernons-foresight-vindicated-again-by-latest-blanchardstown-sale/
- Ulster Bank are planning to sell off their Cork buildings: People are being invited to register their interest in buying many of their Irish sites, with two in Cork city as well as one in Mallow among them https://www.corkbeo.ie/news/property/ulster-bank-planning-sell-cork-27095412
- Louis Fitzgerald family expands portfolio into Cork market with acquisition of the Imperial Hotel – The family business, headed by Louis Fitzgerald and now in its 54th year, has a longstanding track record of acquiring landmark properties. https://www.echolive.ie/corknews/arid-41158951.html
- Penn Engineering lodges plans for expansion of Mervue plant https://connachttribune.ie/penn-engineering-lodges-plans-for-expansion-of-mervue-plant/amp/
- Galway town set for brand new business opening in latest expansion https://www.galwaybeo.ie/news/galway-news/galway-town-set-brand-new-8506184
- Center Parcs may attract bid from world’s largest fund in auction this month: Center Parcs had been put up for sale earlier this year by its current equity fund owner Brookfield Property Partners. https://www.irishexaminer.com/business/companies/arid-41155654.html
- Plans to refurish the remainder of former iconic hotel in the heart of Navan https://www.meathchronicle.ie/2023/06/09/plans-to-refurish-the-remainder-of-former-iconic-hotel-in-the-heart-of-navan/
- Killeen House Hotel and Rozzers Restaurant sold to Killarney businessman: Hoteliers Geraldine and Michael Rosney have announced they are retiring after more than three decades of ownership of the business, and new management will commence from today. https://www.irishexaminer.com/property/commercial/arid-41157889.html
- Ilke Homes put up for sale in battle to save modular builder https://www.constructionenquirer.com/2023/06/09/ilke-homes-put-up-for-sale-in-battle-to-save-modular-builder/
- Revealed: Travelodge to be sold for £1bn: Budget hotel owner GoldenTree holds talks with investment banks vying for the mandate to sell chain https://www.thetimes.co.uk/article/travelodge-sale-1-billion-hotel-chain-goldentree-2023-qntsxpll5
INTERNATIONAL PROPERTY NEWS
- UK housebuilding declines at sharpest rate for three years https://www.ireland-live.ie/news/uk/1188144/uk-housebuilding-declines-at-sharpest-rate-for-three-years.html
- UK property market lacks spring bounce but a crash is unlikely https://www.theguardian.com/business/2023/jun/04/uk-property-market-lacks-spring-bounce-but-crash-unlikely
- Edinburgh’s Airbnb landlords triumph in crowdfunded case – Owners welcome ‘victory for law and common sense’ in ruling over council’s short-term let licensing policy https://www.thetimes.co.uk/article/edinburgh-s-airbnb-landlords-triumph-in-crowdfunded-case-zlrxv8hhb
- One of the most Instagrammable cities in Europe wants to ban Airbnb rentals https://fortune.com/2023/06/02/florence-most-instagrammable-city-europe-ban-airbnb-rentals/
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/