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: 

 

• IRELAND’S REAL ESTATE ESG AGENDA – taking place in Dublin, June 01  (in real life!)

BISNOW: ‘Exploring societal shifts, development and sustainability strategies to meet targets and increase the bottom line’ https://www.bisnow.com/events/dublin/commercial-real-estate/irelands-real-estate-esg-agenda-7483 

 

• ECB warns a house price correction is looming as interest rates rise: Move seen posing greater risks for low-income households  https://www.irishtimes.com/business/economy/2022/05/25/ecb-warns-a-house-price-correction-is-looming-as-interest-rates-rise/

 

• Irish investment market registers 38% fall in transactions in first quarter: The biggest investors originated from the US, contributing 33% of investment volumes.  https://reactnews.com/article/irish-investment-market-registers-38-fall-in-transactions-in-first-quarter/

 

• Eddie O’Driscoll: Are we looking at the end of negative equity in Ireland? In the medium to long run, it’s hard to see anything less than mid-single digit growth in house prices per annum  https://www.businesspost.ie/analysis-opinion/eddie-odriscoll-are-we-looking-at-the-end-of-negative-equity-in-ireland/

 

• Limited risk of another housing bubble in Ireland, says European Commission: Strict lending rules have reduced risk in the financial system, Commission review concludes https://www.irishtimes.com/business/construction/limited-risk-of-another-housing-bubble-in-ireland-says-european-commission-1.4886268

 

• Ireland: When MMT And Price Controls Collide, Little Remains – Analysis  https://www.eurasiareview.com/25052022-ireland-when-mmt-and-price-controls-collide-little-remains-analysis/

 

• Homelessness speeds past 10,000 mark and back to pre-pandemic levels  https://www.irishexaminer.com/news/arid-40882826.html

 

• Poll shows how government could win over voters on housing crisis: If the cost of living crisis resolves itself before the next general election, then housing will still be the most dominant issue when the country goes to the polls https://www.businesspost.ie/politics/richard-colwell-poll-shows-how-government-could-win-over-voters-on-housing-crisis/

 

• Still no publication date for planning corruption report completed five years ago  https://www.irishexaminer.com/news/arid-40878221.html

 

• The Department of Education objected to plans for more than 1,000 new north Dublin homes  https://m.independent.ie/news/the-department-of-education-objected-to-plans-for-more-than-1000-new-north-dublin-homes-41680096.html

 

• Higher Education Minister Simon Harris has admitted it is “less than ideal” for state officials to object to new housing schemes over concerns about school places  https://m.independent.ie/irish-news/news/objections-to-housing-developments-over-lack-of-school-places-is-less-than-ideal-concedes-harris-41690017.html

 

• How many vacant properties are there in Ireland? We should get a clear answer in a couple of weeks: Local property tax data will give an up-to-date picture of vacancy rates in Ireland. https://www.thejournal.ie/vacant-property-tax-4-5774165-May2022/

 

• Cork City Council signs multi-million euro deal to buy Port of Cork quays: It is understood that an agreement was struck last Friday  https://www.irishexaminer.com/news/munster/cork-city-council-signs-multi-million-euro-deal-to-buy-port-of-cork-quays_arid-40880273.html

 

• Eirgrid’s wind policy has critical flaws, claims energy giant: Orsted warns that state plan is too reliant on unlikely offshore targets  https://www.thetimes.co.uk/article/eirgrid-wind-policy-critical-flaws-ireland-6dhlw59l5

 

• Dublin-headquartered solar power developer BNRG is currently raising up to €115m of debt and equity, after doing an asset swap deal with former partner Neoen.  https://m.independent.ie/business/technology/dublin-headquartered-solar-developer-bnrg-raising-115m-after-neoen-deal-41697046.html

 

• Undersea power cable to stretch from Cork to France as An Bord Pleanala gives plans the green light: Electricity will soon flow between these two countries  https://www.corkbeo.ie/news/jobs/undersea-power-cable-stretch-cork-24039969

 

• Irish start-up to bring ‘measurable mental wellbeing’ to workplace  https://www.breakingnews.ie/ireland/irish-start-up-first-to-bring-measurable-mental-wellbeing-to-workplace-1309159.html

 

• Savills sponsors mixed-ability Rugby World Cup in Cork Tournament at Musgrave Park to host 1,100 male and female players from 14 countries  https://www.irishtimes.com/business/commercial-property/savills-sponsors-mixed-ability-rugby-world-cup-in-cork-1.4882927

 

• Business movers: People starting new jobs in Ireland – New appointees with Ardanis, IPUT Real Estate, Youghal Credit Union, Zurich Insurance, Logicalis and BNY Mellon  https://www.irishexaminer.com/business/companies/arid-40882124.html

 

• Great to see some proptech innovators on this list! Irish tech’s young guns: This year’s 30 under 30 – From app creators to robotics businesses and everything else you can think of in between  https://www.businesspost.ie/connected/irish-techs-young-guns-this-years-30-under-30/

 

 

 

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

What started as #PropertyMatters, a single 60-minute show on Dublin South FM 93.9FM every Tuesday night, has now evolved into an online station hosting the very best construction, urban planning, property and proptech radio shows and podcasts from around the world. Our new website – produced by Hear Me Roar Media – offers audiences live and recorded access to global built environment content. To have your industry podcast included in the iPropertyRadio line-up, or to contribute as a guest on any of our shows, email the iPropertyRadio team at info@propertydistrict.ie

 

On #PropertyMatters this week…

Part 1: Patrick Davitt FIPAV REV Comm for Oaths, CEO of IPAV – Institute of Professional Auctioneers and Valuers, joins host Carol Tallon to talk about Ireland’s rental market and the real impact of RPZs.

Watch back: https://youtu.be/UwBqzRTW3lE

 

Part 2: Maxwell Scott, CEO of Star Property Investment and Management Group joins us to discuss the strategies behind the company’s €80m portfolio, and about what comes next.

Watch back: https://youtu.be/E_SG42DWI3c

 

 

*Listen back to all shows at: https://ipropertyradio.com 

 

Produced by Hear Me Roar Media 

👉 Listen back to all shows at: https://ipropertyradio.com

 

PLACEMAKING

PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT

• ‘House prices here are so astronomical they’re inhibiting life’  https://m.independent.ie/business/personal-finance/house-prices-here-are-so-astronomical-theyre-inhibiting-life-41697120.html

 

• Over 700 objections lodged against €466m Dundrum apartment ‘concrete jungle’: Scheme includes ‘landmark’ 16-storey tower block at northernmost point of site https://www.irishtimes.com/business/construction/over-700-objections-lodged-against-466m-dundrum-apartment-concrete-jungle-1.4887325

 

• Public hearing to be held on Dún Laoghaire scheme in rare move: Plans for 146 apartments call for changes to protected 19th-century Dun Leary House https://www.irishtimes.com/news/environment/public-hearing-to-be-held-on-d%C3%BAn-laoghaire-scheme-in-rare-move-1.4886377

 

• Ireland’s largest purpose-built housing development for older persons opens https://www.newstalk.com/podcasts/highlights-from-newstalk-breakfast/irelands-largest-purpose-built-housing-development-for-older-persons-opens-today

 

• Diversity of care-setting design needed for our elderly: Sweden shows way with small-scale, domestic dwellings to keep elderly safe and dignified  https://www.irishtimes.com/opinion/diversity-of-care-setting-design-needed-for-our-elderly-1.4886215

 

• Accepting Cork has flaws after CNN reporter’s ‘tatty’ claim: As we’ve seen with dereliction, the problems only arise when those flaws are accepted as normality  https://www.irishexaminer.com/opinion/columnists/arid-40881179.html

 

• Council plans to restore historic County Limerick mill for housing https://www.limerickpost.ie/2022/05/22/council-plans-to-restore-historic-county-limerick-mill-for-housing/

 

• Galway East TD calls for a “root and branch review” of the Rural Social Scheme  https://connachttribune.ie/listen-galway-east-td-calls-for-a-root-and-branch-review-of-the-rural-social-scheme/

 

• Thatched houses are disappearing across the island of Ireland with homeowners finding it almost impossible to secure insurance for the historic dwellings.  https://www.irishcentral.com/news/ireland-thatched-cottage-disappearing-insurance.amp

 

• “Sensible proposals that are not adopted indicate a failure of design thinking” says commenter  https://www.dezeen.com/2022/05/25/vishaan-chakrabarti-comments-update/

 

 

 

*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* https://www.youtube.com/watch?v=rdwwKy4MA_4 

 

 

 

CONSTRUCTION & DEVELOPMENT NEWS

• Building site shutdowns will not happen, insists housing minister  https://www.irishexaminer.com/news/politics/arid-40879220.html

 

• Top concerns of builders across Ireland highlighted at Oireachtas committee https://www.leinsterleader.ie/news/national-news/820110/top-concerns-of-builders-across-ireland-highlighted-at-oireachtas-committee.html

 

• Employers of apprentices around Ireland are going online from today to claim a new employer grant, which provides them with €2,000 per apprentice per year, helping to cover the costs of apprentices’ salaries, mentoring and training costs https://irishbuildingmagazine.ie/2022/05/26/25516/

 

• Calls for apprenticeship centre on northside of Cork : “We have huge numbers of young people going for apprenticeships from the northside.”  https://www.echolive.ie/corknews/arid-40883408.html

 

• Construction firms unwilling to take on fixed-price contracts as inflation surges: Survey finds significant pick-up in costs across sector, compounded by Ukraine conflict https://www.irishtimes.com/business/construction/construction-firms-unwilling-to-take-on-fixed-price-contracts-as-inflation-surges-1.4885295

 

• Dún Laoghaire Rathdown Development Plan faces legal challenges from developers https://www.breakingnews.ie/business/dun-laoghaire-rathdown-development-plan-faces-legal-challenges-from-developers-1310997.html

 

• Planning regulator calls for ban on new data centres by South Dublin County Council to be reversed: The Commission of Regulation of Utilities ruled out a moratorium on new data centres.  https://www.thejournal.ie/data-centres-planning-ban-reversal-5770634-May2022/?amp=1 Also: EirGrid halts talks with potential data centres over electricity curbs: State-owned grid manager stops enticing access-seekers amid power supply fears https://www.irishtimes.com/business/financial-services/eirgrid-halts-talks-with-potential-data-centres-over-electricity-curbs-1.4886383

 

• Construction leaders from across Europe launch EU Policy Roadmap towards climate neutral buildings and construction by 2050  https://irishbuildingmagazine.ie/2022/05/24/construction-leaders-from-across-europe-launch-eu-policy-roadmap-towards-climate-neutral-buildings-and-construction-by-2050/

 

• Westmeath Minister leads construction sector trade visit to Madrid https://www.westmeathindependent.ie/2022/05/24/westmeath-minister-leads-construction-sector-trade-visit-to-madrid/

 

• What is causing the shortage of apprentices in the construction sector?  https://www.rte.ie/news/business/2022/0527/1301542-apprentice-shortages/

 

• Policymakers and planners ignoring housing crisis realities, conference told: Construction costs remain central to Republic’s problem, builder Michael O’Flynn says  https://www.irishtimes.com/business/2022/05/26/policymakers-and-planners-ignoring-housing-crisis-realities-conference-told/

 

• Snowballing costs of current state projects ‘could scupper future NDP plans’: The Office of Government Procurement has warned that public works yet to be tendered for could be jeopardised by inflation-driven cost overruns in the present  https://www.businesspost.ie/news/snowballing-costs-of-current-state-projects-could-scupper-future-ndp-plans/

 

• Builders warn housing limits may halt construction in Kildare: Nama says reduced housing target in 2023-2029 development plan would lead to de-zoning of residential sites  https://www.irishtimes.com/ireland/housing-planning/2022/05/27/builders-warn-restrictive-housing-limits-may-halt-building-in-kildare/

 

• Investment funds can buy unsold Croí Cónaithe apartments after one year [WITHOUT SUBSIDIES]: No provision has been made in controversial scheme to make developers sell unsold apartments to state or reduce prices  https://www.businesspost.ie/news/investment-funds-can-buy-unsold-croi-conaithe-apartments-after-one-year/

 

• Evolving the meaning of safety in the construction industry: This year’s CIF Health and Safety Summit saw the construction industry embrace safety in its many forms, with physical, mental and emotional all treated equally https://www.businesspost.ie/commercial-reports/evolving-the-meaning-of-safety-in-the-construction-industry/

 

• Inflation and Ukraine fallout pose fresh hurdles for children’s hospital as structure takes shape: The Journal visited the site of the new hospital and demonstration spaces showing how patient rooms will look. https://www.thejournal.ie/new-national-childrens-hospital-building-cost-new-features-5774064-May2022/

 

• Keegan takes aim at Hyde’s Docklands planning decision: Dublin City Council chief executive’s criticism comes amid increased scrutiny of the planning body https://www.businesspost.ie/news/keegan-takes-aim-at-hydes-docklands-planning-decision/ 

 

• CIE is offered huge site near airport for €10.5m to free up city bus depots for housing development – Proposal from Melvin Properties Ltd (MPL) would free up space for 6,000 apartments and avail of a large greenfield site with access to renewable energy https://www.independent.ie/business/irish/cie-is-offered-huge-site-near-airport-to-free-up-city-bus-depots-for-housing-development-41672134.html

 

• Irish Kennel Club distances itself from claim of development agreement. Company made submission to council suggesting it was acting ‘on behalf of’ club https://www.irishtimes.com/news/ireland/irish-news/irish-kennel-club-distances-itself-from-claim-of-development-agreement-1.4887357

 

• Dublin developer challenges refusal of Merrion Road apartment scheme  https://www.breakingnews.ie/amp/ireland/dublin-developer-challenges-refusal-of-merrion-road-apartment-scheme-1311429.html

 

• Foxrock housing scheme approved despite Dutch embassy opposition  https://www.breakingnews.ie/amp/ireland/foxrock-housing-scheme-approved-despite-dutch-embassy-opposition-1310907.html

 

• Blackrock site with plan in place for five high-end homes seeks €1.5m: 69 Rock Road comes with full permission for two mews houses and three townhouses  https://www.irishtimes.com/business/commercial-property/blackrock-site-with-plan-in-place-for-five-high-end-homes-seeks-1-5m-1.4886019

 

• RCSI to launch transformational development at 118 St Stephen’s Green  https://irishbuildingmagazine.ie/2022/05/27/rcsi-to-launch-transformational-development-at-118-st-stephens-green/

 

• Way cleared for ‘East Cork’s Kildare Village’ after judgment in favour of council: The judge told the court: “The fundamental problem here is that the minister inserted himself into the process.”  https://www.irishexaminer.com/news/munster/arid-40882997.html

 

• ‘Old building’ in apprenticeship section of MTU Bishopstown needs €30m upgrade: Oireachtas committee has heard of the need for urgent investment into third-level infrastructure nationwide to facilitate the delivery of apprenticeship programmes  https://www.irishexaminer.com/news/munster/old-building-in-apprenticeship-section-of-mtu-bishopstown-needs-30m-upgrade_arid-40880036.html

 

• Planners reject €30m shopping complex anchored by Tesco and Decathlon  https://connachttribune.ie/planners-reject-e30m-shopping-complex-anchored-by-tesco-and-decathlon/

 

• Plans to redevelop a row of empty terraced houses and an old famous bar will breathe new life into Ballinasloe.  https://connachttribune.ie/new-chapter-beckons-for-dilapidated-old-houses-in-ballinasloe/

 

• Transformative plans for Mayfield House confirmed  https://www.wlrfm.com/news/transformative-plans-for-mayfield-house-confirmed-251965

 

• Plans to convert Sinéad O’Connor’s former Bray home into apartments  https://m.independent.ie/regionals/wicklow/news/plans-to-convert-sinead-oconnors-former-bray-home-into-apartments-41680603.html

 

• Dundalk town centre site with residential potential for €975,000: Carrickmacross Road lands have scope for delivery of up to 61 houses and apartments  https://www.irishtimes.com/business/commercial-property/dundalk-town-centre-site-with-residential-potential-for-975-000-1.4883857

 

• Lidl gets green light to demolish Kildare supermarket and to build a bigger one  https://www.kildarenow.com/news/home/819550/lidl-gets-green-light-to-demolish-kildare-supermarket-and-to-build-a-bigger-one.html

 

• Strategic land bank on N7 comes to market: The 92-acre parcel of land in Co Kildare comes with a guide price of just over €3.395 million  https://www.businesspost.ie/property/strategic-land-bank-on-n7-comes-to-market/

 

• Permission for new mini housing estate granted by Kildare County Council https://www.kildarenow.com/news/home/822263/permission-for-new-mini-housing-estate-granted-by-kildare-county-council.html

 

• Green light for 46 housing units in Tipperary’s largest town: An Bord Pleanála overturns Tipperary County Council’s decision https://www.tipperarylive.ie/news/home/816804/green-light-for-46-housing-units-in-tipperary-s-largest-town.html

 

• Objections raised to plans for major housing complex at Coopers Lot in Cashel: Cashel King Cormac GAA Club and Councillor Roger Kennedy say plans are ‘incorrect’  https://www.tipperarylive.ie/news/home/820396/objections-raised-to-plans-for-major-housing-complex-at-coopers-lot-in-cashel.html

 

• Minister for Housing, Local Government, and Heritage, Darragh O’Brien, hailed the efforts of Cavan County Council and Túath Housing  in delivering much-needed social housing https://www.anglocelt.ie/2022/05/21/minister-hails-housing-progress/

 

• Planning permission granted for 19 apartments in Tralee https://www.radiokerry.ie/news/planning-permission-granted-for-19-apartments-in-tralee-283050

 

• New housing development underway in Dingle  https://www.radiokerry.ie/news/new-housing-development-underway-in-dingle-283014

 

• Cork construction company from DIY SOS to create 50 jobs and aid push for new homes: Macroom-based Cygnum makes rapid-build timber-frame homes that could play a big part in tackling the housing crisis  https://www.corkbeo.ie/news/local-news/cork-construction-company-diy-sos-24075641

 

• Wavin adds black cover and frame to its innovative WAJ following customer feedback  https://irishbuildingmagazine.ie/2022/05/24/wavin-adds-black-cover-and-frame-to-its-innovative-waj-following-customer-feedback/

 

• Tom McFeely sets up two new property firms https://www.irishtimes.com/ireland/2022/05/26/ira-hunger-striker-and-priory-hall-builder-tom-mcfeely-sets-up-two-new-property-firms/

 

• ‘We agreed the time was right and so we put the family business up for sale’ – Ted Wright of Writech: When the pandemic struck and Writech co-founder Ted Wright found himself working from home, he began questioning what he wanted to do for the next two decades of his life – and the answer involved selling a majority stake in the fire protection systems firm  https://www.businesspost.ie/news-focus/we-agreed-the-time-was-right-and-so-we-put-the-family-business-up-for-sale-ted-wright-of-writech/

 

 

PROPTECH, MMC & CONSTRUCTION INNOVATION

• Proptech Ireland is updating the database of 2022 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.

 

• Property tech and development company raises €10m from state agency: Prop.ie plans to use the funds to develop 46 properties in Co Louth in order to demonstrate its software to other businesses https://www.businesspost.ie/news/property-tech-and-development-company-raises-e10m-from-state-agency/

 

• 8 Irish start-ups with a chance to be KPMG’s next global tech innovator  https://www.siliconrepublic.com/start-ups/kpmg-ireland-global-tech-innovator-competition-finalists

 

• Agents – it’s time to get clever with property tech… https://www.estateagenttoday.co.uk/features/2022/5/agents–its-time-to-get-clever-with-property-tech

 

• Investments in proptech firms expected to touch $ 1 billion in 2025: Report: With a focus on health and wellness, the consultant Colliers India said that smart building materials with automated air quality systems are increasingly gaining traction. https://www.business-standard.com/article/companies/investments-in-proptech-firms-expected-to-touch-1-billion-in-2025-report-122052700831_1.html

 

• Ikea overhauls its smart home with new Matter-ready hub and app:  Dirigera makes Home Smart easier to use and more robust https://www.theverge.com/23139703/ikea-dirigera-home-smart-hub-app-price-date-specs

 

• Proptech startup Predium raises €1.6m in round pre-seed round led by both Partners and 2bX http://www.privateequitywire.co.uk/2022/05/23/314739/proptech-startup-predium-raises-eu16m-round-pre-seed-round-led-btov-partners-and

 

• Spaceti Receives New Funding to Accelerate European and American Growth and Expand to the Middle East  https://finance.yahoo.com/news/spaceti-receives-funding-accelerate-european-075500675.html

 

• Prague’s tenant experience platform Spaceflow houses in €8 million – Tech.eu https://tech.eu/2022/05/23/pragues-tenant-experience-platform-houses-in-eur8-million/

 

• Good Proptech Tools Should Serve Revenue—Not Hype https://www.forbes.com/sites/forbesbusinesscouncil/2022/05/24/good-proptech-tools-should-serve-revenue-not-hype/

 

• Shaping ESG through proptech: What is the role of data as an ESG enabler? How is proptech impacting ESG strategies?  https://www.shoosmiths.co.uk/insights/investing-in-tomorrow-esg/shaping-esg-through-proptech

 

• How Proptech Can Help Put the S and G in ESG https://www.multihousingnews.com/how-proptech-can-help-put-the-s-and-g-in-esg/

 

• Upflex becomes latest proptech to announce funding  | propertyEU https://propertyeu.info/Nieuws/Upflex-becomes-latest-proptech-to-announce-funding-round/b15ae377-74dc-465c-b468-d4124748cf4b

 

• Roofstock founder closes on $90M fund to back early-stage proptech startups  https://techcrunch.com/2022/05/26/roofstock-founder-closes-on-90m-venture-fund-to-back-early-stage-proptech-startups/

 

• Fintech startup and alternative credit asset manager Viola Credit has closed its latest $700 million fund, which provides asset-based lending capital to fintech, proptech and insurtech startups.  https://techcrunch.com/2022/05/26/viola-credit-closes-700m-fund-to-provide-asset-based-lending-fintech-startups/

 

• PropTech Driving Global Real Estate Market Growth to $5.85 Trillion by 2030  https://www.einnews.com/pr_news/573907265/proptech-driving-global-real-estate-market-growth-to-5-85-trillion-by-2030

 

• Seattle startup JetClosing, which launched in 2016 to digitize home closing process, is shutting down https://www.geekwire.com/2022/seattle-startup-jetclosing-which-launched-in-2016-to-digitize-home-closing-process-is-shutting-down/

 

• Aurum Proptech to acquire data analytics firm Careersocially https://www.devdiscourse.com/article/business/2051618-aurum-proptech-to-acquire-data-analytics-firm-careersocially-for-up-to-rs-45-cr 

 

RESIDENTIAL PROPERTY NEWS (including PRS)

• ECB warns a house price correction is looming as interest rates rise: Move seen posing greater risks for low-income households  https://www.irishtimes.com/business/economy/2022/05/25/ecb-warns-a-house-price-correction-is-looming-as-interest-rates-rise/

 

• More than half of renting households availing of rent subsidies – Reliance on housing support bigger than expected, ESRI report finds https://www.irishtimes.com/business/economy/2022/05/26/more-than-half-of-renting-households-availing-of-rent-subsidies/

 

• Changes to make HAP rent scheme fairer are halted due to cost of living crisis: Darragh O’Brien, the Minister for Housing, has confirmed to other TDs that he has postponed the new national rent scheme indefinitely  https://www.businesspost.ie/politics/changes-to-make-hap-rent-scheme-fairer-are-halted-due-to-cost-of-living-crisis/

 

• Almost 80 percent of young renters say they’re worried about keeping a roof over their head due to low supply and high prices.  https://midwestradio.ie/index.php/news/57809-new-poll-shows-housing-fears-among-young-renters-in-connacht

 

• Rent crisis: 1,000 people view Cork city home available for €2,750 a month: Letting agents struggle to cope with demand as report finds number of private renters relying on State supports has doubled since 1994  https://www.irishexaminer.com/news/munster/rent-crisis-1000-people-view-cork-city-home-available-for-2750-a-month_arid-40881341.html

 

• Tax on some 137,000 vacant homes to be recommended by Oireachtas committee: Zoned land tax should be raised beyond planned 3% rate, new report to recommend https://www.irishtimes.com/news/politics/tax-on-some-137-000-vacant-homes-to-be-recommended-by-oireachtas-committee-1.4885424 Also: Support for vacant property tax despite ‘murmurings’ on efficacy: Government figures, including Taoiseach, have queried the extent of vacancy in the State  https://www.irishtimes.com/news/politics/support-for-vacant-property-tax-despite-murmurings-on-efficacy-1.4887075

 

• Irish Examiner view: Home is where the heart is but it’s still not affordable – Reports indicate little chance of another housing bubble but people are still struggling to find somewhere to live  https://www.irishexaminer.com/opinion/ourview/arid-40882457.html

 

• Borrowers now need higher incomes to qualify for a mortgage than they did during the Celtic Tiger property boom: The typical household income of first-time buyers has shot up to €77,000 a year which is much higher than during the property bubble years.  https://m.independent.ie/business/personal-finance/property-mortgages/borrowers-need-bigger-incomes-to-buy-homes-than-during-boom-era-41681203.html

 

• Strong support for Central Bank lending rules to be changed, Red C poll shows: Eighty-five per cent of those polled want to reduce the size of deposits for first-time buyers if they can prove they can meet the monthly repayments  https://www.businesspost.ie/politics/strong-support-for-central-bank-lending-rules-to-be-changed-red-c-poll-shows/

 

• KBC customers advised to consider switching before Bank of Ireland takeover is finalised https://m.independent.ie/business/personal-finance/property-mortgages/kbc-customers-advised-to-consider-switching-before-bank-of-ireland-takeover-is-finalised-41682724.html

 

• Game changers: mortgage market upheaval as customers rush to find a new bank: Alternative lenders hope to score after two key players leave the banking field  https://www.thetimes.co.uk/article/game-changers-mortgage-market-upheaval-banking-ireland-9838j38j9

 

• Rent Pressure Zones now a firmly established national policy: Landlords are still bound by the regulations regarding homes in RPZs, which prevent rents from rising by more than 2% per annum https://www.irishexaminer.com/property/planning/arid-40876595.html

 

• Housing minister to further restrict short-term house and apartment lettings: The minister said it is “not sustainable” to have “multiples of short terms lets versus long terms in all our major cities”. https://www.thejournal.ie/housing-short-term-lettings-restrictions-5771498-May2022/ Also: Ó Broin and O’Brien in war of words as Airbnb rejects recent claims about rental supply – A Sinn Féin bill this week would require online platforms to only advertise properties that are compliant.  https://www.thejournal.ie/airbnb-rentals-5772635-May2022/?amp=1 

 

• Short-term letting dominating tourist towns, leaving people with nowhere to live: The system has been blasted as “upside-down”.  https://www.irishexaminer.com/news/munster/arid-40883399.html

 

• Block of build-to-rent apartments and two restaurants at Dublin’s Grand Canal Dock is set to come to market for €130 million — a record for developments of this size  https://www.thetimes.co.uk/article/dublin-build-to-rent-site-set-for-record-sale-8pvvddxsc

 

• 20 apartments above Macroom Dunnes Stores remain empty – even during a housing shortage  https://m.independent.ie/regionals/corkman/news/20-apartments-above-macroom-dunnes-stores-remain-empty-even-during-a-housing-shortage-41688951.html

 

• Block management – a well-regulated sector: “There’s a lot of work involved in managing a complex, such as working out the budgets, finding the best prices, collecting the money… a lot of it is quite detailed and mandatory”  https://www.irishexaminer.com/property/planning/arid-40876622.html

 

• Rent for Cork City’s first cost-rental apartment scheme will be almost €1,000 per month  https://www.irishexaminer.com/news/munster/rent-for-cork-citys-first-cost-rental-apartment-scheme-will-be-almost-1000-per-month_arid-40881173.html

 

• Housing shortages still the major hurdle in Cork: Today, there are less than 1,000 homes officially available to let nationwide https://www.irishexaminer.com/property/planning/arid-40876658.html

 

• THERE are no immediate plans in place to deal with the “anomaly” that currently leaves 1,200 renters in the Carrigaline area unprotected from massive rent hikes.  https://www.echolive.ie/corknews/arid-40882316.html

 

• Home Truths – the 10 biggest mistakes vendors make when selling their homes https://m.independent.ie/life/home-garden/homes/home-truths-the-10-biggest-mistakes-vendors-make-when-selling-their-homes-41693432.html

 

• Sisters taking property business to new heights: “Dad has retired from the business, so we are running it ourselves now, but Dad is always on hand to help where his experience is needed”  https://www.irishexaminer.com/business/companies/arid-40877432.html

 

• A home of distinction with sea views in Sandycove: No 1 Bayswater Terrace, an elegant 19th-century house with a colourful past, has come down in price from €2.75 million to €2.5 million  https://www.businesspost.ie/property/a-home-of-distinction-with-sea-views-in-sandycove/

 

• Locals bridle at showjumper’s mansion: Residents are calling for a halt to the half-built house of Samir Mirdad, a former FAI consultant and adviser to royalty  https://www.thetimes.co.uk/article/locals-bridle-at-showjumpers-mansion-03m2bpn9r

 

 

COMMERCIAL PROPERTY NEWS

• Private Irish investor acquires 47 Merrion Square for €5.69m: Sale of 12 & 13 Fitzwilliam Place expected to see similar interest at €6.5m guide price  https://www.irishtimes.com/business/commercial-property/private-irish-investor-acquires-47-merrion-square-for-5-69m-1.4882879

 

• Space is the place as Huckletree goes from strength to strength: The co-working space provider, led by Andrew Lynch, got off to a shaky start but now has seven British sites to add to its Irish hub on Pearse Street in Dublin  https://www.businesspost.ie/property/space-is-the-place-as-huckletree-goes-from-strength-to-strength/ (pictured) 

 

• Mixed-use development in Swords on offer for €17.25m: The two four-storey multi-let buildings at Airside Business Park are for sale through joint agents Colliers and McPeake Auctioneers  https://www.businesspost.ie/property/mixed-use-development-in-swords-on-offer-for-e17-25m/

 

• Australian firm Arrow aims for last-mile delivery logistics: The real estate investor’s SIRE venture is set to invest €200 million in industrial and logistics properties in Ireland in the next year https://www.businesspost.ie/property/australian-firm-arrow-aims-for-last-mile-delivery-logistics/

 

• €3m sought for seven modern warehouse units near Drogheda: The high-spec units rented by established businesses are located 25 minutes from the M50 and Dublin Airport, between the M1 and Drogheda town centre  https://www.businesspost.ie/property/e3m-sought-for-seven-modern-warehouse-units-near-drogheda/

 

• Kimmage pub comes to market for €1.75 million: The popular, long-established KCR House has been under the same owner since October 2000, and is being offered with vacant possession  https://www.businesspost.ie/property/kimmage-pub-comes-to-market-for-e1-75-million/

 

• Apple to significantly expand operations in Cork with new offices for up to 1,300 workers: The company has operated from Cork for more than 40 years and currently employs 6,000 people at offices in Hollyhill, Lavitt’s Quay and Horgan’s Quay  https://www.irishexaminer.com/business/companies/apple-to-significantly-expand-operations-in-cork-with-new-offices-for-up-to-1300-workers_arid-40879796.html

 

• Office investment up for grabs in Cork for €3.3m: Building 4700 at Cork Airport Business Park is a modern detached two-storey, third generation office block in a high-profile location https://www.businesspost.ie/property/office-investment-up-for-grabs-in-cork-for-e3-3m/

 

• Restaurants for sale – Hospitality Ireland Publications | Hospitality Ireland https://www.hospitalityireland.com/amp/restaurant/two-irish-food-venues-hit-the-market-175031

 

• Hotels for sale – Hospitality Ireland Publications | Hospitality Ireland https://www.hospitalityireland.com/amp/hotel/three-irish-hotels-hit-the-market-175015

 

• Eurospar operator invests €2m in green overhaul of Irish stores: Furey Smyth Group estimates it will take no more than seven years to achieve a return on its investment through energy savings from solar panels and ultra-efficient fridges  https://www.businesspost.ie/news/eurospar-operator-invests-e2m-in-green-overhaul-of-irish-stores/

 

• Old Mill in Tralee put on the market  https://www.radiokerry.ie/amp/news/old-mill-in-tralee-put-on-the-market-282509

 

• Top CBRE researcher to join Iput: A globally respected expert on Irish real estate, Marie Hunt will be responsible for the office and logistics group’s thought leadership strategy  https://www.businesspost.ie/property/top-cbre-researcher-to-join-iput/

 

 

• Davos: Working from home can poison office relations because communicating virtually requires far more empathy than meeting a person in real life, according to the chief executive of the real estate group Jones Lang LaSalle Inc.  https://www.bloomberg.com/news/articles/2022-05-26/zimbabwe-not-in-panic-mode-over-inflation-surge-davos-update

 

 

 

INTERNATIONAL PROPERTY NEWS

• Camden Highline, London’s New Park in the Sky, Is Submitted for Planning https://www.archdaily.com/982286/camden-highline-londons-new-park-in-the-sky-is-submitted-for-planning

 

• Jamie Dunne: All change for public procurement rules – the Procurement Bill 2022 https://www.scottishconstructionnow.com/articles/jamie-dunne-all-change-for-public-procurement-rules-the-procurement-bill-2022

 

• Tourists to south-west England urged to check if rental affects housing crisis: Calls for ‘ethical consideration’ of short-term lets as 3,000 second homes registered in south-west in pandemic  https://www.theguardian.com/money/2022/may/27/tourists-south-west-england-urged-check-if-rental-affects-housing-crisis

 

• Concrete Estates: The Legacy of Soviet-Era Housing https://www.archdaily.com/981407/concrete-estates-the-legacy-of-soviet-era-housing

 

• Eurozone house prices are set for a correction as interest rates start to rise in response to higher inflation, posing greater risks for low-income households, the European Central Bank has warned. https://www.ft.com/content/4ca7ff91-35bc-428e-8690-e3617afab47c

 

• The US housing market just slid into a full-blown correction, says top economist Mark Zandi: Housing demand is pulling back—fast—and the chief economist for Moody’s Analytics has seen enough: “The housing market has peaked.”  https://fortune.com/2022/05/27/housing-market-correction-peak-mark-zandi-moodys-home-prices-outlook/amp/

 

• Australia’s housing boom to deflate as mortgage rates rise https://www.reuters.com/markets/rates-bonds/australias-housing-boom-deflate-mortgage-rates-rise-2022-05-26/

 

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/