This has been one of the busiest property weeks we have experienced since early September. The prevailing rental crisis shows no sign of abating and dominates the coverage below.
One of the more interesting stories this week is about the changes to conveyancing in Ireland from January 1st 2019:
End of Conveyancing Delays for Property Buyers and Sellers
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-18th-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!)
Irish start-up wins contract worth nearly €3m to supply pre-fab homes to Canada:
Other Property News
- In the Business section of The Sunday Times today, Brian Carey in his Agenda column attributes the high cost of the rural broadband plan to the “proliferation of ribbon development and one-off housing in rural Ireland”. He goes on to confirm that in 2011 and 2012, there were more houses built in rural areas than in urban areas. I have no doubt that his figures stack up but if you remember those days, you will not doubt recall that the number of new homes built anywhere in Ireland were negligible.
- Regular readers will know that I have covered the €290m bond offering by Dilosk in recent weeks. The Sunday Times today reports that this bond is “backed by risky mortgages”, writing that almost half of the mortgages used to back this are on interest-only terms and 20% of those were granted without any background checks on borrowers’ incomes. This is starting to feel a bit familiar…
- Philip Connolly reports that developer Michael Cotter, through an associated company, has bought JV partner Sisk out of an ongoing development in Sutton, North Dublin for €7.9m.
- Niall Brady poses the question: ‘Are the Central Bank’s strict lending rules forcing first-time buyers to put their homeownership on ice?’ This comes months after Q3 2018 saw Ireland’s mortgage market experience its first decline in mortgage demand since 2015. The Central Bank “sources say lenders have themselves to blame for mismanaging exemptions”.
- A very small but significant piece in the Sunday Independent – carried over into the property supplement – confirms that “the rise and rise of house prices is slowing at last”. The article quotes several property researchers, including Savills’ John McCarthy, and the consensus is that the rate of house price increase is slowing and this is expected to continue into 2019. Unfortunately, rents are also expected to keep increasing, despite new policies and greater investigative and enforcement powers of the
- Also in the Independent today, Michael Cogley reports that Cairn Homes has requested a preliminary meeting with An Bord Pleanala in relation to a proposed new development of 420 new homes in south-west Dublin.
- Commercial property editor Ronald Quinlan reports that Marlet Property Group (Pat Crean) is set to pay €56m for Apollo House (or €77m per acre, which is below the €84m per acre record set by Ray Grehan in Ballsbridge back in 2005).
- In The Sunday Business Post today, Tom Lyons reports that Paddy McKillen Jnr and Matt Ryan have put their newly-opened Ranelagh hotel, The Devlin, on the market or €20-€22m.
- In the same paper, Jack Horgan-Jones reports that building regulations “blocked thousands of apartments in Dublin”. He is quoting Eric Jafari, MD of Saco.
- Also in the SBP, there is an interview on page 8 with a frustrated John O’Connor, chief executive of the Housing Agency who articulates what many have been saying for years, that is “Decision makers do not understand crisis”. This is definitely worth reading.
- Commercial property focus in the SBP today is on the Galway market.
- The Shannon Foynes Port Company has appointed Savills to advise on it’s 45.5 hectare docklands regeneration plan.
- A significant bulk of the industry coverage in the SBP today is paid for i.e. commercial report on the Affordable Housing & Fair Mortgage Bill 2018 together with a ‘New Homes’ special – their irony editor is clearly on holidays this week.
- Cost of housing has now become ‘material threat’ to our prosperity- ISME https://www.irishtimes.com/business/economy/cost-of-housing-has-now-become-material-threat-to-our-prosperity-isme-1.3705362?mode=amp
- Why prefab homes are the future https://www.gq-magazine.co.uk/article/prefab-homes-uk-prices
- Dublin crane count in November reaches record high of 102 https://www.irishtimes.com/business/commercial-property/dublin-crane-count-in-november-reaches-record-high-of-102-1.3686988?mode=amp
- Speaking of cranes… World’s largest crane heading for Hinkley | Construction Enquirer http://www.constructionenquirer.com/2018/11/22/worlds-largest-crane-heading-for-hinkley/
- Call for minister for city regions: https://amp.irishexaminer.com/breakingnews/business/call-for-minister-for-city-regions-886722.html
- 250,000 couples fight for ‘handful’ of starter homes across capital: https://m.independent.ie/business/personal-finance/property-mortgages/250000-couples-fight-for-handful-of-starter-homes-across-capital-37546095.html
- Cash buyers snapping up cheaper homes is pushing up prices: https://amp.independent.ie/business/personal-finance/property-mortgages/cash-buyers-snapping-up-cheaper-homes-is-pushing-up-prices-37550497.html
- Central Bank resists calls for rolling mortgage-limit exemptions: https://www.irishtimes.com/business/financial-services/central-bank-resists-calls-for-rolling-mortgage-limit-exemptions-1.3706971?mode=amp
- Government to oppose Bill that would increase social and affordable housing in private estates: https://www.thejournal.ie/social-housing-bill-4350916-Nov2018/?amp=1
- Irish city ranked as WORST place in the world to find affordable accommodation https://www.irishmirror.ie/news/irish-news/dublin-worst-city-affordable-accommodation-13619082
- ‘70,000 homes could be provided as cost rental model’ https://www.rte.ie/news/ireland/2018/1122/1012650-cost-rental-model/
- This is alarming… Capital Dock to set new benchmark with two-bed units renting at €3,300 a month https://www.irishtimes.com/business/economy/capital-dock-to-set-new-benchmark-with-two-bed-units-renting-at-3-300-a-month-1.3704256?mode=amp
- Many landlords ‘deliberately breaching law’ – RTB https://www.rte.ie/amp/1011692/
- Degree to which landlords can be sanctioned last sticking point to new renter protection law https://www.thejournal.ie/residential-tenancy-board-law-4345139-Nov2018/?amp=1
- Landlords to be criminalised for breaching rent caps, AG warns: https://www.irishtimes.com/news/social-affairs/landlords-to-be-criminalised-for-breaching-rent-caps-ag-warns-1.3707530?mode=amp
- Leading hotel group warns of #Brexit effect: https://amp.irishexaminer.com/breakingnews/business/leading-hotel-group-warns-of-brexit-effect-886350.html
- Colony focuses on tech ‘mega leases’ as Dublin investment tops €3bn: https://www.irishtimes.com/business/commercial-property/colony-focuses-on-tech-mega-leases-as-dublin-investment-tops-3bn-1.3703463?mode=amp
- Kennedy Wilson CEO is bullish on Dublin market: https://amp.independent.ie/business/commercial-property/kennedy-wilson-ceo-is-bullish-on-dublin-market-37552343.html
- Generation rent: big investors tuck into lucrative property pie: https://www.irishtimes.com/business/construction/generation-rent-big-investors-tuck-into-lucrative-property-pie-1.3707250https://www.irishtimes.com/business/construction/generation-rent-big-investors-tuck-into-lucrative-property-pie-1.3707250?mode=amp
- Dún Laoghaire apartment scheme on offer at €95m: https://www.irishtimes.com/business/commercial-property/d%C3%BAn-laoghaire-apartment-scheme-on-offer-at-95m-1.3703073?mode=amp
- South Korean trust pays €106m for Dublin dockland’s block: https://www.irishtimes.com/business/commercial-property/south-korean-trust-pays-106m-for-dublin-dockland-s-block-1.3703029?mode=amp
- Cairn Homes plans 107 high-end apartments in Dublin scheme: https://www.irishtimes.com/business/construction/cairn-homes-plans-107-high-end-apartments-in-dublin-scheme-1.3706026?mode=amp
- Increase in rates bill for Dublin city businesses: https://www.rte.ie/news/dublin/2018/1119/1012006-dublin-business-rates-rise/
- Build-to-rent sector fast becoming feature of Irish property landscape: https://www.irishtimes.com/business/construction/build-to-rent-sector-fast-becoming-feature-of-irish-property-landscape-1.3707250?mode=amp
- Park Developments profit surges to €11.3m: https://www.irishtimes.com/business/construction/park-developments-profit-surges-to-11-3m-1.3707465?mode=amp
- Dublin city centre 32-space car park sells for over €2m https://www.irishtimes.com/business/commercial-property/dublin-city-centre-32-space-car-park-sells-for-over-2m-1.3703125?mode=amp
- Developer to build 17% more units than expected at RTÉ site: https://www.irishtimes.com/business/developer-to-build-17-more-units-than-expected-at-rt%C3%A9-site-1.3702762?mode=amp
- Ulster Bank prepares to leave George’s Quay HQ after two decades: https://www.irishtimes.com/business/financial-services/ulster-bank-prepares-to-leave-george-s-quay-hq-after-two-decades-1.3707327?mode=amp
- Overseas workers ‘don’t trust’ construction sector, builder says: https://www.irishtimes.com/business/construction/overseas-workers-don-t-trust-construction-sector-builder-says-1.3706093?mode=amp
- German fund brings two-bed apartments to rent for €1,900 in Dun Laoghaire: https://www.irishtimes.com/business/german-fund-brings-two-bed-apartments-to-rent-for-1-900-in-dun-laoghaire-1.3705494?mode=amp
- €200m plan to finish Crown Square lodged at City Hall – Connacht Tribune https://connachttribune.ie/e200m-plan-to-finish-crown-square-lodged-at-city-hall/?fbclid=IwAR0bcoQvGhQ9c1XaSOFES11m6ND5deuwotdiQafmqwRiwswu5tVae6axj74
- Catch 22 for County Limerick village as new houses are turned down: https://www.limerickleader.ie/news/home/348279/catch-22-for-county-limerick-villageas-new-houses-are-turned-down.html
- Back to the boom times: Prime 22.8 acre Limerick site sells for €8.5 million: https://www.limerickleader.ie/news/home/349225/back-to-the-boom-times-prime-22-8-acre-limerick-site-sells-for-8-5-million.html
- Report on Luas for Cork must be published without delay: https://www.eveningecho.ie/corknews/Report-on-Luas-for-Cork-must-be-published-without-delay-a43449d2-82f1-4171-9159-ab3221944fab-ds
- How 1980s Cork hit rock bottom and bounced back again https://www.thejournal.ie/how-1980s-cork-hit-rock-bottom-and-bounced-back-again-4331538-Nov2018/?amp=1
- ESRI report claims Ireland needs construction workers to come from abroad to fulfil house-building targetshttps://amp.breakingnews.ie/ireland/esri-report-claims-ireland-needs-construction-workers-to-come-from-abroad-to-fulfil-house-building-targets-886764.html
- ‘Surety bonds – a crucial part of any development’: https://m.independent.ie/business/commercial-property/paul-mcneive-surety-bonds-a-crucial-part-of-any-development-37552344.html
- Office construction drops 13% in central London | News | Construction News: https://www.constructionnews.co.uk/markets/sectors/offices/office-construction-drops-13-in-central-london/10037146.article?utm_source=dlvr.it&utm_medium=twitter
- Judge warns property developer who owes Revenue more than €1m he faces jail without settlement https://amp.breakingnews.ie/business/judge-warns-property-developer-who-owes-revenue-more-than-1m-he-faces-jail-without-settlement-886639.html
- Heart of Europe developer says all Germany Island homes sold: https://amp.arabianbusiness.com/amp/article_listing/aben/construction/408343-heart-of-europe-developer-says-all-germany-island-homes-sold
- Excess heat from Amazon’s giant data centre will be used to warm homes in Tallaght: https://fora.ie/amazon-data-centre-heating-tallaght-4348933-Nov2018/?utm_source=whatsapp
- WeWork places big bet on Dublin with major expansion: https://amp.independent.ie/business/technology/news/wework-places-big-bet-on-dublin-with-major-expansion-37552841.html
- Communities are the key factor to rapid growth of coworking – Workplace Insight https://workplaceinsight.net/communities-are-the-key-factor-to-rapid-growth-of-coworking/
- Icon chairman buys Shrewsbury Road home for €8.1m https://www.irishtimes.com/life-and-style/homes-and-property/icon-chairman-buys-shrewsbury-road-home-for-8-1m-1.3708412
Agile Agent: 12-month digital transformation programme for independent estate agents and auctioneers across Ireland
Getting Ireland’s property marketplace digital by default
To get involved and for free Proptech Prompts, please
Proptech and Construction Innovation
- Are you an Irish-led or Ireland-based #proptech business? If so, please take five minutes to add or update your details to our internationally-shared listing here: SIGN UP: PROPTECH INNOVATORS 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 .
- PropertyBridges .com issues first loan https://m.independent.ie/business/commercial-property/propertybridges-com-issues-first-loan-37552347.html
- You’re going to work in blockchain whether you want to or not https://www.siliconrepublic.com/careers/david-wachsman-blockchain-ireland
- DWS Group partners with real estate tech startup Skyline AI By Reuters https://m.investing.com/news/technology-news/dws-group-partners-with-real-estate-tech-startup-skyline-ai-1695080?ampMode=1
- Coworking and a new golden era for the workplace and the people who inhabit it – Workplace Insight https://workplaceinsight.net/coworking-and-a-new-golden-era-for-the-workplace-and-the-people-who-inhabit-it/
- How to Achieve a Very Slightly Smarter Home https://parade.com/714602/rachelweingarten/how-to-achieve-a-very-slightly-smarter-home/amp/
- Proptech Industry Helping Developers In Difficult Market Conditions https://theurbandeveloper.com/articles/proptech-industry-helping-developers-in-difficult-market-conditions
- Why Corigin Is Betting on Niche PropTech With Their New Fund | Propmodo https://propmodo.com/why-corigin-is-betting-on-niche-proptech-with-their-new-fund/
- Coinbase brushes off bitcoin’s battering after declaring Dublin its Brexit lifeline https://fora.ie/coinbase-dublin-brexit-4351646-Nov2018/
- PropTech firm creating ‘rental dashboards’ wins key FCA approval: https://www.lettingagenttoday.co.uk/breaking-news/2018/11/proptech-firm-creating-rental-dashboards-wins-key-approval-from-fca?source=newsticker
- Proptech firm which aims to tie in buyers and sellers to launch ‘top secret’ new product – Property Industry Eye https://www.propertyindustryeye.com/proptech-firm-which-aims-to-tie-in-buyers-and-sellers-to-launch-top-secret-new-product/
- Do floor plans and photos really help to sell a property… https://www.estateagenttoday.co.uk/features/2018/11/do-floor-plans-and-photos-really-help-to-sell-a-property
- Singapore startup Mogul.sg unveils keyword-based property search portal, Garage – THE BUSINESS TIMEShttps://www.businesstimes.com.sg/garage/singapore-startup-mogulsg-unveils-keyword-based-property-search-portal
- Melbourne Start-Up Allows Buyers to Target Off-Market Homes https://theurbandeveloper.com/articles/melbourne-prop-tech-start-up-targets-off-market-homes
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/