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:

• The Oldest GAA Club in Connemara Receives New Support – IrishRealEstate.news https://www.irishrealestate.news/the-oldest-gaa-club-in-connemara-receives-new-support/

• David McWilliams: The financial tide is going out … Keep your togs on – ‘Tech’ shares are crashing. The impact will be felt in employment, rents and tax  https://www.irishtimes.com/opinion/2022/11/26/david-mcwilliams-tides-ebb-and-flow-and-the-key-thing-in-any-sea-is-to-keep-your-financial-togs-on/

• Housing crisis: Calls for social homes on public land as thousands march in Dublin: Nurses, midwives, teachers, guards and others paying 50% of their salary in rent, union leader says  https://www.irishtimes.com/ireland/2022/11/26/social-homes-on-public-land-essential-to-address-housing-crisis-protesters-told/

• Lower values and lower returns in prospect as real estate adjusts to the new normal: Market has entered into a period of ‘price discovery’ as era of ultra-loose interest rates comes to an end  https://www.irishtimes.com/property/commercial-property/2022/11/23/lower-values-and-lower-returns-in-prospect-as-real-estate-adjusts-to-the-new-normal/

• Irish houses ‘not overvalued’ with prices driven by undersupply, says European Commission – Increasing risks for Irish housing market, though EU analysis finds prices are not overvalued https://www.irishtimes.com/business/2022/11/22/housing-in-ireland-not-overvalued-as-clouds-gather-for-eu/

• State needs to play role in ‘landbanking’ if housing shortage is to be addressed – Housing Agency’s annual conference is told acquiring land for housing has been the ‘real missing part in terms of housing policy’  https://www.irishtimes.com/ireland/housing-planning/2022/11/24/state-needs-to-play-role-in-landbanking-if-housing-shortage-is-to-be-addressed/

• Build social houses and we’ll write off your debts, Minister tells councils – Government hopes scheme will provide up to 5,000 modular-built social houses next year  https://www.irishtimes.com/politics/2022/11/25/build-social-houses-and-well-write-off-your-debts-obrien-tells-councils/

• Landmark court case to establish who’s responsible for fixing defective apartments https://www.irishexaminer.com/news/arid-41013974.html

• Justice Department’s Oonagh Buckley appointed as interim chair of An Bord Pleanála – It comes less than a month on from the retirement of Dave Walsh as chairperson.  https://www.thejournal.ie/an-bord-pleanala-new-chair-oonagh-buckley-5927083-Nov2022/ Also: Housing Minister warned of risk in replacing Bord Pleanála members – Irish Planning Institute raises concern over future technical and environmental expertise at troubled organisation https://www.businesspost.ie/news/housing-minister-warned-of-risk-in-replacing-bord-pleanala-members/

• Councils that can deliver rapid-build houses on sites will have land debt paid off: Local authorities are currently carrying around €309 million of land legacy debt.  https://www.thejournal.ie/land-debt-paid-off-5927483-Nov2022/

• Housing crisis could cause shift in positive attitude towards asylum seekers and refugees, experts warn: Government has been warned of potential for racist tensions and confrontation https://www.irishtimes.com/ireland/2022/11/24/positive-attitudes-towards-asylum-seekers-and-refugees-could-shift-government-hears/

• Stop blocking new housing and consider first time buyers, Micheál Martin tells so-called Nimby objectors: Taoiseach says people must consider the circumstances of first-time buyers  https://m.independent.ie/irish-news/stop-blocking-new-housing-and-consider-first-time-buyers-micheal-martin-tells-so-called-nimby-objectors-42169152.html

• We are storing up trouble by not factoring migrants into housing, health, education, transport and planning policies – Government must use emergency powers to build reception centres for migrants, and there must be permanent communication so that local communities understand this will not negatively affect services  https://www.irishtimes.com/opinion/2022/11/23/we-are-storing-up-trouble-by-not-factoring-migrants-into-our-housing-health-education-transport-and-planning-policies/

• FactCheck: Is the State the ‘biggest player in housing’? “Some €3.3 billion was allocated this year [2021] for house construction. The largest social housing programme is under way, as are affordable housing initiatives. The biggest actor in the housing market now is this Government.” https://www.thejournal.ie/is-the-state-the-biggest-player-in-housing-5924000-Nov2022/

• Central Bank finalises CP145 guidance on Irish Property Funds – Following the Central Bank of Ireland’s consultation paper on Irish property funds which issued in November 2021 (“CP145”), the Central Bank has now finalised its guidance in this area which includes some changes from the original proposals. https://www.arthurcox.com/knowledge/central-bank-finalises-cp145-guidance-on-irish-property-funds/

• Up to 2,000 mica actions expected by year end, court hears – First of 1,100 cases already issued came before Commercial Court today  https://www.irishtimes.com/crime-law/courts/2022/11/21/up-to-2000-mica-actions-expected-by-year-end-court-hears/

• ECB will increase rates again in December – Makhlouf  https://www.rte.ie/news/business/2022/1124/1338020-central-bank-stability-review/

• Justine McCarthy: Housing policy incompetence has opened door to far-right: People feel hard done by when their house is swamped with the stuck-at-home generation https://www.irishtimes.com/opinion/2022/11/25/justine-mccarthy-housing-policy-incompetence-has-opened-door-to-far-right/

• https://www.breakingnews.ie/amp/ireland/hospice-manager-jailed-for-tricking-charity-into-selling-spanish-property-at-grossly-undervalued-price-1397363.html

• Buy a home or build a family? The heart-breaking decision Irish couples are facing  https://www.image.ie/self/buy-a-home-or-build-a-family-the-heart-breaking-decision-irish-couples-are-facing-618587

• In Dublin, It’s Elon Musk Versus the Housing Market – House prices in the Irish capital, where Twitter has its European headquarters, recently topped the peak they reached in 2007.  https://www.bloomberg.com/news/articles/2022-11-20/in-dublin-it-s-elon-musk-versus-the-housing-market?leadSource=uverify%20wall

• Regulatory inconsistency a threat to Big Tech presence in Ireland, industry warns – Politicians to hear of need to invest more in Data Protection Commission, while IDA Ireland to pinpoint housing as ‘risk’ to Ireland’s Foreign Direct Investment  https://www.businesspost.ie/news/regulatory-inconsistency-a-threat-to-big-tech-presence-in-ireland-industry-warns/

• Despite the warnings, Ireland’s tax boom is getting boomier – US report suggests corporate tax receipts this year may top State’s €21bn forecast, and Apple again appears to have a starring role in that  https://www.irishtimes.com/business/economy/2022/11/20/despite-the-warnings-irelands-tax-boom-is-getting-boomier/

• Cop27 explainer: Big winners and losers – Significant emitters will make payments to poorest states, but activists unhappy at pace of change https://www.irishtimes.com/environment/climate-crisis/2022/11/20/cop27-explainer-big-winners-and-losers/

• Trio of hires join Investec Real Estate – The experienced hires will lead the company’s newly formed syndication line-up  https://www.mpamag.com/uk/news/general/trio-of-hires-join-investec-real-estate/428091

• Young farmers now a rare breed, warns Macra president  https://www.irishexaminer.com/farming/arid-41011775.html

• THE extraordinary rise and fall of Seán Quinn is to be told in a major documentary series to air on consecutive nights on RTÉ television next week. More than four years in the making and featuring candid testimony from Mr Quinn himself, the highly anticipated series ‘Quinn Country’ will tell the “story of the man who personified Ireland’s boom and subsequently, its bust”.  https://www.irishnews.com/news/northernirelandnews/2022/11/26/news/rte_announce_documentary_series_on_sea_n_quinn_to_air_next_week-2917641/

• €42m debt-to-equity swap strengthens Coates’ Pinergy holding: Betting magnate’s backing of energy firm through rough patch a ‘statement of long-term support and belief in its vision’  https://www.businesspost.ie/news/e42m-debt-to-equity-swap-strengthens-coates-pinergy-holding/

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 the show on iPropertyRadio.com, email hello@ipropertyradio.com

On ‘Breaking Ground’ on iPropertyRadio.com this week, Carol Tallon chats to Pat Boyle, Head of Group Property, Strategy and Development at ESB about ‘Project Fitzwilliam’, the future of the workplace, the journey beyond net zero and a special residential project for the century old organisation.

 

Watch back and listen back: https://ipropertyradio.com/breaking-ground/

 

Produced by Hear Me Roar Media https://hearmeroarmedia.com

 

PLACEMAKING

OPEN PUBLIC CONSULTATIONS AND COMMUNITY ENGAGEMENT

 

• Digital Placemaking Tools for Public Consultation & Community Engagement | PLACEengage https://placeengage.com/digital-placemaking-tools-for-public-consultation-community-engagement/

 

• Rethinking Traditional City Planning: 14 Projects from Emerging Practices in Europe  https://www.archdaily.com/992594/rethinking-traditional-city-planning-14-projects-from-emerging-practices-in-europe

 

• Dún Laoghaire crowned as Europe’s greatest town of 2022  https://lovindublin.com/news/dun-laoghaire-crowned-as-europes-greatest-town-of-2022

 

• Only the very rich can now afford to live in Ireland’s cities, Dáil told  https://m.independent.ie/irish-news/politics/only-the-very-rich-can-now-afford-to-live-in-irelands-cities-dail-told-42164416.html

 

• Taoiseach plants first of 400 trees on site of new children’s hospital  https://dublingazette.com/dublinlocalmatters/new-childrens-hospital-taoiseach-ml-martin-stephen-donnelly-59999/

 

• Taoiseach: Local communities must be consulted before refugees arrive  https://www.irishexaminer.com/news/arid-41011628.html – Politicians voice concern over nature of protests against housing for refugees – Activists believed to be targeting protests over lack of consultation in Dublin and Kildare  https://www.irishtimes.com/ireland/social-affairs/2022/11/21/exploitation-of-community-fears-around-housing-for-refugees-sparks-concern/

 

• ‘Housing crisis is putting education system at risk,’ say unions as teachers and lecturers urged to join Raise the Roof rally  https://m.independent.ie/irish-news/education/housing-crisis-is-putting-education-system-at-risk-say-unions-as-teachers-and-lecturers-urged-to-join-raise-the-roof-rally-42162686.html

 

• Biggest public housing project in Cork since ’80s moves a step forward: Work has commenced to transform the long-idle St Kevin’s site https://www.irishexaminer.com/property/developmentconstruction/arid-41013815.html

 

• VQ makes bid to become Cork’s best neighbourhood: Ambitious new plan to make the MacCurtain St area one of the city’s top dining, cultural, and visitor destinations  https://www.irishexaminer.com/news/munster/arid-41013275.html

 

• Families concerned new development may encroach on Bessborough burial site: Developer was refused permission for 179 apartments last year but is now seeking permission for 92 units  https://www.irishtimes.com/ireland/2022/11/22/families-concerned-new-development-may-encroach-on-bessborough-burial-site/

 

• Contentious BusConnects plan for bridge through Cork woods dropped – Proposal to run road through Mangala woods in Douglas will not be included in revised plans, National Transport Authority confirms https://www.irishexaminer.com/news/munster/arid-41013338.html

 

• Proposed cycle lane lane in residential Cork city neighbourhood not ‘age friendly’, claims urban planning expert: Existing extra wide footpath outside the businesses in Tory Top Road provides a relatively safe people friendly space for young and old alike  https://www.echolive.ie/corknews/arid-41012066.html

 

• BANDON and Macroom have received multi-million euro windfalls which will transform both town centres, boost  https://www.southernstar.ie/news/bandon-and-macroom-get-e12m-windfall-4252757

 

• Claims quashing of Galway city outer bypass not a disaster but a “golden opportunity”  https://galwaybayfm.ie/galway-bay-fm-news-desk/ring-road-golden-opportunity/

 

• Senators call for islands to be united for LEADER funding: Senator Kyne explained that the islands have much more in common in many cases than they have with their associated mainland counties  https://www.irishexaminer.com/farming/arid-41012264.html

 

• Rezoning of land on the Dublin Road to facilitate new houses on an environmentally important green space has been described a ‘blow to Merlin Woods’.  https://connachttribune.ie/land-rezoning-branded-a-blow-to-merlin-woods/

 

• Meath County Council still trying to determine why bridge built to last a century failed: The Millennium Bridge was forced to close in the summer, little more than 20 years after it opened.  https://www.thejournal.ie/meath-county-council-still-trying-to-determine-why-bridge-built-to-last-century-failed-5925058-Nov2022/

 

• Mayo’s first affordable housing scheme welcomed  https://www.con-telegraph.ie/2022/11/25/mayos-first-affordable-housing-scheme-welcomed/

 

• Local Mayo heritage group launching historical occupation report  https://www.con-telegraph.ie/2022/11/21/local-mayo-heritage-group-launching-historical-occupation-report/

 

• Our Rural Future: Minister Humphreys visits and opens a range of Rural Development Projects across County Mayo  https://www.gov.ie/en/press-release/886ed-our-rural-future-minister-humphreys-visits-and-opens-a-range-of-rural-development-projects-across-county-mayo/

 

• At least four councils did not house any homeless people under Housing First tenancies by October – Westmeath, Cavan, Donegal and Leitrim did not move homeless people into tenancies from January to September  https://m.independent.ie/irish-news/at-least-four-councils-did-not-house-any-homeless-people-under-housing-first-tenancies-by-october-42166124.html

 

• An Bord Pleanala has confirmed the compulsory purchase of 72 parcels of land in the Arklow area as part of the Arklow Flood Relief Scheme project.  https://m.independent.ie/regionals/wicklow/news/bord-sign-off-on-72-cpos-to-facilitate-arklow-flood-relief-scheme-works-42165651.html

 

• Fears historic Rock of Cashel site will be ‘forever changed’ if hotel gets approval: Archaeologists have appealed for people to make submissions on the project ahead of Monday’s deadline.  https://www.thejournal.ie/rock-of-cashel-hotel-5930196-Nov2022/

 

• Tourist areas take majority of Ukrainian refugees as 34 State contracts go to Kerry alone: CIARA PHELAN catalogues the State’s deals with hotels to house thousands  https://www.irishexaminer.com/news/spotlight/arid-41015345.html

 

• Thatched houses face extinction in Brexit-linked insurance blow – UK insurer exodus ‘exacerbates’ difficulties facing dwindling number of homeowners  https://www.irishtimes.com/ireland/housing-planning/2022/11/24/thatched-houses-face-extinction-in-brexit-linked-insurance-blow/

 

• What photographing abandoned Ireland taught me about the country’s past: An Post Irish Book Awards nominee Rebecca Brownlie writes about what she’s learned through taking photos of abandoned buildings. https://www.thejournal.ie/readme/rebecca-brownlie-abandoned-ireland-5922183-Nov2022/

 

• I’m a third-generation lumberjack. I was always into chainsaws and timber- What I Do: Wesley Monaghan has little chats with the trees as he’s cutting them down  https://www.irishtimes.com/life-style/people/2022/11/25/im-a-third-generation-lumberjack-i-was-always-into-chainsaws-and-timber/

 

CONSTRUCTION & DEVELOPMENT NEWS

 

• New home construction starts may fall “well short” of targets: Increased costs is impacting the viability of apartments  https://www.irishexaminer.com/business/economy/arid-41011319.html Also: Housing crisis set to deepen with output predicted to stall for 18 months https://www.irishexaminer.com/news/arid-41011982.html

 

Related:

• https://www.breakingnews.ie/amp/ireland/government-to-further-expedite-delivery-of-houses-minister-says-1395360.html

 

• Is our property pipeline in jeopardy? Retreat of institutional investors from the Irish property market– due to a combination of issues such as project viability concerns and rising bond yields– has significant implications for government housing targets  https://www.businesspost.ie/news-focus/moving-on-is-our-property-pipeline-in-jeopardy/

 

• Planning system set for radical overhaul under new legislation: Consolidated Planning Bill aims to speed up An Bord Pleanála process and reduce the number of judicial review challenges https://www.businesspost.ie/politics/planning-system-set-for-radical-overhaul-under-new-legislation/

 

• Judicial review process in clear need of a complete overhaul: The current expensive and sluggish planning laws allow critical infrastructure and housing developments to be held up for years  https://www.businesspost.ie/analysis-opinion/judicial-review-process-in-clear-need-of-a-complete-overhaul/

 

• Housing crisis is poised to deepen as supply of funding is increasingly constrained: With public sector debt at €240 billion, private sector funding limited, developers facing eroding profits and institutional investment on the wane, where is the money for building new homes going to come from?  https://www.businesspost.ie/analysis-opinion/john-walsh-housing-crisis-is-poised-to-deepen-as-supply-of-funding-is-increasingly-constrained/

 

• Irish Water planning to refund new-connection fees to developers: The move is in an effort to prevent ‘first mover disadvantage’ and encourage housing development https://www.businesspost.ie/news/irish-water-planning-to-refund-new-connection-fees-to-developers/ 

 

• Delivery of almost 9,000 new homes in Dublin at risk if infrastructure not built – Local government auditor warns failure to secure development contributions could adversely impact landmark project at Cherrywood  https://www.businesspost.ie/news/delivery-of-almost-9000-new-homes-in-dublin-at-risk-if-infrastructure-not-built/

 

• Building back better after Covid – Property markets will adjust to the normalising of interest rates. But vendors’ and investors’ expectations will take time to align and market activity will moderate accordingly, writes Dr John McCartney  https://www.businesspost.ie/property/building-back-better-after-covid/

 

• Grenfell: Perfect storm of failings that led to fire disaster – new book details how some of the issues which preceded the London tower tragedy have yet to be rectified and examines the difference between legal and moral responsibility in modern capitalism https://www.businesspost.ie/news/grenfell-the-perfect-storm-of-failings-that-led-to-fire-disaster

 

• State to invest millions to help universities build thousands of student apartments  https://www.irishexaminer.com/news/arid-41014520.html

 

• Horizon gets green light for €1bn biopharma factory: Global pharma firm Horizon Therapeutics has received planning permission to develop Waterford biopharmaceutical plant  https://www.businesspost.ie/news/horizon-gets-green-light-for-e1bn-biopharma-factory/

 

• Dundalk advanced manufacturing training centre gets €11m funding boost  https://www.siliconrepublic.com/careers/dundalk-advanced-manufacturing-centre-funding-lmetb

 

• Council partner with ATU Donegal to offer Civil Engineering Work Placements: Final Year BEng Civil Engineering Students will work one day per week on a range of Donegal County Council projects with this new partnership announcement  https://www.donegallive.ie/news/local-news/972989/council-partner-with-atu-donegal-to-offer-civil-engineering-work-placements.html

 

• Timber’s advantages for construction outlined at forum – Conference hears wood can boost building and uses less ‘embodied carbon’  https://www.irishtimes.com/business/2022/11/23/timber-can-aid-housing-crisis-effort/

 

• Forterra warns of further brick price hike  https://www.constructionnews.co.uk/supply-chain/forterra-warns-of-further-brick-price-hike-22-11-2022/

 

•  Liquidators admit charging for error of own making in Treasury Holdings wind down: ‘Simply human nature not to be as careful with other people’s money, as one’s own,’ says judge  https://www.irishtimes.com/business/2022/11/25/liquidators-admit-charging-for-error-of-their-own-making-in-treasury-holdings-wind-down/

 

• Construction firm ordered to pay €3,000 over ‘technical breach’ in O’Rahilly house demolition – The building was once home to 1916 Rising leader Michael Joseph O’Rahilly.  https://www.thejournal.ie/construction-firm-ordered-to-pay-e3000-technical-breach-orahilly-house-demolition-5927409-Nov2022/

 

• Appeal lodged over Council’s refusal of planning permission for apartments near St Anne’s Park – The refusal followed Dublin City Council receiving more than 230 objections against the proposal.  https://www.thejournal.ie/appeal-council-refusal-planning-permission-apartments-st-annes-park-5930811-Nov2022/

 

• Group initiates High Court challenge over permission for 208 apartments in Kimmage: Residents’ alliance says fast-track approval for €106m scheme is invalid  https://www.irishtimes.com/crime-law/courts/2022/11/25/local-group-initiates-high-court-challenge-over-permission-for-208-apartments-in-kimmage/

 

• Cork City Council refuse permission to turn old paint store into apartments – They said this may ‘detract from the architectural character of the immediate area’  https://www.corkbeo.ie/news/property/cork-city-council-refuse-permission-25578358

 

• Huge investment to transform two third-level colleges in Cork City: Under the plans – MTU and the Bishopstown FET campus will be transformed https://www.corkbeo.ie/news/local-news/huge-investment-transform-two-third-25598480

 

• Discontent over national inteference in Galway City Development Plan https://connachttribune.ie/discontent-over-national-inteference-in-galway-city-development-plan/

 

• Comer-owned former Shannon Oaks Hotel to be placed on derelict sites register  https://www.galwaydaily.com/news/comer-owned-former-shannon-oaks-hotel-to-be-placed-on-derelict-sites-register/

 

• New plans revealed to build student accommodation in Limerick  https://www.limerickleader.ie/news/home/970623/new-plans-revealed-to-build-student-accommodation-in-limerick.html

 

• CIF Mid-West’s second annual summit discusses Limerick’s housing market  https://www.limerickleader.ie/video/home/973510/cif-mid-wests-second-annual-summit-discusses-limericks-housing-market.html

 

• New multi-million Euro school for Coláiste Mhuire Co Ed in Thurles in the pipeline: A site at MIC Thurles has been offered and deliberations are well underway https://www.tipperarylive.ie/news/home/972695/new-multi-million-euro-school-for-colaiste-mhuire-co-ed-in-thurles-in-the-pipeline.html

 

• Killarney Pretty Polly site to welcome students as new college announced for town  https://m.independent.ie/regionals/kerryman/news/killarney-pretty-polly-site-to-welcome-students-as-new-college-announced-for-town-42160079.html

 

• Hopes plans to develop student accommodation in Tralee will be advanced next year  https://www.radiokerry.ie/news/hopes-plans-to-develop-student-accommodation-in-tralee-will-be-advanced-next-year-306662

 

• New industrial units proposed for business park in Kildare  https://www.leinsterleader.ie/news/home/970864/new-industrial-units-proposed-for-business-park-in-kildare.html

 

• Concerns raised over Glenveagh nominees to Kildare council planning committees: Nomination of two executives of builder with several projects in county could create conflict of interest, warn councillors  https://www.businesspost.ie/news/concerns-raised-over-glenveagh-nominees-to-kildare-council-planning-committees/

 

• Carlow County Council rejects planning application for 140-bed hospital  https://www.carlowlive.ie/news/local-news/968226/carlow-county-council-rejects-planning-application-for-140-bed-hospital.html

 

• St Stephen’s in Glanmire chosen as site for new elective hospital – Taoiseach Micheál Martin: ‘We’re taking this by the scruff of the neck to say we want elective hospitals in Cork, Galway and Dublin’  https://www.irishexaminer.com/news/munster/arid-41012627.html

 

• Buyers of “Ring Fort” a development by New Ireland Exceptional Homes and MDS Construction Ltd consisting of 16 three- and four-bedroom semi-detached homes in Rathmolyon paid thousands in deposits more than 18 months ago for still do not know when their homes will be ready https://www.meathchronicle.ie/2022/11/24/we-want-to-know-when-our-homes-will-be-completed/

 

• Planning begins for major new industry infrastructure on IDA lands in Clonmel  https://www.tipperarylive.ie/news/home/972027/planning-begins-for-major-new-industry-infrastructure-on-ida-lands-in-clonmel.html

 

• Company linked to billionaire John Magnier seeks to build hotel on southern slope of The Rock of Cashel  https://m.independent.ie/irish-news/company-linked-to-billionaire-john-magnier-seeks-to-build-hotel-on-southern-slope-of-the-rock-of-cashel-42174665.html

 

• Sligo docklands project, Lyons Mill wins at national property awards  https://m.independent.ie/regionals/sligochampion/business/sligo-docklands-project-lyons-mill-wins-at-national-property-awards-42174119.html

 

• Hot property in mezzanine funds: Cardinal Capital real estate director Paul Corry is keen to help developers solve the national housing crisis  https://www.thetimes.co.uk/article/hot-property-in-mezzanine-funds-wrcz7k9mp

 

• Kirby promotes engineering diversity with new bursaries  https://irishbuildingmagazine.ie/2022/11/21/kirby-promotes-engineering-diversity-with-new-bursaries/

 

• Arup appoints David Algie as Belfast Office Leader  https://www.consultancy.uk/news/amp/32843/arup-appoints-david-algie-as-belfast-office-leader

 

• Council and construction company charged over death of electrician  in NI https://www.irishnews.com/news/northernirelandnews/2022/11/22/news/council_and_construction_company_charged_over_electrician_death-2912546/

 

• The Considerate Constructors Scheme – the organisation which supports raising standards and building trust in the construction industry – has rebranded.  https://www.scottishconstructionnow.com/articles/considerate-constructors-scheme-rebrands-with-new-look

 

• From tax inspector to high-rolling property investor, financier Derek Quinlan files for bankruptcy in London: Former owner of Claridge’s entered Nama in 2009 with €3.5bn debt https://m.independent.ie/business/commercial-property/from-tax-inspector-to-high-rolling-property-investor-financier-derek-quinlan-files-for-bankruptcy-in-london-42168736.html

 

• Building company Sisk books more than €19m profit: Construction group reports ‘resilient performance’ for 2021 despite Covid-19 inroads  https://www.irishtimes.com/business/economy/2022/11/24/building-company-sisk-books-more-than-19m-profit/

 

• Liquidator appointed to construction group Roadbridge: Receivers took control of company in March as it emerged it could owe at least €40m to sub-contractors and suppliers  https://www.irishtimes.com/business/2022/11/23/liquidator-appointed-to-construction-group-roadbridge/

 

PROPTECH, ESG, 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

 

• Start-ups get set to flex their muscles: Can Ireland be a start-up ‘superpower’ in an economic downturn? Jonathan Keane investigates  https://www.businesspost.ie/connected/start-ups-get-set-to-flex-their-muscles/

 

• How bootstrapped entrepreneurs prepare for exit, and what we can learn from their journey: Choosing the right exit strategy isn’t easy for founders who have done all the heavy lifting themselves  https://sifted.eu/articles/bootstrapped-entrepreneurs-exit-journey/

 

• Deposify flipped by private equity firm in multimillion-dollar deal: Firm is sold on by Sunriver Ventures just 11 months after it was acquired https://www.businesspost.ie/tech/deposify-flipped-by-private-equity-firm-in-multimillion-dollar-deal/

 

• Proptech platform launches to help renters become buyers – Homely will also help people find rental properties and help them build their credit score and will also allow landlords to manage their properties. https://thenegotiator.co.uk/proptech-platform-launches-to-help-renters-become-buyers/

 

• Millennial founder Mitchell Fasanya’s new proptech startup plots £2.3M to solve housing crisis  https://techfundingnews.com/millennial-founder-mitchell-fasanyas-new-proptech-startup-plots-2-3m-to-solve-housing-crisis/

 

• Commerz Real to invest in proptech start-ups via Proptech 1 Ventures  https://realassets.ipe.com/news/commerz-real-to-invest-in-proptech-start-ups-via-proptech-1-ventures/10063621.article

 

• Seven ways PropTech can fix the skilled labour shortage  https://eliteagent.com/seven-ways-proptech-can-fix-the-skilled-labour-shortage/

 

• Discover the value of your home in an instant with a hassle-free tool from Daft.ie: You can use the house valuation tool from Daft.ie to begin the process of selling your house, or use it to help file your LPT https://www.thejournal.ie/get-home-valued-5928190-Nov2022/

 

• Unclear financial returns hinder tech adoption – Nearly half of real estate companies that have adopted three or more proptech tools are hesitant to invest further in the sector due to a lack of return on investment. https://placetech.net/strategy/unclear-financial-returns-hinder-tech-adoption-survey-shows/

 

• Donegal pair behind leading 3D housing development for homeless in UK  https://www.donegaldaily.com/2022/11/21/donegal-pair-behind-leading-3d-housing-development-for-homeless-in-uk/amp/

 

• Modular homes built in County Cavan could be solution to nationwide housing crisis  https://www.northernsound.ie/news/modular-homes-built-in-county-cavan-could-be-solution-to-nationwide-housing-crisis-205518

 

• Why we need a long-term approach to net zero  https://www.building.co.uk/sponsored-content/why-we-need-a-long-term-approach-to-net-zero/5120563.article

 

• A/O PropTech Releases New Report: Future of Building in a Low Carbon World – https://www.crowdfundinsider.com/2022/11/198971-a-o-proptech-releases-new-report-future-of-building-in-a-low-carbon-world/amp/

 

• First ever 100 percent bio-based 3D-printed home unveiled: The new type of home could address housing shortages.  https://interestingengineering.com/innovation/100-percent-3d-printed-home-unveiled

 

• “In the next 10 years, we’ll see big change in the core of the real estate industry.” Finding challenging problems to work on is important to Chen Rosen, co-founder and managing partner of Reality PropTech.  https://www.calcalistech.com/ctechnews/article/rjcrvoh8i

 

ENERGY, CLIMATE & ENVIRONMENT

• Turning Ireland’s climate ambitions into reality: National targets for reducing emissions, set out in the new Climate Action Plan, are now among the most ambitious in the world – and each sector has specific carbon budgets and pathways to deliver on by 2025 – but how achievable are they? https://www.businesspost.ie/news-focus/action-stations-turning-irelands-climate-ambitions-into-reality/

 

• Bord na Móna chief: offshore wind projects ‘a natural evolution’ for semi-state: Two projects off east and south-east coast will cost €6 billion in joint venture with Spanish developer Ocean Winds https://www.businesspost.ie/news/bord-na-mona-chief-offshore-wind-projects-a-natural-evolution-for-semi-state/

 

• PrepayPower profit falls 40% to €8.5m with further decline expected – Dividend of €19m paid to parent company of the pay-as-you-go energy supplier https://www.irishtimes.com/business/2022/11/21/prepaypower-profit-falls-40-to-85m-with-further-decline-expected/

 

• Plans unveiled for 11-turbine wind farm near Clonberne  https://connachttribune.ie/plans-unveiled-for-11-turbine-wind-farm-near-clonberne/

 

• Tree-mendous: Planting the first Guaranteed Irish native forest: Guaranteed Irish partner with the Nature Trust to plant their first native species wood as part of sustainability programme https://www.kilkennypeople.ie/news/home/973167/tree-mendous-planting-the-first-guaranteed-irish-native-forest.html

 

• Eamon Ryan: By 2025, Ireland will generate enough solar electricity to power the country: Green leader tells his party Ireland will have 5,000MW of solar power capacity within the term of this Government   https://www.irishexaminer.com/news/politics/arid-41015762.html

 

RESIDENTIAL PROPERTY NEWS (including PRS)

• New rules will force 12,000 homes out of short lets market, Minister says – Catherine Martin tells Green Party event that property owners who fail to comply will face sanctions  https://www.irishtimes.com/politics/2022/11/26/new-rules-will-force-12000-homes-out-of-short-lets-market-minister-says/

 

• New tenants forking out ‘average €1,464 in rent each month’  https://www.breakingnews.ie/amp/ireland/new-tenants-forking-out-average-1464-euro-in-rent-each-month-1396907.html

 

• €60k award over slip on black ice in apartment complex is overturned – Complainant had sued management company of apartment complex over fall down a flight of stairs after he allegedly slipped on black ice at the top of a stairs in a common area  https://www.irishexaminer.com/news/courtandcrime/arid-41013242.html

 

• Homeowners warned not to panic as huge gap emerges in fixed rates on offer  https://m.independent.ie/business/personal-finance/property-mortgages/homeowners-warned-not-to-panic-as-huge-gap-emerges-in-fixed-rates-on-offer-42159420.html

• Ulster Bank to raise its mortgage fixed rates  https://m.independent.ie/business/personal-finance/property-mortgages/ulster-bank-to-raise-its-mortgage-fixed-rates-42170153.html

• AIB hikes mortgages for second time this year: Increase of 0.5% for new fixed-rate borrowers will effectively apply after Christmas  https://www.irishexaminer.com/business/economy/arid-41015255.html

• Ireland Rents Surge as Much as 24% in Fastest Gain on Record  https://www.bloomberg.com/news/articles/2022-11-22/rents-in-ireland-surge-as-much-as-24-in-fastest-climb-on-record?leadSource=uverify%20wall Also: Average advertised rents rose 14% in third quarter as supply shortage tightens – Daft  https://www.rte.ie/news/business/2022/1121/1337484-average-advertised-rents-up-14-in-third-quarter-daft/

• Ireland’s rental market is broken – and could be heading for even deeper trouble: Rents are high across the board, but the gap between those in existing tenancies and those looking for new ones is growing  https://www.irishtimes.com/your-money/2022/11/24/cliff-taylor-rental-market-fast-becoming-a-case-of-the-haves-and-have-nots/

• The Land Development Agency has launched its first cost rental offering to the market in Archers Wood, Delgany, Co. Wicklow in partnership with Cairn Homes. In total, 142 homes in this north Wicklow location will be open for application https://wicklownews.net/2022/11/cost-price-rental-properties-released-in-delgany-this-week/

• Rent increases in Wexford are among the highest in Ireland Daft report finds  https://m.independent.ie/regionals/wexford/news/rent-increases-in-wexford-are-among-the-highest-in-ireland-daft-report-finds-42173021.html

• Ask the expert: We’re paying €2,500 in rent – but found out the last tenant was only paying €1,500. What are our rights? https://m.independent.ie/life/home-garden/ask-the-expert-were-paying-2500-in-rent-but-found-out-the-last-tenant-was-only-paying-1500-what-are-our-rights-42171912.html

• ‘You could not give away an apartment in Carrick 10 years ago’ but now renters are queuing up – International workers are moving to more affordable counties such as Leitrim, but this is putting pressure on rents  https://www.irishtimes.com/ireland/housing-planning/2022/11/22/you-could-not-give-away-an-apartment-in-carrick-10-years-ago-but-now-renters-are-queuing-up/

• A €6 million ‘one of a kind’ clifftop house for sale on a rugged Irish peninsula  https://www.countrylife.co.uk/property/a-e6-million-one-of-a-kind-clifftop-house-for-sale-on-the-edge-of-a-rugged-irish-peninsula-250143

• Stunning Cork properties to star in RTE’s new Selling Ireland’s Dream Homes show: From a stunning seven-bed home in Kinsale to a Martello Tower in Cobh – we’ll see Cork’s most expensive homes and the auctioneers selling them  https://www.corkbeo.ie/news/property/stunning-cork-properties-star-rtes-25595401

• Wexford period house which was the birthplace of famous racehorses gallops away at auction to reach €1.6m finish  https://m.independent.ie/regionals/wexford/news/wexford-period-house-which-was-the-birthplace-of-famous-racehorses-gallops-away-at-auction-to-reach-16m-finish-42160077.html

• A Pink House on Ireland’s Green Countryside Lists for €2.25 Million: The home offers colorful interiors on 85 acres, with equestrian facilities and a tennis court  https://www.mansionglobal.com/amp/articles/a-pink-house-on-irelands-green-countryside-lists-for-2-25-million-01669406105

• From cottage to family home: 4 beautiful Irish properties on the market for €200,000 and under https://www.image.ie/living/from-cottage-to-family-home-4-beautiful-irish-properties-on-the-market-for-e200000-and-under-617321/amp

• Revealed: Home interiors trends for the year ahead – From paint colours to furniture, we find out what three leaders in Ireland’s interiors industry have to say https://www.irishexaminer.com/property/homeandgardens/arid-41011358.html

• Irish kitchen experts share the trends we can expect in 2023 https://www.image.ie/living/irish-kitchen-experts-share-the-trends-we-can-expect-in-2023-612213

COMMERCIAL PROPERTY NEWS

• End to Dublin’s rates rebate sends message that empty buildings aren’t acceptable, councillor says: Change to rules for vacant or derelict buildings will net €1.5m for community services https://www.irishtimes.com/ireland/dublin/2022/11/22/dublin-city-council-drops-rates-rebate-for-vacant-commercial-buildings/

 

• Zara founder yet to tailor firm bid for Meta campus- Amancio Ortega had previously shown interest in purchasing the Fibonacci Square development https://www.thetimes.co.uk/article/zara-founder-yet-to-tailor-firm-bid-for-meta-campus-m5qc9r2m8

 

• Prime office rents steady despite large increase in grey space: Savills reports an increase in shadow office space coming to the market, driven by post-pandemic changes in company working policies and negative economic factors,especially in the tech sector https://www.businesspost.ie/property/prime-office-rents-steady-despite-large-increase-in-grey-space/

 

• Managed office solutions can work out cheaper in the long run: When it comes to choosing office space, flexibility is key to stability  https://www.businesspost.ie/property/managed-office-solutions-can-work-out-cheaper-in-the-long-run/

• Merrion Fertility signs long-term lease on offices in Behan House – Not-for-profit fertility clinic agrees rent of €41.58 per sq ft as it expands office operations on Lower Mount Street  https://www.irishtimes.com/property/commercial-property/2022/11/23/merrion-fertility-signs-long-term-lease-on-offices-in-behan-house/

 

• The Sunday Interview: Paul Kearns and Brian Hefferon took over the helm of Kefron, the IT and storage business, from their fathers, the firm’s co-founders, and aim to grow turnover to €50 million over the next five years https://www.businesspost.ie/news-focus/the-sunday-interview-paul-kearns/

 

• How hybrid working is changing the design of Cork’s office buildings: The future is flexible, going on recent office adaptations in Cork city and suburbs  https://www.irishexaminer.com/property/commercial/arid-41013758.html

 

• 1000-year-old piece of rollicking Cork history on sale for €2m: Stirring tales around the dinner table on the menu at history-steeped Blackwater Castle   https://www.irishexaminer.com/property/residential/arid-41014865.html

 

• Delight as Penneys opens revamped store in Galway city creating 180 new jobs  https://www.galwaydaily.com/news/penneys-opens-revamped-store-in-galway-city-creating-180-new-jobs/

 

• Closed old Galway shop reopening as viral online store owner moves into ‘her own playground’: Business ‘went bonkers’ for her during the pandemic when she created a niche market that everyone suddenly wanted in on https://www.galwaybeo.ie/culture/shopping/closed-old-galway-shop-reopening-7860449

 

• Davy investors close in on €30m deal for Dundalk’s Marshes Shopping Centre: US real estate firm Kennedy Wilson acquired Louth retail scheme for €44.5m in 2014, a fraction of its build cost https://www.irishtimes.com/property/commercial-property/2022/11/23/davy-investors-closing-in-on-30m-deal-for-dundalks-marshes-shopping-centre/?

 

• ‘Sale agreed’ on landmark town centre building  https://www.westmeathexaminer.ie/2022/11/23/sale-agreed-on-landmark-town-centre-building/

 

• Donegal will see no increase in commercial rates in 2023: It will cost €175,555,907 to run council services next year https://www.donegallive.ie/news/local-news/970506/donegal-will-see-no-increase-in-commercial-rates-in-2023.html

 

• Danish retailer JYSK will open this Thursday in Letterkenny offering a range of products for the home, from the bedroom to the garden, with their Scandinavian design ethic and stylish approach to interiors making the brand known and loved across the world to https://www.donegallive.ie/news/letterkenny-milford/969785/danish-retailer-jysk-will-open-this-thursday-in-letterkenny.html

 

INTERNATIONAL PROPERTY NEWS

• UK to be second weakest performer of world’s big economies next year – OECD: Most countries’ forecasts cut as Ukraine war prompts ‘largest energy crisis since the 1970s’  https://www.theguardian.com/business/2022/nov/22/uk-growth-oecd-energy-crisis

 

• Why Americans are buying up Britain’s country estates – The desire to play laird of the manor is driving sales from dollar-rich buyers across the pond  https://www.thetimes.co.uk/article/why-americans-are-buying-up-britains-country-estates-l7pj30w78

 

• Forget buy to let – try other property investment, UK landlords urged  https://www.landlordtoday.co.uk/breaking-news/2022/11/forget-buy-to-let–try-other-property-investment-landlords-urged

 

• UK construction sector set to lag behind European countries: Construction across Europe is predicted to stagnate in the coming years, with the UK set to stand among the worst performers. The November forecast by Euroconstruct, which draws data from Experian and Barbour ABI, suggests that growth across the continent will slow  https://www.constructionnews.co.uk/data/uk-construction-sector-set-to-lag-behind-european-countries-22-11-2022/

 

• The construction industry is among the most secure jobs in the UK  https://premierconstructionnews.com/2022/11/25/revealed-the-construction-industry-is-among-the-most-secure-jobs-in-the-uk/

 

• Foster + Partners to design “one of London’s largest timber buildings”  https://www.dezeen.com/2022/11/23/foster-partners-the-william-londons-largest-timber-buildings/

 

• Dubai aiming to build tallest block of flats  https://www.thetimes.co.uk/article/dubai-aiming-to-build-tallest-block-of-flats-mrjmxlhjk

 

• Dezeen Debate features BIG’s “awkward” Canadian skyscraper https://www.dezeen.com/2022/11/24/dezeen-debate-bigs-awkward-canadian-skyscraper/

 

• The Voice of Women in Chinese Architecture  https://www.archdaily.com/991882/the-voice-of-women-in-chinese-architecture

 

• Three rival investors are near the finish line in bidding to be the new owner of data center specialist Global Switch Holdings, Bloomberg reports, citing unnamed sources familiar with the matter.  https://www.bisnow.com/national/news/data-center/bidders-race-to-finish-line-to-acquire-global-switch-116502

 

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/