Good morning folks and the greenest St. Patrick’s Day greetings to all! Unfortunately, today’s Round-Up is not coming all the way from Cannes, but I have included some features from MIPIM.
If you missed last week’s Sunday Property Round-Up, which was full of industry and tech/innovation news, you can catch up here: https://propertydistrict.ie/category/sunday-property-review/
Before we get stuck into the general property news of the week, below are three stories that might be of particular interest…
- The most important property story of the day (perhaps of the year to date?) appears on the front page of The Sunday Business Post. Political reporter Michael Brennan quotes Housing Minister Eoghan Murphy as he recounts his and others’ NIMBY approach to local development while still a sitting councillor within DCC and his mission to change this as he believes it leads to “wrong decisions”. I was fortunate enough to be on the WPCI (Women in Property & Construction Ireland) panel for that particular discussion with Gary Cooper of Ronan Group Real Estate, Rachel Kenny of An Bord Pleanala. More here:
- *Hugely important ruling for Irish landlords and letting agents*: Landlord must pay €1,000 compensation for rejecting tenant on HAP https://amp.independent.ie/irish-news/courts/landlord-must-pay-1000-compensation-for-rejecting-tenant-on-hap-37917940.html
- RTÉ is looking for people who are handy around the house for their new DIY show | JOE.ie https://www.joe.ie/movies-tv/rte-looking-people-handy-around-house-new-diy-show-661931
- A House Is Selling for $1 But No One Wants It: https://youtu.be/QV3VF6hwcFc
- What Experts Are Looking for at MIPIM in Cannes – Commercial Observer https://commercialobserver.com/2019/03/what-experts-are-looking-for-at-mipim-in-cannes/
- Billions of euro, thousands of workers: Is Dublin ready for ‘Brexodus’? https://www.irishtimes.com/life-and-style/billions-of-euro-thousands-of-workers-is-dublin-ready-for-brexodus-1.3826007
As always, you might let me know if I have missed out on any relevant property news by emailing email@example.com.
(Apologies in advance for any typos, it’s difficult to get good help on a Sunday. Also, I use voice to text dictation so just sound out anything that really doesn’t make sense in a strong rural accent and that should help!)
#PropertyMatters Ireland’s First Weekly Property Radio Show (& Podcast!):
#PropertyMatters on Dublin South FM, Tuesdays 6-7pm
Ireland’s first weekly property radio show, Property Matters, launched In January 2019 on Dublin South FM 93.9 and is now available internationally via iTunes and Spotify podcast (@iPropertyRadio). Seasoned political journalist and broadcaster, Bryan Fox, and I (Carol Tallon) team up to deliver 60 minutes of industry chat with guests from the areas of planning, construction, property and proptech.
This week we were joined in studio by Sean Corbett of Mortgage 123 to help would-be buyers and investors to prepare for their mortgage application; Darragh Lynch of Darragh Lynch Architects who told us of a collaborative project amongst six Malahide neighbours to develop the mews lane at the rear of their homes (great solution for those wishing to downsize without leaving their neighbourhoods!); and Amanda Bone of Amanda Bone Architects joined us to discuss trends in the Dublin market and how great design can unlock the hidden potential of even the tiniest home!
*Listen back to the most recent episode of #PropertyMatters here: https://anchor.fm/ipropertyradio/episodes/Property-Matters–12th-March-2019-e3es3l
As #PropertyMatters kicks off a third month of broadcasting, this is a good time to thank all of our guests and listeners to date. We welcome feedback and ideas for further contributors and topics you would like to hear covered: https://caroltallon.com/irelands-first-weekly-property-radio-show-podcast/ – email the Property Matters team at hello@iPropertyRadio.com
Public Consultation and Community Engagement
- The concept of #placemaking extending into place branding is catching on!
“Dublin should get its own version of the Wild Atlantic Way”, says councillor
- John Moran, newly-appointed chair of the Land Development Agency, or LDA, has a op-ed on page 18 of the Sunday Independent today in which he writes: “Cities must work together to stand shoulder to shoulder with Dublin”.
- Chapelizod residents seek to block social housing complex:
“Local democracy is dead in this situation because we have no planning process to avail of, as we would have with any other development…The only option we have now to object to or appeal this development is to seek a judicial review of the council’s decision to use this emergency legislation. They have pushed us into this corner.”
- Clare council rezones land for €400m data centre outside Ennis https://www.irishtimes.com/business/technology/clare-council-rezones-land-for-400m-data-centre-outside-ennis-1.3822069?mode=amp
- Plans for revamped Merchant’s Quay revealed https://www.echolive.ie/corknews/Plans-for-revamped-Merchants-Quay-revealed-505ae165-1847-4ca4-8a9c-c89c069c68af-ds
- ‘Cork City must change or risk irrelevance’, says outgoing head of planning https://amp.irishexaminer.com/breakingnews/ireland/cork-city-must-change-or-risk-irrelevance-says-outgoing-head-of-planning-911337.html
- Northern Ireland council overturns planners’ verdict and backs £45m retirement village – BelfastTelegraph.co.uk https://amp.belfasttelegraph.co.uk/business/northern-ireland/northern-ireland-council-overturns-planners-verdict-and-backs-45m-retirement-village-37914597.html
*PLACEengage: The future of speedy, successful placemaking for property developers is here – Property developers and project owners ready Public Consultation are encouraged to contact the PLACEengage team for full details*
Other Property News
- Housing report says people on average income can only afford 5% of houses in Dublin area https://www.breakingnews.ie/ireland/housing-report-says-people-on-average-income-can-only-afford-5-of-houses-in-dublin-area-911170.html
- Residential property prices and rent costs jump again https://m.independent.ie/irish-news/residential-property-prices-and-rent-costs-jump-again-37912915.html
- Residential property prices increase by 5.6% nationally https://www.breakingnews.ie/ireland/residential-property-prices-increase-by-56-nationally-911018.html
- Property prices fall for the third month in a row as demand eases https://m.independent.ie/business/personal-finance/property-mortgages/property-prices-fall-for-the-third-month-in-a-row-as-demand-eases-37915787.html
- Subscriber Only: What every first-time buyer needs to know before putting in a bid https://www.irishtimes.com/business/personal-finance/what-every-first-time-buyer-needs-to-know-before-putting-in-a-bid-1.3817901?mode=amp
- Help-to-buy could pose risk of negative equity for first-time buyers
‘just 93 sales to FTBs in Dublin 1 and 2 last year. This in spite of thousands of apartments being constructed along the docks.’
- Dublin is now the fifth most expensive European city for expats to rent a home https://www.irishtimes.com/business/economy/dublin-is-now-the-fifth-most-expensive-european-city-for-expats-to-rent-a-home-1.3824087?mode=amp
- An Post hopes to provide mortgages from 2020 https://www.irishexaminer.com/breakingnews/business/an-post-hopes-to-provide-mortgages-from-2020-911019.html
- Joey Sheahan, Head of Credit at MyMortgages.ie writes in the Sunday Independent today about ‘How interest rate changes could sink Ireland’s tracker mortgage ship: Steady repayments over the last 10 years have left borrowers unused to fluctuations’.
- The lead business story in the Sunday Independent today reveals that the Department of Housing is seeking to quadruple the size of the Rebuilding Ireland Home Loan fund due to greater demand. Last week it was reported that Fingal had already approved 57% of the total national 3-year budget so this is a smart move i.e. give greater resources to an initiative that it actually working!
- Also in the Independent today, Ires has been approved to build a further 428 new apartments at Carmanhall Road in Sandyford, while Kategale Ltd (linked to UK’s Westhill) has been given the go-ahead for a two-phase masterplan for 200 residential and commercial units at Santry.
- The lead business story in The Sunday Times today reports that software company Slack is apparently interested in occupying ESB’s 1,000 person capacity block Fitzwilliam 28.
- ‘There is nowhere for us to go’ – Should older people be paid to downsize? https://m.independent.ie/life/there-is-nowhere-for-us-to-go-should-older-people-be-paid-to-downsize-37914910.html
- Property tax laws stall sales, says Law Society https://amp.independent.ie/business/personal-finance/property-mortgages/property-tax-laws-stall-sales-says-law-society-37912087.html
- Olivia Buckley: ‘Government is distressing overstretched homeowners with silence on property tax’ https://m.independent.ie/opinion/comment/olivia-buckley-government-is-distressing-overstretched-homeowners-with-silence-on-property-tax-37915835.html
- Mark Keenan: ‘Puff from the State on false bidding is very much a smokeless duel’ https://m.independent.ie/life/home-garden/mark-keenan-puff-from-the-state-on-false-bidding-is-very-much-a-smokeless-duel-37909706.html
- Cork Based Evolusion Innovation (leaders in offsite construction) Opens New UK Office – Construction Network Ireland – this story is also covered in The Sunday Business Post today. http://www.constructionnetworkireland.com/cork-based-evolusion-innovation-opens-new-uk-office-2/Cork
- Gavin Daly in the Times today reports that UK-based Tide Construction, owned by Irish developer John Fleming (one of the first to go in the crash, with debts of 800 million euro) has turned over 93.3m sterling in 2018 – 10.4m sterling profits.
- In The Sunday Business Post, it is reported that Saudi Arabia’s Prince Khalid bin Abdullah has invested 700 million euro into the redevelopment of the Curragh racecourse.
- Also in the SBP, Killian Woods (formerly Fora .ie) reports that Friends First has sought planning to lease six apartments on Clarendon Street in Dublin 2 on a short-term basis (getting out ahead of the new Airbnb rules!). The same journalist reports that DCC is yet to collect 2.7million euro of vacant sites fines.
- What sold for €1.4m in Ranelagh, Sandycove, Rathmines and D8 https://www.irishtimes.com/life-and-style/homes-and-property/what-sold-for-1-4m-in-ranelagh-sandycove-rathmines-and-d8-1.3817696?mode=amp
- Buy-to-let isn’t dead: meet the new generation of young property investors https://www.telegraph.co.uk/property/buy-to-let/buy-to-let-isnt-dead-meet-new-generation-young-property-investors/amp/
- Fingal stops accepting applications for Rebuilding Ireland home loan https://www.irishtimes.com/business/economy/fingal-stops-accepting-applications-for-rebuilding-ireland-home-loan-1.3821606?mode=amp
- An Bord Pleanala opens talks on €30m Limerick housing project https://www.limerickleader.ie/news/home/368510/an-bord-pleanala-opens-talks-on-30m-limerick-housing-project.html
- Non-bank mortgages key to cutting Irish interest rates, study finds https://www.irishtimes.com/business/non-bank-mortgages-key-to-cutting-irish-interest-rates-study-finds-1.3820799?mode=amp
- Extra capital needs behind high mortgage rates – report https://www.rte.ie/news/business/2019/0311/1035754-extra-capital-needs-behind-high-mortgage-rates-report/
- Wicklow allocated €1.7 million in home grants for elderly and people with disabilities http://wicklownews.net/2019/03/wicklow-allocated-e1-7-million-in-home-grants-for-elderly-and-people-with-disabilities/
- Construction activity growth hits seven month high https://www.rte.ie/news/business/2019/0311/1035611-construction-pmi/
- The Brexodus: Dublin attracting big business from the City of London https://www.irishtimes.com/business/financial-services/the-brexodus-dublin-attracting-big-business-from-the-city-of-london-1.3821678?mode=amp
- Delighted to see Irish owned and operated Iconic Offices make it to number 6 of the 50 Best #CoWorking Spots In Europe – Big Seven Travel https://bigseventravel.com/2019/03/europe-coworking/
- €86m Dún Laoghaire harbour projects in doubt https://www.irishtimes.com/news/ireland/irish-news/86m-d%C3%BAn-laoghaire-harbour-projects-in-doubt-1.3822248
- ‘So just how profitable is it to develop office buildings?’ https://m.independent.ie/business/commercial-property/paul-mcneive-so-just-how-profitable-is-it-to-develop-office-buildings-37910336.html
- The SBP today reports that “Cork energy tycoon Michael Murnane, one of the country’s biggest wind farm developers, has plans to enter the data centre sector”. I had the welcome task of moderating a panel discussion on the Host in Ireland Data Centres stage at the National Construction Summit in Citywest earlier this week and it is clear that Ireland’s 1.3 billion euro data centre sector is set to grow exponentially over the coming decade.
- The Brexodus: Dublin attracting big business from the City of London https://www.irishtimes.com/business/financial-services/the-brexodus-dublin-attracting-big-business-from-the-city-of-london-1.3821678
- Irish bring construction influence to Saudi Arabia https://www.rte.ie/news/world/2019/0313/1036249-irish-construction-abroad/
- Dublin’s ‘Coppers’ night club for sale https://www.rte.ie/amp/1036442/
- Brookfield’s ‘yin and yang’ Oaktree deal builds investment powerhouse https://amp.ft.com/content/a721e1ce-4628-11e9-a965-23d669740bfb
- PREM group invests over €1 million in Kilkenny hotel https://www.kilkennypeople.ie/news/home/369679/prem-group-invests-over-1-million-in-kilkenny-hotel.html
- Dublin Airport going to tender with deal worth €350m https://www.irishtimes.com/business/transport-and-tourism/dublin-airport-going-to-tender-with-deal-worth-350m-1.3826330?mode=amp
- Julia at cutting edge of conservation work on Cork city bridge https://amp.irishexaminer.com/breakingnews/ireland/julia-at-cutting-edge-of-conservation-work-on-cork-city-bridge-911080.html
- AIB provides €60m in funding for Dublin Landings apartments https://m.independent.ie/business/commercial-property/aib-provides-60m-in-funding-for-dublin-landings-apartments-37910249.html
- Construction firm ‘in administration’: Construction company Dawnus has gone into administration, according to subcontractors.
- Interserve’s lenders set to take control: https://www.theconstructionindex.co.uk/news/view/interserves-lenders-set-to-take-control
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: PROPTECH INNOVATORSand 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. Also, we are on a mission to get every Irish construction and property technology business registered on the global proptech database UNISSU. More details here:https://prop-tech.ie/global-proptech-data-platform-unissu-com-is-launched/
- PlaceTech | PropTech 101: Your strategy for getting started https://placetech.net/analysis/proptech-101-your-strategy-for-getting-started/
- British Property Federation urges government to create coherent proptech strategy – Workplace Insight https://workplaceinsight.net/british-property-federation-urges-government-to-create-coherent-proptech-strategy/
- The next frontier in real estate technology https://techcrunch.com/2019/03/14/the-next-frontier-in-real-estate-technology/
- Agents accused of undervaluing because of faulty floorplans
- 5G/IoT Accelerator Programme is now open for Applications thanks to @VodafoneIreland @ericsson & @NovaUCD Might be of interest to #proptech innovators
- Fintech centre, smart city, and aspiring proptech hub, Vilnius aims to turn itself into a giant sandbox for startups | EU-Startups https://www.eu-startups.com/2019/03/fintech-centre-smart-city-and-aspiring-proptech-hub-vilnius-aims-to-turn-itself-into-a-giant-sandbox-for-startups/
- PlaceTech | Proptech dominates SXSW Pitch event https://placetech.net/news/proptech-dominates-sxsw-pitch-event/
- Zisk Properties Launches Property Crowdfunding in the UK – EIN News https://www.einnews.com/pr_news/478800208/zisk-properties-launches-property-crowdfunding-in-the-uk
- PlaceTech | MetaProp creates home for property pioneers in New York https://placetech.net/news/metaprop-creates-home-for-property-pioneers-in-new-york/
- PlaceTech | MIPIM: 8 of the best innovations from the exhibition floor https://placetech.net/news/mipim-8-of-the-best-innovations-from-the-exhibition-floor/
- SmarterAgent | HomeAway | Real Estate PropTech https://therealdeal.com/la/2019/03/13/smarteragent-sues-homeaway-over-patent-infringement/
- PropTech Data Providers: It’s Time to Tell Everyone Where Your Information Comes From | Propmodo https://www.propmodo.com/proptech-data-providers-its-time-to-tell-everyone-where-your-information-comes-from/
- Global PropTech platform launched during MIPIM in Cannes | Property Funds World https://www.propertyfundsworld.com/2019/03/14/273987/global-proptech-platform-launched-during-mipim-cannes
- London proptech startup Nested has laid off 20% of its workforce citing ‘Brexit uncertainty’ | TechCrunch https://techcrunch.com/2019/03/14/nested-brexit/?guccounter=1&guce_referrer_us=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_cs=o2ikAAJbVH5CuVdEAxwfUA
- PropTech Startups Are Merging To Entice Big Real Estate Investors https://www.bisnow.com/national/news/technology/proptech-mergers-working-towards-big-real-estate-investment-98003#ath
- Buy to let investors told: Don’t sell up – cut costs instead
- The Many Ways Technology Is Transforming CRE https://www.nreionline.com/office/many-ways-technology-transforming-cre
- Zeus raises $24M to make you a living-as-a-service landlord https://techcrunch.com/2019/03/15/zeus-corporate-housing/amp/
Crowd-sourcing answers topical property questions: New Facebook Group for Irish Property Buyers & Investors
As many of you might know, my annual property book The Irish Property Buyers’ Handbook (since 2011) was rebranded in 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.
From 2019, the publishers and I want to ensure the content remains topical and we are 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/