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:
- You can now only afford to be single in Cavan, Donegal, Leitrim, Longford, Mayo, Roscommon or Sligo… ‘Singles On Typical Incomes Can Only Afford Houses In 7 Counties’ https://www.spin1038.com/news-and-sport/singles-on-typical-incomes-can-only-afford-houses-in-7-counties-1191474
- Capital gains tax ‘holiday’ costs Revenue €113m https://www.thetimes.co.uk/article/capital-gains-tax-holiday-ireland-revenue-cost-latest-qlpk3zmqv
- Give me a crash course in… bulk buying of housing https://www.irishtimes.com/news/ireland/irish-news/give-me-a-crash-course-in-bulk-buying-of-housing-1.4557553?mode=amp
- Affordable Housing Bill: Richard Curran: Listen and you can hear the rising political panic around the housing crisis https://m.independent.ie/business/irish/listen-and-you-can-hear-the-rising-political-panic-aroundthe-housing-crisis-40392000.html
- ‘Celtic Tiger poised to reawaken’: Irish housing market predicted to outstrip global trends: Economist study forecasts another two years of growth in Ireland’s house prices https://www.irishtimes.com/life-and-style/homes-and-property/celtic-tiger-poised-to-reawaken-irish-housing-market-predicted-to-outstrip-global-trends-1.4556006?mode=amp
- Never mind critics: shared-equity scheme can help affordable housing: Proposal has been subjected to a feeding frenzy of misplaced criticism https://www.irishtimes.com/business/construction/never-mind-critics-shared-equity-scheme-can-help-affordable-housing-1.4548146?mode=amp
- Government warned about shared-equity scheme prior to budget https://www.irishtimes.com/business/economy/government-warned-about-shared-equity-scheme-prior-to-budget-1.4555428?mode=amp
- Minister signals Coalition may shelve divisive housing scheme: A Minister of State has suggested privately that the Government may replace a controversial fast-track planning system for large housing developments when it lapses next year. Minister of State for Planning Peter Burke said in a letter last week to Independent Senator Victor Boyhan that new laws were being prepared to replace the strategic housing development (SHD) scheme. https://www.irishtimes.com/news/ireland/irish-news/minister-signals-coalition-may-shelve-divisive-housing-scheme-1.4554435?mode=amp
- O’Brien needs to act to make sure Mullen Park does not happen again.Minister for Housing will not want to scare off property investment funds entirely but he must find a way to redress the balance so that home ownership is not out of reach for many https://www.businesspost.ie/houses/analysis-obrien-needs-to-act-to-make-sure-mullen-park-does-not-happen-again-and-again-c7bb6a29
- Government moves to stop property investment companies buying up estates: It is now estimated there will be as few as 12,000 house completions this year https://www.irishtimes.com/news/politics/government-moves-to-stop-property-investment-companies-buying-up-estates-1.4557022?mode=amp
- Ireland’s broken housing and banking markets were outsourced to the INSTITUTIONAL FUNDS [incorrect terminology removed] https://www.irishexaminer.com/opinion/commentanalysis/arid-40284260.html?type=amp
- Irish Institutional Property (IIP) has argued that institutional investors are “part of the solution, not part of the problem” to solving the housing crisis in Ireland https://www.thejournal.ie/investor-funds-housing-crisis-5431560-May2021/?amp=1 Also, IIP supports idea of houses being allocated to FTBs https://amp.rte.ie/amp/1217552/
- Newton Emerson: amount of money trying to get into property is doomed to swamp supply – Investors, landlords and owner-occupiers may all wish they had shared when they had the chance https://www.irishtimes.com/opinion/newton-emerson-amount-of-money-trying-to-get-into-property-is-doomed-to-swamp-supply-1.4556313?mode=amp
- Government asks AG about legality of ban on housing estate bulk-buys: Darragh O’Brien says tax treatment of investment funds was long-term resolution https://www.irishtimes.com/news/politics/government-asks-ag-about-legality-of-ban-on-housing-estate-bulk-buys-1.4557088?mode=amp
- And to round off a week of anti-institutional investor sentiment from the media and politicians… Housing Minister Darragh O’Brien Was An Early Investor In [INSTITUTIONAL – incorrect terminology removed] Funds https://extra.ie/2021/05/09/news/irish-news/housing-minister-darragh-obrien-was-an-early-investor-in-so-called-cuckoo-funds/amp
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 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
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.
On #PropertyMatters iPropertyRadio.com this week we are joined by Rosie Webb, Senior Architect at Limerick City and County Council and Head of Urban Innovation, and by Keith Ryan Co-founder and CEO of ScanQuo Ltd to discuss revitalising Limerick, urban innovation, ScanQuo’s global benchmarking ambitions and more…
Watch back part 1: https://youtu.be/RT6HsJVcYXk
Watch back part 2: https://youtu.be/uBw9x5r-Ysg
*Listen back to all shows at: https://ipropertyradio.com/property-matters/
Email the Property Matters team at info@propertydistrict.ie
PLACEMAKING
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- We must tackle NIMBY attitude to housing https://www.echolive.ie/corkviews/arid-40279925.html?type=amp
- New fund to tackle dereliction in rural towns and villages https://www-irishexaminer-com.cdn.ampproject.org/c/s/www.irishexaminer.com/news/politics/arid-40279661.html?type=amp
- New rural housing guidelines face further delay until later this year https://www.thetimes.co.uk/article/new-rural-housing-guidelines-face-further-delay-until-later-this-year-zgtc6kf8q
- Challenge over proposed apartments on site of former home of 1916 leader opens in High Court. The site includes the demolished former home of the 1916 Rising leader Michael Joseph O’Rahilly.https://www.thejournal.ie/the-o-rahilly-herbert-park-high-court-challenge-5428264-May2021/
- Rift opens in Moore Street group tasked with vision for historic locality: ‘Legal status’ of Moore Street Preservation Trust emerges as pressing cause for concern https://www.irishtimes.com/news/ireland/irish-news/rift-opens-in-moore-street-group-tasked-with-vision-for-historic-locality-1.4553753?mode=amp
- A very different future for Grand Canal Harbour: Work recommences on site to develop over 500 apartments, shops and services on the site of the historic canal harbour (image above) https://libertiesdublin.ie/a-very-different-future-for-grand-canal-harbour/
- A Turn for the Better – Frank McNally on the view from one of Dublin’s most dramatic corners https://www.irishtimes.com/opinion/a-turn-for-the-better-frank-mcnally-on-the-view-from-one-of-dublin-s-most-dramatic-corners-1.4558629?mode=amp
- Dublin city centre pedestrian scheme to start this month: Areas around Grafton Street will become car-free to allow outdoor dining https://www.irishtimes.com/news/environment/dublin-city-centre-pedestrian-scheme-to-start-this-month-1.4557138?mode=amp
- Plans underway to link South Dublin and Wicklow villages with new footpath https://www.dublinlive.ie/news/dublin-news/plans-underway-link-kilternan-south-20534209
- Plans unveiled for major redevelopment of Galway Harbour https://galwaybayfm.ie/galway-bay-fm-news-desk/plans-unveiled-for-major-redevelopment-of-galway-harbour/
- Debate over future of Georgian cellars uncovered in Limerick city https://www.live95fm.ie/news/live95-news/debate-over-future-of-georgian-cellars-uncovered-in-limerick-city/
- More houses planned for Gleann Riada development | Shannonside.ie https://www.shannonside.ie/news/more-houses-planned-for-gleann-riada-development-181180
- Ten things that living abroad has taught me about Ireland https://www.irishtimes.com/life-and-style/abroad/working-abroad/ten-things-that-living-abroad-has-taught-me-about-ireland-1.4548069?mode=amp
*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
- Big drop-off in home completions after Covid-19 curbs https://amp.rte.ie/amp/1214127/
- Property funds outbid housing bodies by ‘up to €80k per home’: “I’ve been really clear with local authorities that I don’t want them competing with affordable housing bodies. They’re delivery partners,” according to Housing Minister https://www.businesspost.ie/houses/property-funds-outbid-housing-bodies-by-up-to-eur80k-per-home-cae507dc?auth=login
- Refuse Johnny Ronan docklands scheme, council planners say: Impact on sunlight/daylight for residents and road network among reasons listed by DCC https://www.irishtimes.com/business/construction/refuse-johnny-ronan-docklands-scheme-council-planners-say-1.4555279?mode=amp
- Marlet agrees €147m financing deal with AIG for Dublin 8 apartments: Grand Canal Harbour is part of 2,000-unit Castle portfolio seeking in excess of €1bn https://www.irishtimes.com/business/commercial-property/marlet-agrees-147m-financing-deal-with-aig-for-dublin-8-apartments-1.4555125?mode=amp
- High Court again overturns permission for 657 apartments in north Dublin: Judgement is latest setback for controversial development proposal https://www.irishtimes.com/news/crime-and-law/courts/high-court/high-court-again-overturns-permission-for-657-apartments-in-north-dublin-1.4558348?mode=amp
- British group Arora to spend €100m building 410-bedroom hotel at Dublin Airport: Project will employ 550 people between construction and running the hotel https://www.irishtimes.com/business/transport-and-tourism/british-group-arora-to-spend-100m-building-410-bedroom-hotel-at-dublin-airport-1.4557690?mode=amp
- Opus Dei charity planning multimillion-euro apartments scheme in south Dublin: Glenavy Educational Foundation eyes development of 4.67-acre site at Nullamore House https://www.irishtimes.com/news/ireland/irish-news/opus-dei-charity-planning-multimillion-euro-apartments-scheme-in-south-dublin-1.4558780?mode=amp
- ABP gives approval to seven-block apartment complex in Carrickmines https://dublinpeople.com/news/southside/articles/2021/05/07/abp-gives-approval-to-seven-block-apartment-complex-in-carrickmines/
- Plans for 29,000 houses in Cork amid fears of property lockout https://www.irishexaminer.com/news/munster/arid-40279817.html
- Almost 3,000 student beds in the works for Cork city https://www.irishexaminer.com/property/developmentconstruction/arid-40284152.html
- Cork development site offers potential for 249 new homes https://m.independent.ie/business/commercial-property/cork-development-site-offers-potential-for-249-new-homes-40392189.html
- Green light for housing development at site of former Cork pub https://www.echolive.ie/corknews/arid-40280630.html
- Decision due in the next fortnight on plans for over 40 residential units in Oranhill https://galwaybayfm.ie/galway-bay-fm-news-desk/decision-due-in-the-next-fortnight-on-plans-for-over-40-residential-units-in-oranhill/
- Green light for Primary Care Centre in Oranmore – #Galway https://galwaybayfm.ie/galway-bay-fm-news-desk/green-light-for-primary-care-centre-in-oranmore/
- New plans to build homes on Kilkenny site where controversial development was rejected https://kilkennynow.ie/new-houses-planned-for-kilkenny-site-bord-pleanala-refused-120-homes-development-last-year/
- Planned development could see 77 new homes for Kilkenny: Ormonde Homes Limited are seeking permission to build the project in Poulgour https://kclr96fm.com/planned-development-could-see-77-new-homes-for-kilkenny/
- Six-storey apartment and retail building approved: A LANDMARK development which would change the face of Navan on the southern side of the river Blackwater has been giving the go-ahead by planners at Meath County Council. https://www.meathchronicle.ie/2021/05/06/six-storey-apartment-and-retail-building-approved/
- Amazon submits plans for second data center in Drogheda, Ireland https://www.datacenterdynamics.com/en/news/amazon-submits-plans-for-second-data-center-in-drogheda-ireland/
- What’s planned for your area: CARLOW Co Council received 15 planning applications between 30 April and 6 May. https://carlow-nationalist.ie/2021/05/07/whats-planned-for-your-area-41/
- Portuguese finalist for the Irish Architecture Award https://swordstoday.ie/portuguese-finalist-for-the-irish-architecture-award/
- Former millionaire developer is third man charged over €200,000 property registration fraud https://m.independent.ie/irish-news/courts/former-millionaire-developer-is-third-man-charged-over-200000property-registration-fraud-40400017.html
- UK construction giant Balfour Beatty preparing to exit Irish market: Firm to withdraw from the building, civil engineering and gas markets in Ireland https://m.independent.ie/business/irish/uk-construction-giant-balfour-beatty-preparingto-exit-irish-market-40391089.html
- EDF Renewables Ireland begins solar farms construction https://amp.rte.ie/amp/1213089/
- Pure Fitout plans €3.1m investment in new business https://www.irishtimes.com/business/construction/pure-fitout-plans-3-1m-investment-in-new-business-1.4554397?mode=amp
- ‘Cost of building our house has risen by 30% in a year’ https://amp.rte.ie/amp/1217765/
PROPTECH, MMC & CONSTRUCTION INNOVATION
- Proptech Ireland is updating the database of 2021 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 *
- Green cement company Ecocem has announced the completion of a €22.5m equity investment by Breakthrough Energy Ventures (BEV) and Breakthrough Energy Ventures-Europe (BEV-E) https://constructionnews.ie/ecocem-raises-e22-5m-in-equity-investment/
- Could 3D-Printed Homes Be Ireland’s Housing Crisis Solution? https://extra.ie/2021/05/05/business/property/3d-printed-homes-housing-crisis/amp
- Watch: what is the future of lettings sector PropTech? https://www.estateagenttoday.co.uk/features/2021/5/watch-what-is-the-future-of-lettings-sector-proptech
- PropTech update – boosting homebuilding and revamped deposit service https://www.propertyinvestortoday.co.uk/breaking-news/2021/5/proptech-update–boosting-homebuilding-and-revamped-deposit-service
- Can Robert’s Rummage4 deliver on its revolutionary promise? The long-awaited game-changer property search platform is live after years of development. We profile its colourful creator Robert May. https://thenegotiator.co.uk/robert-may-rummage4/
- How does Europe’s VC scene compare to that in the US? | Sifted https://sifted.eu/articles/europe-us-vc/
- Germany PropTech Market is changing construction industry trends by 2025 https://ksusentinel.com/2021/05/05/germany-proptech-market-is-changing-construction-industry-trends-by-2025-alphapenta-betterhomes-ag-bottimmo-ag-hausgold-homeday/
- Aldar picks first start-ups to develop the UAE’s PropTech ambitions: Abu Dhabi developer picks German, Finnish and British firms to participate in Aldar Scale Up accelerator programme https://www.arabianbusiness.com/real-estate/463096-aldar-picks-first-start-ups-to-develop-proptech-in-the-uae
- Zoned Properties Expands Real Estate Services with PropTech Data Projects | Business Wire https://www.businesswire.com/news/home/20210507005052/en/Zoned-Properties-Expands-Real-Estate-Services-with-PropTech-Data-Projects
- Proptech Firm TenantBase Hires Ex-Cresa CEO Jim Underhill https://www.businessinsider.com/tenantbase-hires-jim-underhill-cresa-ceo-commercial-real-estate-proptech-2021-5?r=US&IR=T
- $RNB Token Was Launched By Potential Unicorn Rentible.io, A Next-Gen Crypto Rental Platform – Influencive https://www.influencive.com/rnb-token-was-launched-by-potential-unicorn-rentible-io-a-next-gen-crypto-rental-platform/
RESIDENTIAL PROPERTY NEWS (including PRS)
- Renter? Buyer? Owner? Sharer? TheJournal.ie wants to know your housing story https://www.thejournal.ie/tell-us-your-housing-story-5429792-May2021/
- Choice dwindles further in the mortgage market https://www.irishexaminer.com/business/economy/arid-40284023.html?type=amp
- Housing Minister does not approve of international investors buying housing estates in bulk and has introduced a Bill to provide for 30% in private development to be limited to purchase by first-time buyers only https://www.rte.ie/news/2021/0504/1213571-politics/
- Investment funds now spending €53m on homes here every week – €696m in housing snapped up by investors this year https://m.independent.ie/business/personal-finance/property-mortgages/cuckoo-funds-now-spending-53m-on-homes-here-every-week-40396197.html
- Real estate firm collecting nearly $1,000 more in average rent here than in United State: Kennedy Wilson, which has 2,067 rental units in Ireland, plans to build more than 4,000 more here up to 2024 https://www.businesspost.ie/houses/real-estate-firm-collecting-nearly-1000-more-in-average-rent-here-than-in-united-states-6d8fc786
- Affordable housing plan imposes regional price caps, with €500,000 limit on Dublin flat https://www.irishtimes.com/news/politics/affordable-housing-plan-imposes-regional-price-caps-with-500-000-limit-on-dublin-flat-1.4555462?mode=amp
- Adding second-hand homes to the affordable housing scheme in Ireland would allow single people to benefit https://www.thetimes.co.uk/article/adding-second-hand-homes-affordable-housing-scheme-ireland-fkj237zgd
- Investment firms buy estate of 112 new houses in Dublin to rent out: Bay Meadows in Dublin 15 was purchased by Round Hill Capital and SFO Capital Partners https://www.irishtimes.com/news/politics/investment-firms-buy-estate-of-112-new-houses-in-dublin-to-rent-out-1.4554949?mode=amp
- Investment funds are becoming bigger property players in Dublin suburbs: Government examining ways of limiting the scale of bulk purchases by such entities https://www.irishtimes.com/news/social-affairs/investment-funds-are-becoming-bigger-property-players-in-dublin-suburbs-1.4558775?mode=amp
- Nearly half of first-time buyers turned down for State-backed home loan scheme https://www.irishexaminer.com/news/politics/arid-40283183.html?type=amp
- What supports are available for first-time buyers? https://amp.rte.ie/amp/1217778/
- Agenda: Shared equity scheme cynics have lost the plot https://www.thetimes.co.uk/article/agenda-shared-equity-scheme-cynics-3kc60s396
- ‘Price fixing’ investigation to be carried out in rental sector: Investigation to take place following a Business Post report that showed landlords are using ‘incentivised rates’ that can mask a decline in rents https://www.businesspost.ie/houses/price-fixing-investigation-to-be-carried-out-in-rental-sector-ac4fbe6a
- Stick or switch? What to do with your mortgage https://www.irishtimes.com/business/personal-finance/stick-or-switch-what-to-do-with-your-mortgage-1.4552261?mode=amp
- Tenants face jail after refusing to leave rented homes: Pepper Finance to tell court that 12 households have no legal right to remain in situ https://www.irishtimes.com/news/social-affairs/tenants-face-jail-after-refusing-to-leave-rented-homes-1.4554424?mode=amp
- ‘Bank of mum and dad’ is propping up south Dublin housing market: There is panic in the market as parents raid pension pots and lifetime savings funds to help children on the property ladder https://m.independent.ie/irish-news/bank-of-mum-and-dad-is-propping-up-south-dublin-housing-market-40403979.html
- Celtic Tiger legacy: Thousands still face hefty bills for estate upkeep https://www.irishexaminer.com/news/arid-40280003.html
- Demand for holiday homes soars as travel restrictions ease https://www.limerickleader.ie/news/home/630682/demand-for-holiday-homes-soars-as-travel-restrictions-ease.html
- These IKEA greenhouse cabinets are taking over Instagram – everything you need to know about the stylish trend https://www.livingetc.com/news/IKEA-greenhouse-cabinet-stylish-indoor-jungle
- What state are Ireland’s 62,000 holiday homes in post-lockdown? https://www.irishtimes.com/life-and-style/homes-and-property/interiors/what-state-are-ireland-s-62-000-holiday-homes-in-post-lockdown-1.4555185?mode=amp
- Company directors jailed for failing to transfer proceeds of property sales | BreakingNews.ie https://www.breakingnews.ie/amp/business/company-directors-jailed-for-failing-to-transfer-proceeds-of-property-sales-1123398.html
COMMERCIAL PROPERTY NEWS
- Surveyors expect office and retail rents and values to fall: Footfall in Dublin’s city centre has decreased dramatically since Covid-19. The office and retail sectors are expected to see falls in both rents and capital values during the year. https://m.independent.ie/business/commercial-property/surveyors-expect-office-and-retail-rents-and-values-to-fall-40392212.html
- PwC Dublin docklands headquarters being readied for €265m sale: Middle Eastern investors paid record €242m to acquire One Spencer Dock offices in 2016 https://www.irishtimes.com/business/commercial-property/pwc-dublin-docklands-headquarters-being-readied-for-265m-sale-1.4555201?mode=amp
- Donnybrook House comes to the market seeking €27m https://www.irishtimes.com/business/commercial-property/donnybrook-house-comes-to-the-market-seeking-27m-1.4555151?mode=amp
- Moxy hotel in Dublin sold for €35m in first major sale in sector since pandemic: Property was sold by the Spitzer family’s Midwest Holding group to MHL Hotel Collection https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/moxy-hotel-in-dublin-sold-for-35m-in-first-major-sale-in-sector-since-pandemic-1.4558186?mode=amp
- Liffey Valley €135m expansion ‘wholly unsustainable’ – rival group: Consultants for The Square claim plan is based on ‘outdated 1980s-style mall template’ https://www.irishtimes.com/business/retail-and-services/liffey-valley-135m-expansion-wholly-unsustainable-rival-group-1.4557602?mode=amp
- Iconic stays flexible to survive pandemic: Joe McGinley believes his office space provider is primed to adapt to changes in the sector https://www.thetimes.co.uk/article/iconic-stays-flexible-to-survive-pandemic-8xlnbmv3w
- Southern comfort as Cork market heats up: A wave of recent planning grants and a rise in occupational activity has led to a flurry of activity in Cork’s commercial market https://www.businesspost.ie/commercial/southern-comfort-as-cork-market-heats-up-af435588
- New ‘flexible’ office spaces opening in prime Cork location this week https://www.corkbeo.ie/news/local-news/new-flexible-office-spaces-opening-20527431
- Galway city office and apartment investment seeks €6.5m: Merchants Square generates €372k rental income and has full planning for extra floor https://www.irishtimes.com/business/commercial-property/galway-city-office-and-apartment-investment-seeks-6-5m-1.4552513?mode=amp
- QRE appoints five new surveyors: The experienced hires will add a ‘new dynamic’ to the company, which provides advice, valuation and asset management services to the commercial real estate sector https://www.businesspost.ie/commercial/qre-appoints-five-new-surveyors-57733ca9
- Eithne O’Neill joins team at TWM as director: The experience valuer has been appointed to the professional services team of the commercial property advisers https://www.businesspost.ie/commercial/eithne-oneill-joins-team-at-twm-as-director-f848bfb0
INTERNATIONAL PROPERTY NEWS
- Over 1m homes in England with planning permission not built https://www.theguardian.com/society/2021/may/08/over-1m-homes-in-england-with-planning-permission-not-built
- Office Tours Spike 28% As CRE Gears Up For Labor Day Return To The Office https://www.bisnow.com/national/news/office/more-tours-office-interest-leasing-activity-wait-til-labor-day-108726
FACEBOOK GROUP FOR IRISH PROPERTY BUYERS & INVESTORS
Crowd-sourcing answers topical property questions:
Irish Property Buyers Handbook annualsAs 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/