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 downturn in activity across the euro zone has begun to ease as lockdowns introduced in some of its largest economies to help stem the spread of coronavirus are relaxed, although the bloc is still set for a historic economic contraction in the second quarter of this year: https://www.irishtimes.com/business/economy/downturn-in-economic-activity-starts-to-ease-across-the-euro-zone-1.4259230?mode=amp
- Property prices could fall by 12% due to Covid-19 https://www.rte.ie/news/business/2020/0520/1139492-esri-on-house-prices/
- The lead business story in the Independent today reports that – One in three mortgage brokers warn Covid is putting buyer deposits at risk:
Pandemic means house sales could fall through after contracts are signed
- Covid-19 causes postponement of KPMG Irish Independent Property Industry Excellence Awards https://m.independent.ie/business/commercial-property/covid-causes-property-awards-postponement-39222257.html
- Will remote working mean an end for the corporate HQ? https://www.irishtimes.com/business/economy/will-remote-working-mean-an-end-for-the-corporate-hq-1.4257246?mode=amp
- Paradise Ireland: luxury country estates at a discount https://amp.ft.com/content/e2ec34a2-96e5-11ea-899a-f62a20d54625
- U2’s Bono lobbied government on housing, database shows https://www.irishtimes.com/news/ireland/irish-news/u2-s-bono-lobbied-government-on-housing-database-shows-1.4260449?mode=amp
- What will happen to all those new hotels Dublin was to get? https://www.irishtimes.com/life-and-style/travel/ireland/what-will-happen-to-all-those-new-hotels-dublin-was-to-get-1.4259355?mode=amp
- There was a particularly interesting discussion thread on Twitter this week about office vs. remote working and the key takeaway is that hybrid working (some team members in the office and some working remotely) is more likely to be unsuccessful – this is definitely worth a read: Below is a thread about the future of remote work after the COVID-19 pandemic is over. I predict that remote will go through a trough of sor… https://threadreaderapp.com/thread/1264341436138270720.html
If you missed last week’s round-up, you can catch up here: https://propertydistrict.ie/category/sunday-property-review/
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!)
Property Matters: Ireland’s First Weekly Property Radio Show (& Podcast!):
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 (www.iPropertyRadio.com). The team delivers 60 minutes of industry chat weekly with guests from the areas of planning, construction, property and proptech.
Produced by Katie Tallon of Hear Me Roar Media.
Property Development – New Homes – Property Staging – Ireland’s Data Centre Sector
On Property Matters this week, we are joined by Ronan McKenna, Sales Director at Glenveagh Properties PLC; Natasha Rocca Devine, Interior Designer and ‘Staging to Sell’ specialist at The Interiors NRD Studio; and Garry Connolly, President and Founder of Host in Ireland President.
Listen back to this episode: https://ipropertyradio.com/property-matters-19th-may-2020-gleanveagh-interiors-nrd-studio-and-host-in-ireland/
Listen back to all #PropertyMatters episodes here: https://ipropertyradio.com
Email the Property Matters team at hello@iPropertyRadio.com
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- OPR: Communications Toolkit for Public Consultation | PLACEengage
The Office of the Planning Regulator (OPR) published a communications toolkit to push public consultation in the development and planning process. This toolkit offers “tips, advice and practical suggestions” to get people informed and interested…
Read more: https://placeengage.com/opr-communications-toolkit-for-public-consultation/
- Planning Conference 2020
- Changing Trends in Urban Living | Newstalk https://www.newstalk.com/podcasts/between-the-lines-with-andrea-gilligan/changing-trends-urban-living
- If you only read one feature article today, let it be this one by Frank McDonald: Dublin could be heaven: Frank McDonald reimagines the capital https://www.irishtimes.com/culture/art-and-design/dublin-could-be-heaven-frank-mcdonald-reimagines-the-capital-1.4256188?mode=amp
- Over 70,000 Irish addresses at risk of coastal flooding by 2050 https://www.irishtimes.com/news/environment/over-70-000-irish-addresses-at-risk-of-coastal-flooding-by-2050-1.4258531?mode=amp
- Locals opposed to scale of 467-home development which rises to six storeys https://www.leinsterleader.ie/news/home/544298/locals-opposed-to-scale-of-467-home-development-which-rises-to-six-storeys.html
- Council to spend €516m over 3 years on capital programme http://www.echo.ie/tallaght/article/council-to-spend-516m-over-3-years-on-capital-programme
- Kerry County Council responsible for ‘serious breach’ of Gaeltacht planning law https://www.irishtimes.com/news/ireland/irish-news/kerry-county-council-responsible-for-serious-breach-of-gaeltacht-planning-law-1.4258600?mode=amp
- Renewed calls for feasibility study for Luas-style rail system in Galway – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/renewed-calls-for-feasibility-study-for-luas-style-rail-system-in-galway/
- Intimidated Couple Win Right To Put Gate On Land https://extra.ie/2020/05/20/news/irish-news/intimidated-couple-gate-land-kerry
- New Greenway For North Dublin Approved | www.98fm.com https://www.98fm.com/news/new-greenway-north-dublin-approved-1019264
- Ireland fast-tracks seven offshore wind farms | Windpower Monthly https://www.windpowermonthly.com/article/1683761/ireland-fast-tracks-seven-offshore-wind-farms
- Green Party talks cast fresh doubts on Galway City Ring Road – Connacht Tribune
The fate of the ring road will be decided by An Bord Pleanála, which postponed its oral hearing into the project due to the Covid-19 emergency.
*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*
CONSTRUCTION & DEVELOPMENT NEWS
- Foundations of a return to work on construction sites after Covid-19:
Of the 200 subcontractors who turned up to work on DRes Properties sites on Monday, 32 were sent home. The construction industry is back, but it’s operating quite differently from how it did before the Covid-19 outbreak. Those who were turned away from the DRes sites couldn’t produce the digital card from the Construction Industry Federation that proves they had completed a Covid-19 online induction seminar. Every operative who enters a building site has to have the card. They must also have their temperature taken to show they aren’t displaying symptoms of the virus.
- Covid safety measures could add 5-10% to house prices:
Mr Parlon said he had spoken to a substantial house builder this morning, who had forecast that implementing the measures, including social distancing, could add €10,000-15,000 to the cost of a house.
In relation to apartment projects, which he described as “more intense”, he said that the additional cost per apartment could reach €20,000.
The time required to build a house could rise from 15 weeks to 25 weeks, he said.
- Cost of new National Children’s Hospital could soar by up to 40pc because of coronavirus safety measures – Construction Industry Federation warns https://m.independent.ie/irish-news/cost-of-new-national-childrens-hospital-could-soar-by-up-to-40pc-because-of-coronavirus-safety-measures-construction-industry-federation-warns-39218375.html
- Tom Parlon rows back on construction cost comment as most sites reopen https://www.irishexaminer.com/breakingnews/business/tom-parlon-rows-back-on-construction-cost-comment-as-most-sites-reopen-1001158.html
- Ireland’s building sites return as CSO stats show fallout of coronavirus lockdown https://m.independent.ie/business/sites-return-as-cso-stats-show-fallout-of-lockdown-39216316.html
- Unions agree additional protections for workers with Construction Industry Federation https://www.thejournal.ie/trade-union-agreement-construction-industry-5104484-May2020/
- Calls for dedicated safety inspectorate for construction sector https://www.irishexaminer.com/breakingnews/ireland/calls-for-dedicated-safety-inspectorate-for-construction-sector-1000103.html
- Construction Industry Federation Hitting Out At Criticism Over Health And Safety https://www.midlands103.com/news/midlands-news/construction-industry-federation-hitting-out-at-criticism-over-health-and-safety/
- Lorcan Sirr: Noticeable shift away from our councils directly building houses https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/opinion/comment/noticeable-shift-away-from-our-councils-directly-building-houses-39227989.html This is also covered by the Business Post today: Most social homes delivered in 2019 were bought by state from private sector – Government guidance urges county councils to develop own lands rather than purchasing privately
- Dutch fund and Macquarie to build Irish housing schemes | Business Post
Infrastructure investment fund Tinc has joined the Australian bank in a €120m project to build over 530 social and affordable houses and apartments in six locations
- Problems in vacant site levy highlighted after High Court battle – Agriland.ie https://www.agriland.ie/farming-news/problems-in-vacant-site-levy-highlighted-after-high-court-battle/
- Just 15,000 new homes likely to be built this year, Ballymore warns https://www.irishtimes.com/business/construction/just-15-000-new-homes-likely-to-be-built-this-year-ballymore-warns-1.4256533?mode=amp
- Environmental Monitoring for Compliant Construction Sites
- Housebuilder Glenveagh reopens construction sites https://www.irishtimes.com/business/construction/housebuilder-glenveagh-reopens-construction-sites-1.4256192?mode=amp
- Construction’s New Normal- Week 1 | McKeon Group
“It has been an interesting week. While it was great to get back to some form of normality, adjusting to the changed workplace was not without its challenges…”
- ‘Siamese twins’ of Irish building industry Greg and Hugh Kavanagh settle ‘unfortunate’ legal dispute https://m.independent.ie/incoming/siamese-twins-of-irish-building-industry-greg-and-hugh-kavanagh-settle-unfortunate-legal-dispute-39214104.html
- Nama yet to choose Irish Glass Bottle site partner, says developer https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/construction/nama-yet-to-choose-irish-glass-bottle-site-partner-says-developer-1.4256596?mode=amp
- Westridge Real Estate plan for ex-DIT Kevin Street campus ‘pandemic-proofed’ https://www.irishtimes.com/business/commercial-property/westridge-real-estate-plan-for-ex-dit-kevin-street-campus-pandemic-proofed-1.4256394?mode=amp
- 500 apartments planned for former St Augustine site in south Dublin https://www.dublinlive.ie/news/property/500-apartments-planned-former-st-18279252
- Application made for over 100 co-living units on top of Dublin Shopping Centre https://www.dublinlive.ie/news/application-made-build-over-100-18267999
- Buildings That House Dublin’s Dada Moroccan Restaurant Hit The Market | Hospitality Ireland https://www.hospitalityireland.com/restaurant/buildings-house-dublins-dada-moroccan-restaurant-hit-market-99100
- Galway’s local authorities fail to collect vacant sites levy – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/galways-local-authorities-fail-to-collect-vacant-sites-levy/
- Another increase in bed-space numbers sought for Cork student development https://www.echolive.ie/corknews/Another-increase-in-bed-space-numbers-sought-for-Cork-student-development-c135ccd4-7492-4825-9d69-64af2f650b90-ds
- Tender goes live for Demolition and Enabling Contract of Opera Site https://www.limerickpost.ie/2020/05/18/tender-goes-live-for-demolition-and-enabling-contract-of-opera-site/
- Echelon agree construction funding for Arklow data centre https://wicklownews.net/2020/05/echelon-agree-construction-funding-for-arklow-data-centre/
- Apartment block plan for site of unfinished houses https://connachttribune.ie/apartment-block-plan-for-site-of-unfinished-houses/
- Kildare exceeded social housing targets last year | Kildare Nationalist https://kildare-nationalist.ie/2020/05/22/kildare-exceeded-social-housing-targets-last-year/#.XshIGfdw2Ec
- Revealed: Carlow school tenders massive contracts for construction of new classrooms https://www.carlowlive.ie/news/home/542806/revealed-carlow-school-tenders-massive-contracts-for-construction-of-new-classrooms.html
- Revealed: Planning application lodged for the construction of 35 houses in north Carlow https://www.carlowlive.ie/news/home/543277/revealed-planning-application-lodged-for-the-construction-of-35-houses-in-north-carlow.html
- An Bord Pleanála gives green light to planning permission for Lidl in Bagenalstown https://www.carlowlive.ie/news/home/543799/breaking-an-bord-pleanala-gives-green-light-to-planning-permission-for-lidl-in-bagenalstown.html
- Two social housing projects in Kildare continued work through the Covid-19 ‘lockdown’ https://www.leinsterleader.ie/news/home/543375/two-social-housing-projects-in-kildare-continued-work-through-the-covid-19-lockdown.html
- Price of Clonburris affordable houses ‘may fluctuate’ http://www.echo.ie/clondalkin/article/price-of-clonburris-affordable-houses-may-fluctuate
- Aldi hopeful & excited that plans for Shannon store will get green light – The Clare Echo News https://www.clareecho.ie/aldi-hopeful-excited-that-plans-for-shannon-store-will-get-green-light/
- “Shareholder oppression” and boardroom factions:
“A primary care centre in Kilmallock has been completed. Centres at Cahir and Croom are due to be finished in the first half of 2020 and construction work is to start on two more builds.
The deal sours…”
- Kingspan abandons €42m deal for UK building products group https://www.irishtimes.com/business/construction/kingspan-abandons-42m-deal-for-uk-building-products-group-1.4259549?mode=amp
- Europe’s biggest hemp grower moves into building products https://www.theconstructionindex.co.uk/news/view/europes-biggest-hemp-grower-moves-into-building-products
- Launch of Host in Ireland Market Report
with Garry Connolly (Host in Ireland), Mark Foley (Eirgrid) and Tom Parlon (Construction Industry Federation) as they discuss the changes in the Data Centre Industry and the impact of Covid-19.
When: Thursday 28th May 2020, 12:00-13:00 GMT
Location: Virtual event
Register now to attend the event: https://www.eventbrite.co.uk/e/launch-of-host-in-ireland-market-report-tickets-105957750484
PROPTECH, MMC & CONSTRUCTION INNOVATION
- Proptech Ireland is updating the database of 2020 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: *PROPTECH INNOVATORS and STARTUPS *
- Proptech & Covid-19: Is Technology Driving Real Estate Online
‘Earlier this month, Proptech Ireland founder, Carol Tallon, delivered a global webinar for PropIT (Dubai).
This presentation was due to be delivered in person, however, due to ongoing Covid-19 restrictions, the live event (and global proptech pitch competition) was cancelled and a number of the planned keynote talks have now been delivered online and are available to watch back…’
- MyHome.ie launches live online property viewing platform https://extra.ie/2020/05/20/business/irish/myhome-ie-online-property-viewing-platform/amp
- McKeon Group develop app for Ireland’s construction industry to help with covid19 compliance – The Good2Go app is now available, at no charge, to any company that wants to roll it out on sites, simply follow the instructions on the banner at the top of the page:
- PropTech Today: Settled – people miss the point about failure https://www.estateagenttoday.co.uk/breaking-news/2020/5/proptech-today-settled–people-are-missing-the-point-about-failure
- PlaceTech | MetaProp’s take on the venture market mid and post crisis https://placetech.net/analysis/metaprops-take-on-the-venture-market-mid-and-post-crisis/
- Strap-on scanners become social distance alarms https://www.theconstructionindex.co.uk/news/view/strap-on-scanners-become-social-distance-alarms
- 3 Ways Office Space Seekers Benefit From Proptech https://www.cioapplications.com/news/3-ways-office-space-seekers-benefit-from-proptech–nid-5911.html
- Disruptive technologies in the new age of construction – Geospatial World https://www.geospatialworld.net/blogs/disruptive-technologies-in-the-new-age-of-construction/
- Construction Emissions Could Be Halved By Using Today’s Technology https://www.technologynetworks.com/applied-sciences/news/construction-emissions-could-be-halved-by-using-todays-technology-334983
- #LockdownLessons: Disruption brings opportunity – here’s what’s happening in property https://m.bizcommunity.com/Article/196/568/204032.html
- Spruce is eliminating the drudgery of real estate, and has $29M more from Scale to make sales easy – TechCrunch
“better data and digitalization can massively improve the quality and efficiency …” #proptech
- How AI and remote collaboration tools could help the construction industry get back to work https://venturebeat.com/2020/05/20/how-ai-and-remote-collaboration-tools-could-help-the-construction-industry-get-back-to-work/
- Oculus surpasses $100 million in Quest content sales – TechCrunch https://techcrunch.com/2020/05/18/oculus-surpasses-100-million-in-quest-content-sales/
OTHER PROPERTY NEWS
- Property prices are likely to fall, but by how much? https://www.rte.ie/news/business/2020/0522/1140087-a-question-of-how-much-property-prices-likely-to-fall/
- Stopping ‘property market roller coaster’ should be priority for Government https://www.irishexaminer.com/breakingnews/ireland/stopping-property-market-roller-coaster-should-be-priority-for-government-1000075.html
- Saturday Read: Will the pandemic property price drop be a blip or a tailspin? https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/personal-finance/property-mortgages/saturday-read-will-the-pandemic-property-price-drop-be-a-blip-or-a-tailspin-39225181.html
- Subscriber Only: The Goldilocks problem of Irish housing: it’s never just right https://www.irishtimes.com/business/economy/the-goldilocks-problem-of-irish-housing-it-s-never-just-right-1.4257652
- Revealed: Mortgages, insurance, travel and pandemic essentials – how some firms are ripping off customers https://m.independent.ie/world-news/coronavirus/revealed-mortgages-insurance-travel-and-pandemic-essentials-how-some-firms-are-ripping-off-customers-39212391.html
- More than €4m in Traveller housing funding left unspent https://www.irishtimes.com/news/social-affairs/more-than-4m-in-traveller-housing-funding-left-unspent-1.4256149?mode=amp
- Call For Housing Minister To Publish Review Into Offaly’s Social Housing Threshold https://www.midlands103.com/news/midlands-news/call-for-housing-minister-to-publish-review-into-offalys-social-housing-threshold/
- Fears Covid-19 will trigger new mortgage arrears wave https://www.rte.ie/news/2020/0519/1139224-nuig-mortgage-possession-cases/
- 53% Of Kildare Rebuilding Ireland Homeloan Applications Were Approved. https://kfmradio.com/news/23052020-1313/53-kildare-rebuilding-ireland-homeloan-applications-were-approved
- Second wave of homelessness looks likely following COVID-19 according to St Vincent De Paul https://extra.ie/2020/05/23/news/irish-news/second-wave-homelessness-covid-19/amp
- No property tax for 22,000 as review put back again | Business Post https://www.businesspost.ie/ireland/no-property-tax-for-22000-as-review-put-back-again-8266a3c2
- Cottage industry paying off: Old Irish cottages are to be found all over the country in various states of disrepair. How do you go about transforming them into 21st century homes?
- What will €365,000 buy in Castleknock and Wexford? https://www.irishtimes.com/life-and-style/homes-and-property/what-will-365-000-buy-in-castleknock-and-wexford-1.4250509?mode=amp
- Seven things you should know when house-hunting during the coronavirus crisis https://m.independent.ie/business/personal-finance/seven-things-you-should-know-when-house-hunting-during-the-crisis-39227814.html
- Are we obliged to paint our rental property because the tenants request it? https://www.irishtimes.com/life-and-style/homes-and-property/are-we-obliged-to-paint-our-rental-property-because-the-tenants-request-it-1.4254210?mode=amp
- BidX1 offers 26 properties for sale in latest online auction https://www.irishtimes.com/business/commercial-property/bidx1-offers-26-properties-for-sale-in-latest-online-auction-1.4257094?mode=amp also: Prices are cut sharply for lots at online property auctions https://amp.independent.ie/business/commercial-property/prices-are-cut-sharply-for-lots-at-online-property-auctions-39222252.html
- Sale will test market in Dublin’s trendy Creative Quarter https://m.independent.ie/business/commercial-property/sale-will-test-market-in-creative-quarter-39222255.html
- Colony Capital seeks buyer for stakes in prime Dublin offices https://www.irishtimes.com/business/commercial-property/colony-capital-seeks-buyer-for-stakes-in-prime-dublin-offices-1.4257498?mode=amp
- Also, Ronan backer mulls sale of billions worth of hotel assets https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/commercial-property/ronan-backer-mulls-sale-of-billions-worth-of-hotel-assets-39227926.html
- Apollo Global Management suspends sale of three Irish hotels: US investment fund Apollo Global Management has postponed the sale of three Irish hotels in a deal reportedly worth €184m.
Hotel operator Pandox was in talks to buy the Crowne Plaza in Blanchardstown, the Holiday Inn Express near Dublin airport and the Crowne Plaza Dundalk in Co Louth.
- Energy demand shows key sectors powering through – Strong energy demand throughout April and May from agri-foods, IT, pharmaceuticals and bio-sciences points to the sectors of the economy likely to be least affected by the Covid-19 shutdown.
In contrast, recent weeks witnessed a dramatic fall in gas demand in the construction sector in areas such as cement production, with demand down up to 90pc compared with the period before national restrictions were implemented.
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 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/
INTERNATIONAL PROPERTY NEWS
- Silicon Valley’s Next Big Office Idea: Work From Anywhere – WSJ https://www-wsj-com.cdn.ampproject.org/c/s/www.wsj.com/amp/articles/silicon-valleys-next-big-office-idea-work-from-anywhere-11589740234
- The Pressure Is Now On Office Landlords Too https://www.bisnow.com/national/news/office/the-pressure-is-now-on-office-landlords-too-104475
- Why Would Amazon Scope Out JCPenney? It’s The Real Estate, Baby! https://www.bisnow.com/dallas-ft-worth/news/commercial-real-estate/why-would-amazon-scope-out-penneys-its-the-real-estate-baby-104479
- UK airports to axe £1bn of projects: construction’s latest setback https://www.constructionnews.co.uk/civils/uk-airports-to-axe-1bn-of-projects-constructions-latest-setback-21-05-2020/