Weekly Irish property market news and insights – for the industry, by the industry
The Big Interview in the Business Post this weekend is with Brian Stafford, chief executive of Diligent Corporation. Brian Stafford’s management software firm, which he has brought to a valuation of $7 billion in six years, has opened an office in Galway, which will assist with expansion plans across Europe and Asia. I was interested to read his take on social media and, particularly, LinkedIn (below). The platform is a powerful tool for PR and reach, for both internal and external communications. This is a message that is finally starting to resonate with leaders across the planning, construction and real estate industries. You can read the interview in full at the following link: https://www.businesspost.ie/sunday-interview/the-big-interview-brian-stafford-chief-executive-of-diligent-corporation-2b633408
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:
- Here we go… Virtual real estate in the online world Decentraland sold for a record €2.15m worth of crypto currency, the buyer crypto investor Tokens.com and Decentraland said on Tuesday. Decentraland is an online environment – also called a “metaverse” – where users can buy land, visit buildings, walk around and meet people as avatars. https://m.independent.ie/business/technology/virtual-property-sells-for-21m-as-real-money-pours-into-the-metaverse-41086352.html
And IRL (In real life)!
- Q&A: Is it time to put the right to housing in the Constitution? https://m.independent.ie/regionals/dublin/q-and-a-is-it-time-to-put-the-right-to-housing-in-the-constitution-41091119.html
- Nearly 9,000 people homeless as numbers without a home continues to rise: Children make up more than a quarter of homeless population with majority in Dublin https://www.irishtimes.com/news/social-affairs/nearly-9-000-people-homeless-as-numbers-without-a-home-continues-to-rise-1.4740052
- Dublin is fifth busiest real estate market in Europe: Report pinpoints upturn in market confidence but much to be determined post Covid https://www.irishtimes.com/business/commercial-property/dublin-is-fifth-busiest-real-estate-market-in-europe-1.4734691
- European Commission says our property prices are undervalued: New report shows scope for continued house price increases https://www.irishtimes.com/life-and-style/homes-and-property/european-commission-says-our-property-prices-are-undervalued-1.4735594
- Central Bank to impose new rules on overseas property funds: Funds now hold 40% of commercial residential property assets, worth €23bn, in Republic https://www.irishtimes.com/business/economy/central-bank-to-impose-new-rules-on-overseas-property-funds-1.4738877
- Dublin City Council acts to block rental-only developments: New policy would be designed to increase the number of apartments available for buyers and limit the spread of build-to-rent schemes https://www.businesspost.ie/houses/dublin-city-council-acts-to-block-rental-only-developments-b3ac9a73
- Financial ombudsman sued for not investigating alleged mis-selling of mortgage https://m.independent.ie/irish-news/courts/financial-ombudsman-sued-for-not-investigating-alleged-mis-selling-of-mortgage-41075947.html
- New mica scheme to be capped at €420k per home: Revised scheme likely to be agreed next week will come at a cost of €2.2bn to the taxpayer https://www.businesspost.ie/houses/new-mica-scheme-to-be-capped-at-eur420k-per-home-18f91519
- Concrete business involved in Mica scandal does not have permission to develop blocks on its site https://www.irishexaminer.com/news/arid-40751343.html
- HSE’s rental of Citywest hotel during pandemic an ‘impressive achievement’ – audit: Public bodies should have power to requisition private property in any future national emergency – review https://www.irishtimes.com/news/health/hse-s-rental-of-citywest-hotel-during-pandemic-an-impressive-achievement-audit-1.4736608
- Number of coastal properties classed as at risk from flooding to increase https://www.irishexaminer.com/news/arid-40752627.html
- Data centre conference tackles energy issue head-on: Despite protests outside and the ramping up once more of Covid restrictions, the DataCentres Ireland conference was declared a success by attendees and exhibitors alike https://www.businesspost.ie/commercial-reports/data-centre-conference-tackles-energy-issue-head-on-51f9a645
- Greenlink powers ahead with €500m electricity interconnector https://m.independent.ie/business/irish/greenlink-powers-ahead-with-500m-electricity-interconnector-41093170.html
- Engineering excellence recognised in new video series: Innovative engineering projects have been recognised by Engineers Ireland in their newly released Engineering Excellence Digital Series https://www.irishtimes.com/advertising-feature/engineers-ireland/engineering-excellence-recognised-in-new-video-series-1.4737400?mode=amp
- Energy regulator decides against moratorium on new data centres connecting to grid: The CRU reserves the right to block new data centres in the future to “protect security of supply”. https://www.thejournal.ie/data-centres-energy-moratorium-cru-5609601-Nov2021/
- Irish-founded Material Evolution raises €3m for more durable concrete: Company founded by Dr Elizabeth Gilligan behind effort to create sustainable materials https://www.irishtimes.com/business/manufacturing/irish-founded-material-evolution-raises-3m-for-more-durable-concrete-1.4735328 (more below in the proptech section!)
- Celtic Tiger-era housing estate water services may cost State €300m: Over 560 estates with developer-provided infrastructure not linked to public services https://www.irishtimes.com/news/politics/celtic-tiger-era-housing-estate-water-services-may-cost-state-300m-1.4734765
- Net zero houses: The homes that produce as much energy as they consume: Increased demand for sustainable homes has lead to cheaper technology in the US https://www.irishtimes.com/life-and-style/homes-and-property/net-zero-houses-the-homes-that-produce-as-much-energy-as-they-consume-1.4736333
- Once-off wealth tax could be used to raise exchequer funds, ESRI economist says: Barra Roantree says taxing ‘those with lots of wealth or inheritance’ is one possible option https://www.irishtimes.com/business/economy/once-off-wealth-tax-could-be-used-to-raise-exchequer-funds-esri-economist-says-1.4737647
- DPC warns about use of CCTV outside private homes after over 150 complaints in past year: Most complaints are mainly about neighbours who operate either a CCTV system or smart doorbell. https://www.thejournal.ie/data-protection-commission-warning-cctv-homes-5610094-Nov2021/
- Dublin shares second spot among most innovative cities in Europe: Dortmund comes top with Dublin sharing second place with Malaga in Spain https://www.irishtimes.com/business/innovation/dublin-shares-second-spot-among-most-innovative-cities-in-europe-1.4738773
- Here’s a controversial approach, could it work? ‘Want to solve the housing crisis? Address super-charged demand’ https://theconversation.com/want-to-solve-the-housing-crisis-address-super-charged-demand-169809
- Glory days? “Paddy McKillen… He has done an amazing job with Claridge’s and The Berkeley too. “It is the same with the Mulryans and what they have done in London too. Sean Mulryan – what a f**king genius…” https://m.independent.ie/life/food-drink/i-nearly-drank-myself-to-death-richard-corrigan-on-his-celtic-tiger-celebrity-fans-and-fighting-off-drug-dealers-41091374.html
- Best property read of the week! ‘Inside the €1.2m Tipperary mini mansion on land once part of the estate of notorious landlord ‘The Skinner’’ https://m.independent.ie/life/home-garden/homes/inside-the-12m-tipperary-mini-mansion-on-land-once-part-of-the-estate-of-notorious-landlord-the-skinner-41089964.html (pictured)
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
Property Matters: Ireland’s first weekly property radio show and podcast, which launched in January 2019 on Dublin South FM 93.9 and is now available internationally via iTunes and Spotify podcast (www.iPropertyRadio.com), returned last month for a fourth season. The team delivers 60 minutes of industry chat weekly with guests from the areas of planning, construction, property and proptech.
This week on PropertyMatters on iPropertyRadio.com, I had the great pleasure of interviewing one of the most interesting people in real estate, Keller Williams’ John LeTourneau , Division Leader of Industry Engagement & Investment Opportunities at KW Commercial based in Chicago. Topics covered include:
👉7th European Valuation Conference held in Ireland recently by IPAV and TEGOVA
👉 Real estate technology trends
👉 Rent control measures (tenant-friendly or anti-landlord?)
👉 Impact of legalisation of recreational marijuana on the property market – both residential and commercial
Watch back: https://youtu.be/O2oqgGgNH2c
*Listen back to this and all shows at: https://ipropertyradio.com
Email the Property Matters team at info@propertydistrict.ie
ALSO: The mortgage market is no place for the under-30s, but can anything be done to reverse this trend? Listen back to the Pat Kelly Show on Newstalk: https://www.newstalk.com/podcasts/highlights-from-the-pat-kenny-show/the-mortgage-market-is-no-place-for-the-under-30s
PLACEMAKING
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- Environmental group fails in court bid to overturn Project Ireland plan: Friends of the Irish Environment claimed move fails to properly address climate change https://www.irishtimes.com/news/crime-and-law/courts/high-court/environmental-group-fails-in-court-bid-to-overturn-project-ireland-plan-1.4739916
- Winners of 2021 ULI Excellence in Placemaking Awards Announced https://placeengage.com/winners-of-2021-uli-excellence-in-placemaking-awards-announced/
- The beauty of Busáras: It was built at a time when public architecture mattered https://www.irishtimes.com/culture/books/the-beauty-of-bus%C3%A1ras-it-was-built-at-a-time-when-public-architecture-mattered-1.4735348
- Planning process overhaul to seek to curb serial objections and reduce judicial reviews: Attorney General is working to ‘streamline’ planning laws https://www.irishexaminer.com/news/politics/arid-40749546.html
- 5,000 new homes and massive public park headline reported masterplan for huge west Dublin site: Around 400 acres of the site will be sectioned off for housing, with the belief that around 5,000 homes can be built on the land https://www.dublinlive.ie/news/5000-new-homes-massive-public-22245663
- Quarter million euro for Eyre Square from city budget https://galwaybayfm.ie/galway-bay-fm-news-desk/quarter-million-euro-for-eyre-square-from-city-budget/
- People of Limerick call on Government to allow them vote for their own mayor https://www.rte.ie/news/regional/2021/1123/1262609-limerick-directly-elected-mayor/
- Innovative scheme set up by a Co Kerry couple to provide affordable housing for their employees is in jeopardy over a dispute with the local authority https://www.irishexaminer.com/news/munster/arid-40751706.html
- FOLLOWING on from the success of the first public consultation meeting on the urban regeneration plan for Enniscorthy town centre the local authority is planning on holding a second, similar event, in January. https://www.independent.ie/regionals/wexford/news/second-enniscorthy-urban-regeneration-meeting-planned-41079960.html
- Dursey Island cable car and visitor centre given green light: An Bord Pleanála approves dual cable car in west Cork with capacity for 15 people at a time https://www.irishtimes.com/news/ireland/irish-news/dursey-island-cable-car-and-visitor-centre-given-green-light-1.4735734. (Pictured)
*PLACEengage: The future of speedy, successful placemaking for property developers is here – Property developers and project owners ready Public Consultation are encouraged to contact the PLACEengage team for full details: https://www.youtube.com/watch?v=rdwwKy4MA_4
CONSTRUCTION & DEVELOPMENT NEWS
- State bodies are asked to consider cutting costs on infrastructure projects: Spiralling prices of steel and timber could reduce number of developments to be funded under €165bn National Development Plan https://www.businesspost.ie/infrastructure/state-bodies-are-asked-to-consider-cutting-costs-on-infrastructure-projects-fe0a1cab
- Exempt housebuilders from any new Covid clampdown, urges ESRI’s Prof McQuinn:Housing shortages are stoking house price and rental inflation https://www.irishexaminer.com/business/economy/arid-40749522.html
- Govt to address the impact of price inflation on materials in the delivery of public building projects. Minister Michael McGrath is expected to present measures that include reducing the fixed price period for tenders from 30 to 24 months https://amp.rte.ie/amp/1262539/
- Minister refuses to rule out costs for National Children’s Hospital surpassing €2 billion: The project has been hit with around 900 claims worth approximately €540 million. https://www.thejournal.ie/national-childrens-hospital-cost-5611014-Nov2021/
- The manufacturing and construction industries had the highest number of workplace outbreaks in the months leading up to the latest surge https://m.independent.ie/irish-news/health/manufacturing-and-construction-outbreaks-fuelling-workplace-surge-41071473.html
- Why Dublin City Council should not lease homes from British arms manufacturer: BAE’s combat aircraft have been central to Saudi Arabia’s attacks on Yemen https://www.irishtimes.com/opinion/why-dublin-city-council-should-not-lease-homes-from-british-arms-manufacturer-1.4737591 Then: Dublin City Council pulls out of deal with British arms manufacturer: Deal with BAE systems now considered inappropriate, official circular says https://www.irishtimes.com/news/ireland/irish-news/dublin-city-council-pulls-out-of-deal-with-british-arms-manufacturer-1.4739998
- Number of derelict sites reaches seven-year high: True number likely to be higher as 12 local authorities did not add any sites during 2020 https://www.businesspost.ie/houses/number-of-derelict-sites-reaches-seven-year-high-2f15526e
- Over €5 million in derelict site levies unpaid in 2020: Less than 7% of what was owed to local authorities was paid last year https://www.businesspost.ie/houses/over-eur5-million-in-derelict-site-levies-unpaid-in-2020-9986dd0c
- Too many three-bed homes and not enough one-beds is one of Ireland’s big housing problems – Varadkar: Social Democrat TD Holly Cairns accused the government of overseeing a cost-of-living crisis in Ireland. https://www.thejournal.ie/housing-apartments-varadkar-5612369-Nov2021/?amp=1
- Injunction issue between Johnny Ronan and DigitalBridge resolved: RGRE had tried to prevent co-investor completing sale of its stakes in developments worth estimated €1bn https://www.irishtimes.com/business/construction/injunction-issue-between-johnny-ronan-and-digitalbridge-resolved-1.4736392
- Also: Agreement paves way for potential deal between Ronan Group and Colony Capital: The two developers were warned last month in the High Court that they could not ‘fight out their war on affidavit’, as allegations piled up in a €1bn development dispute https://www.businesspost.ie/legal/agreement-paves-way-for-potential-deal-between-ronan-group-and-colony-capital-509a2726
- McManus, Magnier and O’Flynn partner to develop 860-acre site in west Dublin: Plan includes 5,000-plus homes, 265-acre park and other amenities in Liffey Valley https://www.irishtimes.com/business/construction/mcmanus-magnier-and-o-flynn-partner-to-develop-860-acre-site-in-west-dublin-1.4735828 Also: Liffey Valley land rezoning may be tough sell for McManus, Magnier and O’Flynn: Proposals for 5,000 homes in west Dublin clash with riverside protection orders https://www.irishtimes.com/business/construction/liffey-valley-land-rezoning-may-be-tough-sell-for-mcmanus-magnier-and-o-flynn-1.4736839
- Irish homebuilder Glenveagh Properties has confirmed the sale of a Dublin Docklands site that contains two hotels to a subsidiary of multinational Eagle Street Partners group for €78.5 million. https://www.hospitalityireland.com/amp/hotel/dublin-docklands-site-containing-two-hotels-sold-154081
- Councillors approve plans to build 850 homes at Oscar Traynor Road site https://www.irishexaminer.com/news/arid-40750599.html
- Johnny Ronan refused permission for ‘overbearing’ Appian Way plan: Excessive height, scale and density would constitute overdevelopment, says council https://www.irishtimes.com/business/commercial-property/johnny-ronan-refused-permission-for-overbearing-appian-way-plan-1.4737471
- Merrion Square ‘build-to-rent’ scheme gets green light: Permission granted after applicants reduced height of scheme and number of apartments https://www.irishtimes.com/business/commercial-property/merrion-square-build-to-rent-scheme-gets-green-light-1.4736696
- Historic Irish Yeast building in D2 could become café bar: The protected building, which dates from 1750, is now owned by the Doyle publican family who have applied to turn it into a café with apartments above https://www.businesspost.ie/Planning/historic-irish-yeast-building-in-d2-could-become-cafe-bar-2e754784
- CONOR McGregor has announced that he is spending €19million to build 300 homes on a large property site in Dublin 12. https://www.irishpost.com/news/conor-mcgregor-splashes-e19million-to-build-300-homes-in-dublin-12-hometown-225073
- Usher’s Quay site with planning for 100-bed hotel seeking €7m https://www.irishtimes.com/business/commercial-property/usher-s-quay-site-with-planning-for-100-bed-hotel-seeking-7m-1.4736470
- Developer to seek planning permission for €350m project in Cork Docklands: The proposed development includes apartments, offices, a rehabilitation hospital and a 360-degree rooftop landmark. https://www.thejournal.ie/cork-docklands-project-5609747-Nov2021/
- Intensification of Cork’s purpose-built student accommodation gathers pace near UCC: Victoria Cross district sees further ten-storey, 243-bed block for students near controversial Orchard Road site https://www.irishexaminer.com/property/commercial/arid-40752087.html
- Work begins on €20m Prism project in Cork City: More than 18 months since the planning application was lodged with Cork City Council, contractors moved on site this week https://www.irishexaminer.com/property/developmentconstruction/arid-40753209.html
- Council refuses plans for housing development at former boxing clubhouse in Cork https://www.echolive.ie/corknews/arid-40752060.html
- Planning permission for co-working offices in Galway City https://www.galwaydaily.com/news/planning-permission-for-co-working-offices-in-galway-city/
- Renowned Galway nightclubs, set to be offered for sale, present with significant development potential https://www.advertiser.ie/galway/article/125988/renowned-galway-nightclubs-set-to-be-offered-for-sale-present-with-significant-development-potential
- Fight over Headford Road car park goes back to An Bord Pleanála https://www.galwaydaily.com/news/headford-road-car-park-pleanala/
- Peter McVerry Trust confirms plans to build six-storey apartment block in Limerick https://www.limerickleader.ie/news/home/700254/peter-mcverry-trust-confirms-plans-to-buildsix-storey-apartment-block-in-limerick.html
- Sod turned on €80m nine-storey Limerick glass tower backed by Michael Flatley https://www.breakingnews.ie/amp/ireland/sod-turned-on-e80m-nine-storey-limerick-glass-tower-backed-by-michael-flatley-1218114.html (pictured)
- Construction to begin on Limerick City Mosque https://www.limerickpost.ie/2021/11/25/construction-to-begin-on-limerick-city-mosque/
- Permission granted for 91-house development in Tramore https://www.irishexaminer.com/news/munster/arid-40749387.html
- Planning permission has been sought for a standalone café/restaurant unit at a shopping centre in Kildare. https://www.kildarenow.com/news/home/696975/planning-permission-sought-for-standalone-cafe-restaurant-unit-at-shopping-centre-in-kildare.html
- KILDARE PLANNING WATCH: Future of proposed new Rathangan supermarket to be decided in March https://www.kildarenow.com/news/home/699989/kildare-planning-watch-future-of-proposed-new-rathangan-supermarket-to-be-decided-in-march.html
- Planning for housing development in Athlone hits delay https://www.shannonside.ie/news/planning-for-housing-development-in-athlone-hits-delay-194138
- An Bord Pleanála said condition imposed by Kerry County Council was double charging a developer https://www.radiokerry.ie/news/an-bord-pleanala-said-condition-imposed-by-kerry-county-council-was-double-charging-a-developer-259375
- The HSE has confirmed that work on the the new community hospital in Letterkenny is expected to commence in the third quarter of next year. https://www.highlandradio.com/2021/11/24/construction-on-new-community-hospital-to-start-next-year/
- Council to demolish and rebuild five Buncrana mica houses https://www.donegallive.ie/news/local-news/698295/1-million-taxpayers-money-down-the-drain.html
- Investing in safety to ensure best-in-class performance: Health and safety have always been paramount for Kerry-based Griffin Brothers Contracting Ltd, says the firm’s health and safety manager Tomás Foley https://www.businesspost.ie/commercial-reports/investing-in-safety-to-ensure-best-in-class-performance-16ee83cf
- O’Reilly group grows from strength to strength: https://www.businesspost.ie/commercial-reports/oreilly-group-grows-from-strength-to-strength-51ea3eb0
- Designer Group’s values of trust and respect lead to Supreme win: Electrical and mechanical engineering firm Designer Group is this year’s winner of NISO’s prestigious Supreme Safety Award https://www.businesspost.ie/commercial-reports/designer-groups-values-of-trust-and-respect-lead-to-supreme-win-f37bf6ce
- Comer brothers’ Irish empire: 80 companies, €1.2bn worth of property, 4 offshore jurisdictions: Forget the hype – the portfolio is not worth €5bn, yet it has been growing at speed in Ireland. Read the real value of their investments and how they are financed https://thecurrency.news/articles/67336/inside-the-comer-brothers-irish-empire-80-companies-e1-2bn-worth-of-property-4-offshore-jurisdictions/
- Safety, health and welfare form an integral part of Vision Contracting’s business and that was reflected in the awarding of its Higher Distinction Award by NISO/NISG https://www.businesspost.ie/commercial-reports/vision-contractings-commitment-to-health-and-safety-acknowledged-200fd057
- Has a ‘Biden bounce’ already been priced into high-flying CRH? https://m.independent.ie/business/irish/has-a-biden-bounce-already-been-priced-into-high-flying-crh-41091704.html Also: CRH eyes record $5.25bn earnings as price increases offset cost inflation: Irish company’s margin widened in the first nine months of the year to 17.1% https://www.irishtimes.com/business/construction/crh-eyes-record-5-25bn-earnings-as-price-increases-offset-cost-inflation-1.4736253
- Ray O’Rourke to step down from Laing O’Rourke after 45 years: Irishman who founded construction firm will be succeeded next year by Seamus French https://www.irishtimes.com/business/construction/ray-o-rourke-to-step-down-from-laing-o-rourke-after-45-years-1.4739108
- 👏Excellent CSR from Team Sisk 👏: Sisk teams up with Mayo farmer and GRI to rewet 20-hectare bog: Lackaduff project aims to permanently lock at least 36,000 tonnes of carbon into bog https://www.irishtimes.com/news/environment/sisk-teams-up-with-mayo-farmer-and-gri-to-rewet-20-hectare-bog-1.4737668
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 *
- Proptech Fundraising Soars to Record Highs in 2021: Venture capitalists and other investors poured $9.5 billion into sector through mid-November https://www.wsj.com/articles/proptech-fundraising-soars-to-record-highs-in-2021-11637672400
- Female-founded companies in Ireland receive 10% of VC money: Irish data defies the international trend in which funding has fallen for female-founded companies since the pandemic, but it is is still shockingly unbalanced, unacceptable and unsustainable https://www.businesspost.ie/business/female-founded-companies-receive-10-per-cent-of-funding-3d23a7f0
- Young entrepreneur’s sustainable building materials start-up raises $3.4m https://www.siliconrepublic.com/start-ups/material-evolution-sustainable-concrete-fund-raise
- Proptech SearchLand raises £200k to put ‘data in the hands of developers’ https://www.uktech.news/proptech/london-proptech-searchland-funding-20211124
- In the biggest ever acquisition in the construction tech sector, global construction services company Hilti Group has agreed to acquire tech company Fieldwire for $300m. https://placetech.net/news/hilti-makes-300m-construction-tech-acquisition/amp/
- Tech Key for Real Estate Tenant Transparency, Development Cohesion: Forum – Commercial Observer’s ‘Innovation Week’ wrangles some of the top experts in the field https://commercialobserver.com/2021/11/technology-tenant-transparency-commercial-real-estate/
- KOMPAS Ventures announced that it has launched a €142m early-stage fund. It is specifically looking to back US, European, and Israeli startups in the real estate, construction, and manufacturing sectors aiming to reduce waste and CO2 emissions https://siliconcanals.com/crowdfunding/kompas-announces-141-9m-fund/ Also: Sustainability catches the eye of Kompas’ shiny new, green-tinted glasses fund – TechCrunch https://techcrunch.com/2021/11/22/kompas-venture-fund/amp/
- What to Expect From Proptech in 2022: The pandemic drove acceleration in the property technology space. Here are a couple of things investors should expect going into the new year. https://www.fool.com/real-estate/2021/11/22/what-to-expect-from-proptech-in-2022/
- Doorsteps founder reveals ‘next project’ but hints at Doorsteps return: Akshay Ruparelia also reveals that he was paid just £3,000 at the time of his departure, and explains that he not a ‘cash’ millionaire yet. https://thenegotiator.co.uk/akshay-ruparelia-doorsteps-interview-estate-agency/
- Proptech Investor Backs Startup Looking To Fuse Real Estate And The Metaverse https://www.bisnow.com/london/news/technology/proptech-investor-backs-startup-looking-to-fuse-real-estate-and-the-metaverse-111043
- RETAIL WATCH: The transformation specialists | propertyEU https://propertyeu.info/Nieuws/124869cf-5ae4-4e05-b421-00b21f3316e7/RETAIL-WATCH-The-transformation-specialists
- French New Homes transaction platform lands in the UK: Unlatch has hired a UK sales chief after three years of expansion in France, Spain, Portugal and Benelux. https://thenegotiator.co.uk/tech-french-new-homes-transaction-platform-lands-in-the-uk/
- CBRE has made a strategic equity investment in Sydney-based prop-tech startup Pathzz as landlords and occupiers heighten their focus on the value of customer insights. https://www.shoppingcentrenews.com.au/shopping-centre-news/industry-news/cbre-takes-equity-stake-in-proptech-startup/
- Connected Solutions: How PropTech Will Drive Commercial Real Estate Leasing: Commercial real estate is seeing the benefits of including tech into many processes, but there’s one place that it has some catching up to do: listings. https://www.globest.com/2021/11/23/connected-solutions-how-proptech-will-drive-commercial-real-estate-leasing/
- Meridian Group Bets on Proptech to Bring Workers Back to the Office – Commercial Observer https://commercialobserver.com/2021/11/meridian-group-bets-on-proptech-to-bring-workers-back-to-the-office/
- Proptech Place anointed Unicorn after $100 million investment – AIM Group https://aimgroup.com/2021/11/26/proptech-place-anointed-unicorn-after-100-million-investment/
- Harnessing digital tools to visualise carbon emissions https://www.pbctoday.co.uk/news/bim-news/the-digital-energy-estimation-tool/102083/ (pictured)
- Engineers from South Korea have invented a cement-based composite that can be used in concrete to make structures that generate and store electricity through exposure to external mechanical energy sources like footsteps, wind, rain and waves. https://www.globalconstructionreview.com/electrifying-new-cement-makes-concrete-generate-electricity/
- Zuma takes in fresh capital to convert your next apartment tenant lead into a contract https://techcrunch.com/2021/11/19/zuma-takes-in-fresh-capital-to-convert-your-next-apartment-tenant-lead-into-a-contract/amp/
- NoBroker becomes India’s first proptech unicorn with fresh $210 million funding | TechCrunch https://techcrunch.com/2021/11/23/nobroker-becomes-first-indian-proptech-unicorn-with-fresh-210-million-funding/
RESIDENTIAL PROPERTY NEWS (including PRS)
- Dublin house prices to soar by 25 per cent, council study finds: As well as sharp increases in property prices, rental prices are also predicted to surge by 2028, KPMG’s report for the local authority forecasts https://www.businesspost.ie/houses/dublin-house-prices-to-soar-by-25-per-cent-council-study-finds-99d58790
- Ireland is no country for young men https://www.irishcentral.com/opinion/others/ireland-no-country-for-young-men.amp
- State spending on housing since 2016 increased almost threefold: Of 6,217 homeless adults recorded in October, 65% were men and 35% women https://www.irishtimes.com/news/social-affairs/state-spending-on-housing-since-2016-increased-almost-threefold-1.4740073
- Only 24% of first-time buyers under 30: The proportion of people getting on the property ladder aged 30 or under has more than halved (from 60%) over the past 18 years, a report has found. https://www.thetimes.co.uk/article/only-24-of-first-time-buyers-under-30-9ht5d8c98
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New legislation on conveyancing set to finally crack snail paced home sales https://www.independent.ie/life/home-garden/homes/new-legislation-on-conveyancing-set-to-finally-crack-snail-paced-home-sales-41090060.html
- Opinion: Government does not want house prices to fall: Once prices start sliding, market expectations may fuel a deflationary spiral https://www.irishtimes.com/opinion/opinion-government-does-not-want-house-prices-to-fall-1.4734722
- As expected, no changes to Central Bank’s mortgage rules https://www.rte.ie/news/business/2021/1125/1263106-central-bank-mortgage-rules/
- Discontent here to stay for Generation Rent: Excluding the young from home ownership will destabilise the status quo https://www.thetimes.co.uk/article/gerard-howlin-discontent-here-to-stay-for-generation-rent-vs755whb0
- Local authorities to buy up to 500 ‘turnkey’ homes: Move aims to boost supply of affordable and social houses sold at discount to first-timers https://www.irishtimes.com/news/ireland/irish-news/local-authorities-to-buy-up-to-500-turnkey-homes-1.4739257
- Coalition’s rental market ‘fixes’ making problem worse: Opinion: Over-reliance on private rentals for social housing exacerbates dysfunction https://www.irishtimes.com/business/eoin-%C3%B3-broin-coalition-s-rental-market-fixes-making-problem-worse-1.4734788
- Dublin hotels are now paying for staff accommodation due to housing crisis: Several hotel operators in Dublin say they are providing accommodation on-site and in private rental housing to sufficiently staff their businesses https://www.businesspost.ie/hospitality/dublin-hotels-are-now-paying-for-staff-accommodation-due-to-housing-crisis-17b83a5a
- Treating housing as a financial asset is at the heart of conflict in our societies: Unaffordable housing and unequal access to housing wealth are fuelling deep divides, and we need a progressive net wealth tax that includes housing capital https://www.businesspost.ie/houses/aidan-regan-treating-housing-as-a-financial-asset-is-at-the-heart-of-conflict-in-our-societies-be20ce16
- A vacant property tax sounds good but it won’t make any difference: Governments are struggling to rein in housing costs and the new target is vacant homes https://www.irishtimes.com/business/economy/a-vacant-property-tax-sounds-good-but-it-won-t-make-any-difference-1.4734603
- The chief executive of Dublin city council has been accused of being “too high up in his ivory tower” after he said that students’ unions should become property developers. https://www.thetimes.co.uk/article/council-chief-owen-keegan-out-of-touch-over-student-housing-trbhbkvpb
- First €1m+ new homes development in Cork city since Celtic Tiger era – and it’s a seller: Just one house, the smaller type, is left to sell publicly at Model Farm Road’s long-anticipated Vailima development, offered with a builder’s finish at €1.1m https://www.irishexaminer.com/property/residential/arid-40753317.html
- Nightmare scenarios for any property owner: High Court makes orders requiring unknown persons to vacate Dublin 4 property https://www.breakingnews.ie/amp/ireland/high-court-makes-orders-requiring-unknown-persons-to-vacate-dublin-4-property-1217952.html
- Four people handed over €3,000 deposit to secure same property, court is told; Woman contacted gardaí about scam when asked for cash to secure the accommodation https://www.irishtimes.com/news/crime-and-law/courts/circuit-court/four-people-handed-over-3-000-deposit-to-secure-same-property-court-is-told-1.4735671
- ‘All my money goes on fees and rent’: Frustrated students take to the streets of Cork: One student is commuting four hours a day from Kilkenny to study in Cork https://www.irishexaminer.com/news/munster/arid-40750371.html
- Court challenge over Waterford Traveller accommodation resolved: Council decision not to not build seven-bay halting site to be set aside https://www.irishtimes.com/news/crime-and-law/courts/high-court/court-challenge-over-waterford-traveller-accommodation-resolved-1.4736398
- A Mayo town’s shameful housing shortage https://www.con-telegraph.ie/2021/11/21/a-mayo-towns-shameful-housing-shortage/
- Kerry Co Co issues 180 warning letters to property owners in crackdown on short-term lets: More than 90% of letters relate to accommodation in Killarney https://www.irishtimes.com/business/transport-and-tourism/kerry-co-co-issues-180-warning-letters-to-property-owners-in-crackdown-on-short-term-lets-1.4735546
- Dispute over reducing assets below €2.3m goes to Commercial Court: Landlord and builder Paul Howard had opposed Revenue’s application https://www.irishtimes.com/business/retail-and-services/dispute-over-reducing-assets-below-2-3m-goes-to-commercial-court-1.4735559
- Businessman who sought to conceal interest in Dalkey property has bankruptcy extended https://www.breakingnews.ie/ireland/businessman-who-sought-to-conceal-interest-in-dalkey-property-has-bankruptcy-extended-1219664.html
- Hugh Wallace: ‘The bungalow is part of the Irish psyche’ – Eve Kelliher looks at the homes that improved the affordable housing options available to rural dwellers in the 1970s https://www.irishexaminer.com/property/homeandoutdoors/arid-40752771.html
- Georgian manor house and agricultural estate on 340 acres in Co Offaly for €5m: Built in 1807, Bellair has capacity for a range of leisure activities – and to generate income https://www.irishtimes.com/life-and-style/homes-and-property/new-to-market/georgian-manor-house-and-agricultural-estate-on-340-acres-in-co-offaly-for-5m-1.4735492 (pictured below)
- Sinead O’Connor’s Bray house sold https://wicklownews.net/2021/11/sinead-oconnors-bray-house-sold/
- One hundred per cent success at record O’Donnellan & Joyce auction – residential and commercial https://www.advertiser.ie/galway/article/125987/one-hundred-per-cent-success-at-record-odonnellan-joyce-auction
- High demand for auction properties across Leinster: Online auctions: Interesting range of commercial and residential properties to go under hammer https://www.kildarenow.com/news/local-news/700335/property-watch-high-demand-for-auction-properties-across-leinster.html
COMMERCIAL PROPERTY NEWS
- Improved outlooks across all sectors of the Irish commercial property market are expected by many members of the Society of Chartered Surveyors Ireland (SCSI) according to the third quarter Ireland Commercial Property Monitor. https://m.independent.ie/business/commercial-property/trends-improving-for-rents-and-values-in-all-sectors-41086343.html
- Deka to grow Irish portfolio with €41.5m purchase of Airbnb’s European HQ: German investor closing in on building at 8 Hanover Quay in Dublin’s docklands https://www.irishtimes.com/business/commercial-property/deka-to-grow-irish-portfolio-with-41-5m-purchase-of-airbnb-s-european-hq-1.4736439 (pictured)
- Industrial and office investment at €48m offers net initial yield of 6%: Novelty Portfolio distributed across three established schemes in Dublin and Galway https://www.irishtimes.com/business/commercial-property/industrial-and-office-investment-at-48m-offers-net-initial-yield-of-6-1.4735385
- What has gone wrong for Avoca and Aramark? US group insists it is committed to the niche food and retail business it acquired in 2015 https://www.irishtimes.com/business/agribusiness-and-food/what-has-gone-wrong-for-avoca-and-aramark-1.4739034
- Quanta bid for Yew Grove could end up as hostile takeover: Company is set to counter Slate’s offer using combination funding from its founder and US real estate giant Oaktree https://www.businesspost.ie/companies/quanta-bid-for-yew-grove-could-end-up-as-hostile-takeover-7cda5bab
- McDonald’s Ireland takes €20m revenue hit over Covid-19: Pretax profit fell 70% in 2020 to €6m but company ‘anticipates continued expansion’ https://www.irishtimes.com/business/commercial-property/mcdonald-s-ireland-takes-20m-revenue-hit-over-covid-19-1.4739861
- Three Irish Pub Properties Hit The Market https://www.hospitalityireland.com/amp/pub-bar-nightclub/three-irish-pub-properties-hit-the-market-154683
- BNP Paribas Real Estate strengthens Irish operation – The estate agency has recruited eight new staff in the past six months, and sees the uplift in commercial property sales continuing into next year https://www.businesspost.ie/commercial/bnp-paribas-real-estate-strengthens-irish-operation-bd38c431
- Business rates to increase by 3% across Cork county: Some 30% of businesses across Cork county currently pay less than €1,000 in rates annually, meaning they would pay on average €16.89 per year extra or 32c per week, council said https://www.irishexaminer.com/news/munster/arid-40750248.html
- Two big companies showing interest in Cork city’s former Topshop store:’As it’s December meaningful progress isn’t expected as retailers are very busy trying to make around 50 percent of their annual turnover in 30 days. But there’s good interest in it’ https://www.corkbeo.ie/news/local-news/two-big-companies-showing-interest-22288144
- Planning permission sought for new Butlers Chocolates in Naas, County Kildare https://www.kildarenow.com/news/business/699023/planning-permission-sought-for-new-butlers-chocolates-in-naas-county-kildare.html
- ‘Demand driving new speculative logistics projects’ in Northern Ireland https://www.irishnews.com/business/2021/11/23/news/-demand-driving-new-speculative-logistics-projects-in-northern-ireland-2515967/
INTERNATIONAL PROPERTY NEWS
- Sounds familiar: UK Agents warn politicians that investors could quit buy to let sector https://www.lettingagenttoday.co.uk/breaking-news/2021/11/agents-warn-politicians-that-investors-could-quit-buy-to-let-sector
- UK property sales down 52% after rush to beat tax break deadline https://www.reuters.com/markets/europe/uk-property-sales-down-52-after-rush-beat-tax-break-deadline-2021-11-23/
- Landsec wins plaudits with new strategy for UK retailers (pictured)
- London developers show greater risk appetite as office starts climb | Confidence in London’s office market is strengthening among developers as new starts jump by around 11.7% and speculative appetite rises, according to Deloitte’s latest London Office Crane Survey. https://www.egi.co.uk/news/london-developers-show-greater-risk-appetite-as-office-starts-climb/
- The UK government is expected to adopt the recommendations of a study that suggests plans for a sea link connecting Northern Ireland and Scotland are not feasible https://www.constructionnews.co.uk/civils/unfeasible-irish-sea-bridge-to-be-shelved-22-11-2021/
- Construction business owner speaks out about EU workers shortages https://www.thelondoneconomic.com/news/brexit-eu-workers-uk-construction-sebastian-przetakowski-302019/
- What’s new in housing? Watch the AJ 40 under 40 panel discussion https://www.architectsjournal.co.uk/news/whats-new-in-housing-watch-the-aj-40-under-40-panel-discussion
- US: We all love Zillow browsing. But there’s a dark side to the real estate app. https://www.americamagazine.org/politics-society/2021/11/18/zillow-housing-algorithm-241864
- Ikea unveils tiny apartment that costs less than €1 a month to rent https://amp.extra.ie/2021/11/27/property/ikea-unveils-tiny-apartment-that-costs-less-than-e1-a-month-to-rent
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/