The broadsheets are dominated by rugby coverage today, well done to the Irish team – Green really IS the new black!
If you missed last week’s Sunday Property Round-Up, which was packed with industry and proptech news, you can catch up here: https://propertydistrict.ie/sunday-property-round-up-november-11th-2018/
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!)
Sunday Read – NIMBY
Last week I wrote about how NIMBY-ism continues to be an issue with Pat Kenny’s objection to Bartra’s (Richard Barrett) latest project in Dalkey (read more here: https://propertydistrict.ie/sunday-property-round-up-november-11th-2018/).
Samantha McCaughren, writing in the business section of the Sunday Independent reports that this particular development now has 18 members of the community opposing it. This article suggests that the true cost of these objections could be as high as 10% of the site value, or €300,000 (€11,500 per home).
Alternative development funder Lotus Investment Group also wrote about this earlier this week:
Small Steps Towards the Big Picture: http://www.lotusig.com/irish-property-market-pulse-issue-69/
*As mentioned last week, PLACEengage, a transformative new placemaking platform (or digital ‘town hall’!) to reduce costly objections was launched at CitA Tech Live in Croke Park, watch here:
Trending Story – Rising Rents
- No slowdown in sight as rents are now 30% up on Celtic Tiger highs https://www.irishtimes.com/business/economy/no-slowdown-in-sight-as-rents-are-now-30-up-on-celtic-tiger-highs-1.3694876?mode=amp
- Have rent controls actually been bad for tenants? https://www.irishtimes.com/business/economy/have-rent-controls-actually-been-bad-for-tenants-1.3695540?mode=amp
- I joined Ciara Kelly on Newstalk’s Lunch Live to discuss the implications of this: https://www.newstalk.com/listen_back/104968/49112/12th_November_2018_-_Lunchtime_Live_Part_2/
Other Property News
- ‘It will be like living on the M50’ – residents set to lose gardens to bus lanes struggle to see beyond the negatives https://www.independent.ie/irish-news/news/it-will-be-like-living-on-the-m50-residents-set-to-lose-gardens-to-bus-lanes-struggle-to-see-beyond-the-negatives-37530419.html
- Fewer than 20 local authority home loans taken in cities https://amp.independent.ie/business/personal-finance/property-mortgages/fewer-than-20-local-authority-home-loans-taken-in-cities-37517775.html
- Dublin city centre flats complexes to be demolished to allow for ‘decent modern accommodation’ https://www.irishtimes.com/culture/heritage/dublin-city-centre-flats-complexes-to-be-demolished-to-allow-for-decent-modern-accommodation-1.3694085?mode=amp
- More than 300 extra beds for homeless will open in Dublin https://www.irishtimes.com/news/social-affairs/more-than-300-extra-beds-for-homeless-will-open-in-dublin-1.3697906?mode=amp
- Weakest rise in construction output since March 2015 https://www.rte.ie/amp/1010301/
- Rebuilding semi-detached home soars to €227,440https://amp.irishexaminer.com/breakingnews/business/rebuilding-semi-detached-home-soars-to-227440-885467.html
- Central Bank to track a ‘critical mass’ of restructured mortgages that are due to come up for review https://www.thejournal.ie/vulture-funds-central-bank-4338143-Nov2018/?amp=1
- Dublin’s Conrad Hotel is “lined up for €125m sale” according to commercial property editor Ronald Quinlan and Dearbhail McDonald writing in the Sunday Independent today.
- Also, an article in the commercial property section reveals that there will likely be a “slow down on cards for new homes in Dublin as focus moves to Leinster“. This is based on the most recent quarterly report from Construction Information Services (CIS), which shows that planning applications across the country are up substantially in all regions except Dublin. While the average increase is 27% over the past nine months, Dublin experienced just a 1% growth in applications.
- Ronan Lyons’ column in the Independent today suggests that while there is “No end in sight to rental crisis“ a register for rental property similar to the National Property Price Register might help. This seems like a sensible and achievable objective.
- There is quite an unusual article by Philip Ryan in the Independent today suggesting that our housing minister is no longer considered to be an asset, but rather a liability, to the Cabinet and “as Fine Gael plans ahead, we are seeing less of Minister for Housing Eoghan Murphy…. Hugh O’Connell has a similar piece in The Sunday Business Post today suggesting that “Murphy has been less visible of late as colleagues report that he is not in good form”. Poisoned chalice, anyone?
- In The Sunday Times today, Colin Coyle reports on an issue that will likely be of interest to landlords. John Bowman has been ordered to pay €900 compensation to a former tenant, who was given notice to leave the property on the basis that the property was going to be sold. As the property had still not been put on the market three months later, the RTB ordered damages to be paid of €3,000 initially, which reduced to €900 upon appeal.
- In recent weeks, I have covered the ongoing saga of the failed/stalled Harbour Innovation Campus project in Dun Laoghaire. It now appears that backer Philip Gannon is suing his former investment partner, Ian Lucey. This will be an interesting case to follow.
- Also in the Times, Philip Connolly reports that Gerry Barrett’s Galway-based Edward Capital is gearing up for the residential market with 700 homes in the pipeline, funded by Castlehaven.
- In The Sunday Business Post today, Tom Lyons confirms that Johnny Ronan’s €600 million, 25-year lease deal with Facebook for Fibonacci Square, Merrion Road (350,000sq. ft.) is the largest single let in Irish history.
- Vulture funds not repossessing more than banks – report https://www.rte.ie/amp/1010670/
- Mayor of Limerick says ‘it’s the city centre or nowhere’ for Marks and Spencer https://www.limerickleader.ie/news/home/347502/mayor-of-limerick-says-its-the-city-centre-or-nowhere-for-marks-and-spencer.html
- Clondalkin housing site shut over intimidation claims https://www.rte.ie/news/dublin/2018/1113/1010531-st-cuthberts-park-clondalkin/
- Warning housing supports could become big part of public expenditure https://www.irishtimes.com/news/social-affairs/warning-housing-supports-could-become-big-part-of-public-expenditure-1.3696773?mode=amp
- ‘Mega deals’ drive growth in investment across Europe https://www.irishtimes.com/business/commercial-property/mega-deals-drive-growth-in-investment-across-europe-1.3695209?mode=amp
- Hibernia Lets 1SJRQ, South Docks, to HubSpot – Construction Network Ireland – Construction Network Ireland http://www.com/hibernia-lets-1sjrq-south-docks-hubspot/
- Government buys Blackrock period house for €8m https://www.irishtimes.com/business/commercial-property/government-buys-blackrock-period-house-for-8m-1.3670772?mode=amp
- Rising costs drag on children’s hospital builder BAM’s profits https://www.irishtimes.com/business/construction/rising-costs-drag-on-children-s-hospital-builder-bam-s-profits-1.3699304?mode=amp
- Kingspan, Bank of Ireland advance as Irish shares shine amid Brexit deal hopes https://www.irishtimes.com/business/markets/kingspan-bank-of-ireland-advance-as-irish-shares-shine-amid-brexit-deal-hopes-1.3697835?mode=amp
- Pedestrian bridge to finally span Liffey at Islandbridge https://www.irishtimes.com/news/environment/pedestrian-bridge-to-finally-span-liffey-at-islandbridge-1.3697883?mode=amp
- Plaza Construction to build Florida’s tallest building | Florida Construction News https://www.com/plaza-construction-to-build-floridas-tallest-building/
- Dilosk raises €286m refinancing mortgages in bond market https://www.irishtimes.com/business/financial-services/dilosk-raises-286m-refinancing-mortgages-in-bond-market-1.3700244?mode=amp
- C+W O’Brien announces expansion of Dublin office and openings of Cork and Galway offices in 2019 creating 25 jobs: https://propertydistrict.ie/cw-obrien-announces-expansion-of-dublin-office-and-opening-of-cork-and-galway-offices-in-2019-creating-25-jobs/
- Lessons From a Top Woman in Hong Kong’s Male Property World https://www.bloomberg.com/amp/news/articles/2018-11-14/lessons-from-a-top-woman-in-hong-kong-s-male-property-world
- Public Consultation on Ireland’s new National Digital Strategy – Department of Taoiseach https://www.taoiseach.gov.ie/eng/Publications/Publications_2018/Public_Consultation_on_Ireland%E2%80%99s_new_html
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: http://prop-tech.ie/proptech-innovators-ireland/ and 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, the national resource website for innovators, investors and mentors or email firstname.lastname@example.org .
- ‘Too much proptech hasn’t been road tested with agents before launch’ https://thenegotiator.co.uk/too-much-proptech-hasnt-been-road-tested-with-agents-before-being-launched/
- Nested, the online estate agent that makes home sellers ‘chain-free’, raises further £120M https://techcrunch.com/2018/11/11/chain-free-like-a-bird/amp/
- Great news for Irish startups! Business angels get more firepower to invest in Irish SMEs https://www.irishtimes.com/business/economy/business-angels-get-more-firepower-to-invest-in-irish-smes-1.3692091?mode=amp
- This makes for interesting reading: New Research Shows Which Parts of the World Have the Most PropTech Innovation | Propmodo https://propmodo.com/new-research-shows-which-parts-of-the-world-have-the-most-proptech-innovation/
- ‘Big bang, warp-speed change’ for conveyancers, claims PropTech firm: https://www.co.uk/breaking-news/2018/11/conveyancing-nearing-big-bang-warp-speed-change-claims-proptech-firm?source=newsticker
- PropTech’s potential is undeniable – is it time for real estate players to dive in? | TheBusinessDesk.com https://www.thebusinessdesk.com/westmidlands/news/2023485-proptech%E2%80%99s-potential-is-undeniable-is-it-time-for-real-estate-players-to-dive-in
- Lennar leads $70M funding round for real estate insurance startup Hippo https://therealdeal.com/2018/11/14/lennar-leads-70m-funding-round-for-re-insurance-startup-hippo/amp/
- Huawei unveils artificial intelligence smart cities platform | ZDNet https://www.zdnet.com/google-amp/article/huawei-unveils-artificial-intelligence-smart-cities-platform/
- AI explainer via Tech Review, below:
Crowd-sourcing: 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) has undergone a rebrand for 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.
For the first time, the 2019 edits will be crowd-sourced and will include 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/