Weekly Irish property market news and insights – for the industry, by the industry
Welcome to our first Sunday Round-up on our new website – please bear with us as we attend to any ‘settling cracks’ (web links are more vulnerable than walls!). 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:
- ‘It’s a game changer’: New university towns ready to welcome students https://m.independent.ie/news/its-a-game-changer-new-university-towns-ready-to-welcome-students-40913304.html
- Many road projects in National Development Plan may never be completed: Some projects will be significantly downgraded because of the two-to-one rule favouring public transport https://www.irishtimes.com/news/politics/many-road-projects-in-national-development-plan-may-never-be-completed-1.4690217 Also: Our €164bn infrastructure plan may be more about aspiration than perspiration https://m.independent.ie/business/irish/our-164bn-infrastructure-plan-may-be-more-about-aspiration-than-perspiration-40924435.html
- Making sure the investment in the National Development Plan is worth it: Getting value for money from NDP projects requires regular assessment and flexibility https://www.irishtimes.com/business/economy/making-sure-the-investment-in-the-national-development-plan-is-worth-it-1.4694417
- Housing minister Darragh O’Brien has written to Opposition spokespersons asking for their views on the mica redress scheme. https://www.irishexaminer.com/news/arid-40713386.html Also: Raft of mica lawsuits planned amid fears thousands won’t get full redress https://m.independent.ie/irish-news/raft-of-mica-lawsuits-planned-amid-fears-thousands-wont-get-full-redress-40928549.html
- Five in 10 people say housing is biggest Budget 2022 issue – survey https://www.breakingnews.ie/ireland/five-in-10-people-say-housing-is-biggest-budget-2022-issue-survey-1194890.html
- Pearse Doherty: ‘Big business and investors know Sinn Féin won’t go after them’: Housing — not tax — is the main problem for the economy, believes the party’s finance spokesperson https://m.independent.ie/irish-news/news/pearse-doherty-big-business-and-investors-know-sinn-fein-wont-go-after-them-40933992.html
- Dermot Desmond tells O’Brien investment funds are ‘having a laugh’ at Ireland: In letters to Darragh O’Brien, the billionaire financier said ‘what is happening at the moment from an Ireland Inc perspective is insane’ https://www.businesspost.ie/houses/dermot-desmond-tells-obrien-investment-funds-are-having-a-laugh-at-ireland-bf28e19e
- Why a housing supply boost might not solve issue of price: Conventional wisdom has it that if more homes are built, then prices will come down and the housing crisis will abate. But some economists say factors like interest rates and credit availability will have far more influence on prices in the coming years https://www.businesspost.ie/houses/why-a-housing-supply-boost-might-not-solve-issue-of-price-48eb4720
- Ireland needs up to 500,000 new apartments to be built, Trinity College economist says: ‘Vast bulk of missing housing’ is in apartment stock, according to Ronan Lyons https://www.businesspost.ie/houses/ireland-needs-up-to-500000-new-apartments-to-be-built-trinity-college-economist-says-8fa5d07f
- IPAV working with Oireachtas committee on property market reform: Around the Block: The committee will discuss policy on market behaviour, vacancy rates and the impact of Covid on the market https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/life-and-style/homes-and-property/ipav-working-with-oireachtas-committee-on-property-market-reform-1.4685891?mode=amp
- Domestic and overseas demand could push end-of-year trades to €5 billion: As we head into the final quarter of another challenging, Covid-19-influenced year, JLL’s head of capital markets, https://www.businesspost.ie/commercial/domestic-and-overseas-demand-could-push-end-of-year-trades-to-eur5-billion-df6cbaae
- The Digital Revolution Is Creating New Real Estate Sectors. Here’s How To Profit https://www.bisnow.com/london/news/technology/how-to-buy-in-to-the-digital-revolution-110361
- It is notable to see representatives of State organisations being called out for poor behaviour – CCAC’s FitzGerald apologises for ‘serious lapse’ at meeting with ESRI researchers: “…the tone and style in which you made your points at the meeting . . . were not acceptable” https://www.businesspost.ie/climate-environment/ccacs-fitzgerald-apologises-for-serious-lapse-at-meeting-with-esri-researchers-48c8e086
- We must reform our Data Protection Commission: Ireland’s DPC is lead supervising authority for major big tech firms in Europe https://www.irishtimes.com/opinion/we-must-reform-our-data-protection-commission-1.4690041?mode=amp
- Many of us may end up with hybrid working but what will this look like? https://www.irishtimes.com/business/economy/many-of-us-may-end-up-with-hybrid-working-but-what-will-this-look-like-1.4693779
- How tasty does Ireland look to foreign investors if tax advantage is blunted? There is uncertainty in the air for Ireland’s attractiveness as a place for multinationals https://www.irishtimes.com/business/economy/how-tasty-does-ireland-look-to-foreign-investors-if-tax-advantage-is-blunted-1.4694242
- How sustainability went from a cost to an opportunity https://www.ey.com/en_uk/sustainability/cbf/how-sustainability-went-from-a-cost-to-an-opportunity
- Pandora Papers: Irish partnership structure used to shield transactions from scrutiny: Limited partnerships registered in Ireland number 3,217. Many use post office box addresses https://www.irishtimes.com/news/ireland/irish-news/pandora-papers-irish-partnership-structure-used-to-shield-transactions-from-scrutiny-1.4690024
- Introduction to The Coastal Atlas of Ireland by those would created it https://youtu.be/uvZWMVX4ZS0
If you missed last week’s round-up, you can catch up here: https://propertydistrict.ie/category/sunday-property-review/
As always, you might let me know if I have missed out on any relevant property news by emailing carol@propertydistrict.ie.
(Apologies in advance for any typos, it’s difficult to get good help on a Sunday. Also, I use voice to text dictation so just sound out anything that really doesn’t make sense in a strong rural accent and that should help!)
SUNDAY LISTEN
Property Matters: Ireland’s first weekly property radio show 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 earlier this 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 iPropertyRadio.com we are joined by Graham Murray of Sherry FitzGerald, and Iain Thompson & Ikenna Nweke of commercial tenant experience platform, Office App, to discuss how technology is changing how we buy, sell, and engage with property in our homes and workplaces.
Watch part 1: https://youtu.be/AOE1IESEFfE
Watch part 2: https://youtu.be/6y6FNUwWz_0
*Listen back to all shows at: https://ipropertyradio.com/property-matters/
Email the Property Matters team at info@propertydistrict.ie
PLACEMAKING
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- What has happened with migration between the UK and the EU since Brexit? “We just don’t know at the moment,” says one expert on emigration https://www.thejournal.ie/migration-uk-eu-after-brexit-5561000-Oct2021/
- A useful guide to Ireland’s planning system and how to have your say on proposed developments: News of two developments brought the system into focus again this week. https://www.thejournal.ie/how-to-find-planning-applications-ireland-explainer-5567590-Oct2021/?amp=1
- The Government has committed to the development of a national velodrome and badminton centre on the Sport Ireland Campus. https://amp.rte.ie/amp/1250947/
- Popular Dublin neighbourhood ranked amongst “world’s coolest” in new list https://www.joe.ie/news/best-neighbourhood-ireland-2021-732730
- Maccreanor Lavington bags huge Dublin masterplan role: Practice hired to produce regeneration blueprint for 40,000-home City Edge Project https://www.bdonline.co.uk/news/maccreanor-lavington-bags-huge-dublin-masterplan-role/5114068.article
- Residents vow to seek legal advice over ‘outrageous’ O’Devaney Gardens plans: The recent decision to approve the huge development proposed has “alarmed residents across the area” https://www.dublinlive.ie/news/property/residents-vow-seek-legal-advice-21791783
- Alternative plan for Moore Street redevelopment to go on public display: The plan is being presented by the Moore Street Preservation Trust and the 1916 Relatives Alliance https://www.dublinlive.ie/news/dublin-news/alternative-plan-moore-street-redevelopment-21771198
- Cobblestone Pub: Protest to save historic venue takes place in Smithfield Square: Those passionate about the historic music venue took to the streets after well over 25,000 people signed a petition over plans to build a hotel around it https://www.dublinlive.ie/news/dublin-news/cobblestone-pub-protest-save-historic-21812480.amp
- Howth residents appeal against demolition of Graymount House for apartment development https://m.independent.ie/regionals/dublin/northside/news/howth-residents-appeal-against-demolition-of-graymount-house-for-apartment-development-40923857.html
- ‘Broken’ planning system leaving Dublin citizens fighting to protect Merchant’s Arch: Campaigners say the proposed construction of a hotel at Merchant’s Arch will cost tourists and Dubliners alike, and a “broken” planning system is to blame https://www.dublinlive.ie/news/dublin-news/merchantsarch-templebar-dublin-hotel-plans-21778501
- Ranelagh residents oppose ‘EDITED’ build-to-rent plan: Ardstone Capital plans to put 671 apartments on former Jesuit lands at Milltown Park https://www.irishtimes.com/news/environment/ranelagh-residents-oppose-horrendous-build-to-rent-plan-1.4689018
- There are lots of things I miss about Dublin, but I’m glad I left: I miss being a short walk from a friend, but in this town everyone says hello https://www.irishtimes.com/life-and-style/homes-and-property/there-are-lots-of-things-i-miss-about-dublin-but-i-m-glad-i-left-1.4686683?mode=amp
- Lidl to present plans for €10m store in Athenry at online public meeting https://galwaybayfm.ie/galway-bay-fm-news-desk/lidl-to-present-plans-for-e10m-store-in-athenry-at-online-public-meeting/
- A BUSINESS woman from Dublin whose grandfather won All-Irelands with both Dublin and Galway has followed in his footsteps and relocated to #Connemara, opening a hotel. https://m.independent.ie/irish-news/dublin-born-hotelier-heads-west-to-emulate-her-grandfather-who-won-all-irelands-for-two-different-counties-40920587.html
- Michael McGrath insists State ‘committed’ to long-delayed Cork event centre : Minister says €50m still ring-fenced but project is dependent on private sector partners https://www.irishexaminer.com/news/munster/arid-40713764.html
- Galway well on the road to recovery: The city needs international tourism to make a full recovery, but it is well on the way to robust health, and eager to take ownership of the offshore energy revolution https://www.businesspost.ie/commercial-reports/galway-well-on-the-road-to-recovery-bc2e87fe
- Farmer refused leave to appeal the dismissal of Intel challenge: Judge critical of Bord Pleanála’s scrutiny of application after error emerges https://www.irishtimes.com/business/commercial-property/farmer-refused-leave-to-appeal-the-dismissal-of-intel-challenge-1.4692836
- Relocating to the West: A dream come true in Louisburgh – The couple ‘swooned at the thought’ of opening their own coffee shop in the West https://www.irishtimes.com/life-and-style/homes-and-property/relocating-to-the-west-a-dream-come-true-in-louisburgh-1.4693792?mode=amp
- Mick Hucknall sees red as Ballybofey development gets green light https://www.donegaldaily.com/2021/10/09/mick-hucknall-sees-red-as-ballybofey-development-gets-green-light/
- The Case for Building More Mid-Sized Housing in our Cities https://www.archdaily.com/969274/the-case-for-building-more-mid-sized-housing-in-our-cities (pictured above)
*PLACEengage: The future of speedy, successful placemaking for property developers is here – Property developers and project owners ready Public Consultation are encouraged to contact the PLACEengage team for full details*
CONSTRUCTION & DEVELOPMENT NEWS
*Calling all Irish construction SMEs, please sign up with the Government-appointed CSG Innovation & Digital Adoption body, which will be resourcing firms to identify and overcome challenges to critical digitization. Link here: http://eepurl.com/hDFYfL
- Number of housing units started this year hits 30,000 as builders rush to meet surging demand https://m.independent.ie/business/personal-finance/number-of-housing-units-started-this-year-hits-30000-as-builders-rush-to-meet-surging-demand-40931935.html
- Scrapping of fast-track planning should mean fewer legal challenges, says regulator: Reviews of local authority development plans will also help reduce delays to infrastructure projects, according to Niall Cussen https://www.businesspost.ie/Planning/scrapping-of-fast-track-planning-should-mean-fewer-legal-challenges-says-regulator-38cff07f
- Disgraceful dereliction of land is blighting Ireland https://m.independent.ie/opinion/editorial/disgraceful-dereliction-of-land-is-blighting-ireland-40911017.html
- Tackling house-building costs better for economy than easier credit – Central Bank: Bank deputy governor Sharon Donnery warns against relaxation of mortgage rules https://www.irishtimes.com/business/economy/tackling-house-building-costs-better-for-economy-than-easier-credit-central-bank-1.4691641
- Why hundreds of finished homes lie empty across Ireland https://amp.rte.ie/amp/1250924/
- Eamon Ryan tells youth to pick up trades to help de-carbonise Ireland https://www.limerickleader.ie/news/national-news/673555/eamon-ryan-tells-youth-to-pick-up-trades-to-help-de-carbonise-ireland.html
- Plan for 275 apartments in Drogheda faces legal challenge: Environmental group claims permission for site next to Scotch Hall centre breaches density guidelines https://www.irishtimes.com/business/construction/plan-for-275-apartments-in-drogheda-faces-legal-challenge-1.4690654
- European court to rule on Bord Pleanála’s reasons when excluding EPAs: High Court judge to await findings before judgment on challenge to housing development https://www.irishtimes.com/news/crime-and-law/courts/high-court/european-court-to-rule-on-bord-plean%C3%A1la-s-reasons-when-excluding-epas-1.4691141
- 6 data center trends to watch https://www.networkworld.com/article/3635138/6-data-center-trends-to-watch.html
- Waste management to be overhauled as part of move to circular economy, committee told: State to act on reduction of food and construction waste as part of new Bill https://www.irishtimes.com/news/environment/waste-management-to-be-overhauled-as-part-of-move-to-circular-economy-committee-told-1.4694406
- Quintain’s €500m investment in Adamstown gets under way: Developer starts construction on 279 build-to-rent apartments as Tesco signs up as anchor tenant https://www.irishtimes.com/business/commercial-property/quintain-s-500m-investment-in-adamstown-gets-under-way-1.4690792
- House-owners combine to secure planning for student accommodation: Central Drumcondra site comes with full permission for a 114-bed residence and a cafe https://www.irishtimes.com/business/commercial-property/house-owners-combine-to-secure-planning-for-student-accommodation-1.4687835
- Site with potential for 122 apartments in Cabinteely for €8.5m: Location on well-connected Brennanstown Road likely to attract strong interest https://www.irishtimes.com/business/commercial-property/site-with-potential-for-122-apartments-in-cabinteely-for-8-5m-1.4690735
- Gowan House for sale for €7.5m as motor importer relocates: Feasibility plan for site shows potential for 201 apartments with ground-floor retail units https://www.irishtimes.com/news/ireland/irish-news/gowan-house-for-sale-for-7-5m-as-motor-importer-relocates-1.4688797
- Landmark property on Naas Road is seeking €6m: Otter House offers short- and long-term investment potential https://www.irishtimes.com/news/ireland/irish-news/landmark-property-on-naas-road-is-seeking-6m-1.4691736
- Naul site with potential for nursing home for €1.5m: Planning permission for a 110-bedroom nursing home has been granted https://www.irishtimes.com/business/commercial-property/naul-site-with-potential-for-nursing-home-for-1-5m-1.4682837
- ‘Legendary’ Italian restaurant on Merrion Row to be demolished to make way for new apartments: The popular Italian restaurant first opened its doors in 1938 https://www.dublinlive.ie/news/dublin-news/legendary-italian-restaurant-merrion-row-21803315.amp
- Cairn PLC start Cork site development on 472-unit project near Douglas village https://www.irishexaminer.com/property/residential/arid-40714892.html
- Suspected human remains have been found under the floorboards of a pub in Barrack Street in Cork city, which closed around twenty years ago and is now being demolished to make way for apartments. https://www.breakingnews.ie/amp/ireland/suspected-human-remains-found-under-floorboards-of-old-cork-pub-1195662.html
- Watch: Demolition works underway at North Main Street to make room for new mixed-use development https://www.echolive.ie/corknews/arid-40715069.html
- Crown Square campus shaping up to be proud achievement for Rhatigan: Galway city’s largest mixed-use development will incorporate the latest in low-carbon, high aesthetic design, set among landscaped plazas https://www.businesspost.ie/commercial-reports/crown-square-campus-shaping-up-to-be-proud-achievement-for-rhatigan-7c71535d (pictured below)
- Corrib Great Southern site should be CPO’ed for public student accommodation https://www.galwaydaily.com/news/corrib-great-southern-should-be-cpoed-for-public-student-accommodation-pbo/
- Proposed housing development in Limerick village is rejected https://www.limerickleader.ie/news/home/674565/proposed-housing-development-in-limerick-village-is-rejected.html
- Contractor pulls out of Ballybay development due to rising costs https://www.northernsound.ie/news/contractor-pulls-out-of-ballybay-development-due-to-rising-costs-182703
- Planning granted for construction of four townhouses in Cootehill https://www.northernsound.ie/news/planning-granted-for-construction-of-four-townhouses-in-cootehill-182753
- Cork firm secures lighting contract for Dubai Metro: Announcement made at three-day Irish trade mission to United Arab Emirates and Qatar https://www.irishexaminer.com/business/companies/arid-40713581.html
- Old Cork city centre warehouse could be turned into apartments specifically for elderly: The council are set to make a decision by the end of November https://www.corkbeo.ie/news/local-news/old-warehouse-apartments-elderly-city-21788868
- IDA plans on building a second advanced facility in Tralee https://www.radiokerry.ie/amp/news/ida-plans-on-building-a-second-advanced-facility-in-tralee-253832
- Green light is given for 61 housing units in Tipperary’s capital town: An Bord Pleanála gives go-ahead for housing development in Clonmel https://www.tipperarylive.ie/news/home/674800/green-light-is-given-for-61-housing-units-in-tipperary-s-capital-town.html
- Bail refused for man who left Munster Joinery co-worker with fractured skull https://www.irishexaminer.com/news/courtandcrime/arid-40716446.html
- Many teenage girls do not have access to engineering subjects or construction studies in school https://www.irishexaminer.com/news/arid-40716389.html
- Ardale acquires KCR Builders providers in €1m-plus deal: Group looking to expand builders merchants business further on the back of acquisition https://www.irishtimes.com/business/commercial-property/ardale-acquires-kcr-builders-providers-in-1m-plus-deal-1.4690008
- Major builder revenues rose sharply in 2020 despite pandemic, CIF survey suggests: John Sisk leads Construction Industry Federation top 50 list, with revenues of €1.5bn https://www.irishtimes.com/business/construction/major-builder-revenues-rose-sharply-in-2020-despite-pandemic-cif-survey-suggests-1.4695151
- Irish building magazine meets the man responsible for driving Townmore into its second decade of success, Managing Director, James Godley https://irishbuildingmagazine.ie/2021/10/05/james-godley-townmore/ (pictured above)
- Building a lifetime’s career in construction: Mikey Ryan finished his Leaving Cert and started working at Kirby the next day. He has never looked back https://www.businesspost.ie/commercial-reports/building-a-lifetimes-career-in-construction-c146c422
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 sets out to fix one of the biggest bottlenecks in housing: renovation of existing homes. The planning system in the UK and Ireland is complex and uncertain, which makes it hard to justify small renovation projects. Four Dublin school friends have built a product to help navigate the system. https://thecurrency.news/articles/60311/a-new-proptech-company-sets-out-to-fix-one-of-the-biggest-bottlenecks-in-housing-renovation-of-existing-homes/
- How proptech and construction tech startups are funded in Ireland right now – Funds for all the family: Wealthy entrepreneurs are investing their wealth in Ireland https://www.thetimes.co.uk/article/funds-for-all-the-family-entrepreneurs-investing-wealth-ireland-0q0hgwm39
- Budget 2022: ‘Promoting innovation will be important for Ireland’s future’: As the budget approaches, KPMG says one challenge is to protect Ireland’s appeal to multinational investment whilst stimulating growth in domestic enterprise https://www.irishtimes.com/sponsored/kpmg/budget-2022-promoting-innovation-will-be-important-for-ireland-s-future-1.4679901?mode=amp
- New collapsible waste container, the Bagbin is trialled in Dublin https://www.irishtimes.com/news/new-collapsible-waste-container-the-bagbin-is-trialled-in-dublin-1.4691963
- Startups disrupt discrimination against renters with pets https://sifted.eu/articles/discrimination-renters-pets/
- Virtual Viewing: Apps are the way forward – Mortgage Introducer https://www.mortgageintroducer.com/virtual-viewing-apps-are-the-way-forward/
- PropTech Today – the importance of additional revenue streams for agents https://www.estateagenttoday.co.uk/breaking-news/2021/10/proptech-today–the-importance-of-additional-revenue-streams-for-agents
- Proptech: The Next Emerging Market for Integrators – The digital transformation of building environments in the post-COVID worl https://www.securityinfowatch.com/integrators/article/21239011/proptech-the-next-emerging-market-for-integrators
- London proptech start-up LandTech secures new funding to expand https://www.standard.co.uk/business/london-proptech-start-up-landtech-secures-new-funding-expand-b959458.html
- Stepping Across The Pond: Why U.S. Proptech Firms Are Choosing The U.K – TechRound https://techround.co.uk/interviews/stepping-across-the-pond-why-u-s-proptech-firms-are-choosing-the-u-k/
- The first PropTech franchise emerges from MooveGuru. For five years MooveGuru has been perfecting the consumer experience during their moving process, now the robust platform supports consumers throughout the homeownership lifecycle https://www.prnewswire.com/news-releases/first-ever-a-proptech-franchise-301392509.html
- Proptech startup PropHero Launches Data and AI-powered Property Investments Platform – Digital Journal https://www.getnews.info/1170334/proptech-startup-prophero-launches-data-and-aipowered-property-investments-platform.html
- Witco debuts smart building app in the UK after raising €14m https://www.siliconrepublic.com/start-ups/witco-startup-funding-smart-building-app-uk-launch
- Y Combinator-backed CostCertified lands $8.45M to build the ‘Amazon for construction’ https://techcrunch.com/2021/10/06/y-combinator-backed-costcertified-lands-8-45m-to-build-the-amazon-for-construction/
- Proptech startup ProcurePro raises $2.6 million seed round https://www.startupdaily.net/2021/10/proptech-startup-procurepro-raises-2-6-million-seed-round/
- Robot to build eight Australian houses https://www.theconstructionindex.co.uk/news/view/robot-to-build-eight-australian-houses
- Proptech Founders, VCs at Las Vegas Conference Say Business Is Booming https://www.businessinsider.com/proptech-blueprint-conference-las-vegas-real-estate-tech-industry-boom-2021-10
- Opendoor raises billions to buy thousands of homes https://www.bizjournals.com/sanfrancisco/news/2021/10/06/opendoor-raises-billions-to-buy-thousands-of-homes.html
- Property Brothers Announce Partnership with Canadian Proptech Startup https://storeys.com/property-brothers-partnerhip-properly-real-estate-proptech/
RESIDENTIAL PROPERTY NEWS (including PRS)
- Dublin’s property price growth ‘anaemic’ compared to global trends: Knight Frank’s city index shows Irish capital lags far behind other cities around the world https://www.irishtimes.com/life-and-style/homes-and-property/dublin-s-property-price-growth-anaemic-compared-to-global-trends-1.4692573?mode=amp
- Cost of second-hand homes up 7% in first nine months of 2021: Growth remains a lot stronger outside of capital, Sherry FitzGerald figures show https://www.irishtimes.com/business/economy/cost-of-second-hand-homes-up-7-in-first-nine-months-of-2021-1.4692661
- Record €3.5bn invested in Irish property market to date this year: Savills Ireland expects to see year-end totals of between €4.75bn and €5.25bn https://www.irishtimes.com/business/economy/record-3-5bn-invested-in-irish-property-market-to-date-this-year-1.4690108
- Rural prices surge in Q3 as flight from cities continues: Third-quarter sale prices in commuter areas and small towns grew at double the rate in urban centres, an REA survey has found https://www.businesspost.ie/property-insight/rural-prices-surge-in-q3-as-flight-from-cities-continues-044599f6
- Modern Ireland has a rental crisis rather than a house-price problem, according to new figures from the EU’s statistics agency. Rents in Ireland have risen at about twice the rate of house prices over the last decade, the figures from Eurostat show. https://m.independent.ie/business/personal-finance/property-mortgages/how-much-is-your-house-worth/rise-of-rent-prices-a-bigger-issue-than-cost-of-homes-according-to-statistics-agency-40928553.html
- Prospective tenants face fees to view properties: Minority of landlords in Galway are reported to be taking cash off would-be tenants who want to view houses – the practice may be unlawful, according to housing charities. https://connachttribune.ie/prospective-tenants-pay-to-view-accommodation/
- Bishops to respond to Minister’s request for help tackling housing crisis: Church leadership says its recognises homelessness as ‘key social justice challenge’ https://www.irishtimes.com/news/politics/bishops-to-respond-to-minister-s-request-for-help-tackling-housing-crisis-1.4693131
- 93.4% of rental properties inspected in 2020 breached standards https://www.irishexaminer.com/news/arid-40712123.html
- Current system for inspecting properties makes it almost impossible for landlords to get it right: Figures released this week revealed that all private rentals that were inspected locally last year failed https://kclr96fm.com/current-system-for-inspecting-properties-makes-it-almost-impossible-for-landlords-to-get-it-right/
- The Local Property Tax system is changing – but what will that mean for your annual bill? Over a third of people can expect to see an increase. https://www.thejournal.ie/local-property-tax-changes-ireland-2021-revenue-5565613-Oct2021/?amp=1
- Vacant homes present an opportunity we are ignoring: The bringing into use of a huge stock of vacant and derelict buildings is of no interest to investors or developers, and therefore is not given a real priority in policy https://www.irishexaminer.com/opinion/commentanalysis/arid-40713644.html
- Dáil hears Galway City “plagued” with vacant sites and homes https://galwaybayfm.ie/galway-bay-fm-news-desk/dail-hears-galway-city-plagued-with-vacant-sites-and-homes/
- More than 20 homes could be demolished for major Donegal road project: Negotiations on compensation packages to start ‘immediately’ https://www.donegallive.ie/news/donegal-news/674866/more-than-20-homes-could-be-demolished-for-major-donegal-road-project.html
- ‘Renters are bottom of the barrel’ – tenant loses €1,800 deposit after company goes into liquidation: Firm’s tenants lost out on over €200,000 with most unlikely to see their money again https://m.independent.ie/irish-news/renters-are-bottom-of-the-barrel-tenant-loses-1800-deposit-after-company-goes-into-liquidation-40928519.html
- Homeless French student forced to stand on Grafton Street with cardboard sign to find accommodation: Joris Carbonare is on a gap year between his bachelors degree in Biodiversity and his masters, and this was the 21-year-old’s last ditch attempt at finding accommodation after every other option had failed https://www.dublinlive.ie/news/dublin-news/french-student-accomodation-grafton-street-21803868 (pictured below)
- Banks in conflict with solicitors over property sale misconduct https://m.independent.ie/irish-news/news/banks-in-conflict-with-solicitors-over-property-sale-misconduct-40917244.html
- Rental Crisis: Wexford Properties are receiving up to 300 enquiries within an hour of being listed for rent https://m.independent.ie/regionals/wexford/news/rental-crisis-wexford-properties-are-receiving-up-to-300-enquiries-within-an-hour-of-being-listed-for-rent-40916686.html
- I rented out my basement. Am I liable for capital gains tax when selling the house? Property Clinic: If the property is being sold as one unit, an apportionment is likely to be applied https://www.irishtimes.com/life-and-style/homes-and-property/i-rented-out-my-basement-am-i-liable-for-capital-gains-tax-when-selling-the-house-1.4687838?mode=amp
- This picturesque home overlooking the Shannon is being raffled off for only €20 a ticket: As well as using the money from the raffle to help her get out of debt and find a new home, Clare’s also donating 5% of the proceeds to Limerick Suicide Watch https://www.rsvplive.ie/life/gallery/ireland-property-picturesque-home-overlooking-25163649.amp
- Eco-friendly renovations: How to replace your kitchen without it costing the earth: Conspicuous consumption is being brought to an end – buyers want reusable options https://www.irishtimes.com/life-and-style/homes-and-property/interiors/eco-friendly-renovations-how-to-replace-your-kitchen-without-it-costing-the-earth-1.4692869?mode=amp
- Natural light, lots of plants and space to evolve – Darren Kennedy outlines his philosophy for stylish living: The broadcaster and style expert gives us a peek inside his home, where personality rather than trends dictates the decor https://m.independent.ie/life/home-garden/interiors/natural-light-lots-of-plants-and-space-to-evolve-darren-kennedy-outlines-his-philosophy-for-stylish-living-40897221.html. (pictured above)
COMMERCIAL PROPERTY NEWS
- Third Quarter Bounce for the Dublin Office Market https://www.irishrealestate.news/third-quarter-bounce-for-the-dublin-office-market/
- DUBLIN CITY COUNCIL has given the green light to the Conrad hotel for plans to transform the hotel “into a world class five star hotel”. https://www.thejournal.ie/green-light-extension-conrad-hotel-5566295-Oct2021/
- Office rentals rise sharply as Covid restrictions ease: Research finds significant office take-up in suburban locations https://www.irishtimes.com/business/commercial-property/office-rentals-rise-sharply-as-covid-restrictions-ease-1.4693794
- Cerberus collects $631m on German shipping loans housed in Dublin firm: US investor uses Ireland as hub for distressed property assets from across Europe https://www.irishtimes.com/business/financial-services/cerberus-collects-631m-on-german-shipping-loans-housed-in-dublin-firm-1.4695493
- CBRE: Another Strong Quarter for the Dublin Industrial & Logistics Sector from both Occupier & Investor Perspective https://www.irishrealestate.news/another-very-strong-quarter-for-the-dublin-industrial-logistics-sector-from-both-occupier-investor-perspective/
- Eagle Street snaps up two Richview blocks: Property fund has spent more than €150m on commercial deals this year https://www.irishtimes.com/business/commercial-property/eagle-street-snaps-up-two-richview-blocks-1.4690699
- State-of-the-art offices at Dublin Airport ready for tenants: Two, Dublin Airport Central is a six-storey Grade A build, completing phase one of the DAA’s development on airport lands https://www.businesspost.ie/commercial/state-of-the-art-offices-at-dublin-airport-ready-for-tenants-98a8dbd0
- Iput plans Earlsfort Terrace revamp after buying second building: Group pays €20m for five-storey Garryard House with idea of bringing ‘new life’ to area https://www.irishtimes.com/business/commercial-property/iput-plans-earlsfort-terrace-revamp-after-buying-second-building-1.4694309
- Fleming Court offices in Dublin 4 offer asset management potential https://m.independent.ie/business/commercial-property/fleming-court-offices-in-dublin-4-offer-asset-management-potential-40924487.html
- AC Nielsen, has launched a Dublin office to complement its existing presence in London and Amsterdam, which at will be headed by Paul McDowell, a pan-European investment specialist, who was previously managing director of Knight Frank Ireland https://www.propertyfundsworld.com/2021/10/08/307376/ac-nielsen-launches-dublin-office
- Hammerson is poised to axe a chunk of its workforce as chief executive Rita-Rose Gagné moves to cut costs at the beleaguered shopping centre owner. https://www.thetimes.co.uk/article/hammerson-prepares-to-axe-jobs-zfrb5dkc7
- Iconic Offices comes through Covid endurance test: Joe McGinley’s business is high-quality, flexible office space and was hit hard during the pandemic. Now the company has 50-70 per cent occupancy and expects to return to full occupancy early next year https://www.businesspost.ie/commercial/iconic-offices-comes-through-covid-endurance-test-369b7fc4
- Joan Henry: Why Dublin 2 leads capital’s office market rebound: As the economy takes off, heading for pre-pandemic levels by the end of the year, office letting is experiencing a boost, with half of total take-up of space expected in D2 https://www.businesspost.ie/commercial/joan-henry-why-dublin-2-leads-capitals-office-market-rebound-5ab4431c
- Trinseo, the New York stock exchange listed materials manufacturer, has announced plans to hire 130 staff and establish an office in Dublin’s docklands. https://www.businesspost.ie/companies/trinseo-to-hire-130-staff-and-open-dublin-docklands-office-1d1a783b
- Drogheda office block overlooking Boyne on market for €1.35m: Boyne Tower is a five-storey over basement building fitted out to Grade A standard, capable of generating annual rent of up to €200,000 per annum https://www.businesspost.ie/commercial/drogheda-office-block-overlooking-boyne-on-market-for-eur135m-dfa57876
- Dublin pubs: Family-owned Concorde pub for sale: The Walsh family have owned the pub for many years and have recently refurbished the premises https://www.dublinlive.ie/news/dublin-news/dublin-pubs-family-owned-concorde-21757191
- Big Tree Dorset Street Hotel sold for undisclosed sum: Built by the Dublin Loft Company, the 163-bed hotel includes a large ground floor restaurant and bar, the traditional Big Tree Irish pub and a rear terrace https://www.businesspost.ie/commercial/big-tree-dorset-street-hotel-sold-for-undisclosed-sum-b6155ed8
- North Dublin creche for sale for €1.1m: Activity in sector continues with Giraffe-operated creche offering a yield of 7.5% https://www.irishtimes.com/business/commercial-property/north-dublin-creche-for-sale-for-1-1m-1.4682891
- Liffey Valley welcomes world’s largest fashion store after years of waiting: The iconic new store is set to open next month https://www.dublinlive.ie/news/dublin-news/zara-liffey-valley-dublin-fashion-21796346
- Slieve Donard hotel snapped up by US investor in €47 deal: Nashville-based AJ Capital Partners acquiring five-star resort from Hastings Hotels https://www.irishtimes.com/business/transport-and-tourism/slieve-donard-hotel-snapped-up-by-us-investor-in-47-deal-1.4693921
- McCauley network buys two Wexford pharmacies for €2m: Tony McEntee, chief executive of the independently owned chain which now employs 550, has noted the current skills shortage and difficulty in finding staff https://www.businesspost.ie/companies/mccauley-network-buys-two-wexford-pharmacies-for-eur2m-ca54050d
- Layden Group looks to further reduce bank holdings with sale of two branches: Ballina branch is quoting €3.6m, Whitehall branch with development potential up for €1.1m https://www.irishtimes.com/business/commercial-property/layden-group-looks-to-further-reduce-bank-holdings-with-sale-of-two-branches-1.4690753
- Popular bookseller Dubray is poised to open its first shop in Cork within weeks. Dubray, opened its first shop in Wicklow in 1973 and since then has established seven other stores in Dublin as well as Galway. https://www.echolive.ie/corknews/arid-40715816.html (pictured above)
INTERNATIONAL PROPERTY NEWS
- Celine Naughton – Why my French property dream has been scuppered by the fine print https://m.independent.ie/life/home-garden/homes/celine-naughton-why-my-french-property-dream-has-been-scuppered-by-the-fine-print-40927708.html. (Pictured)
- Revealed: the 20 UK firms that went into administration in September https://www.constructionnews.co.uk/financial/administrations/revealed-the-20-firms-that-went-into-administration-in-september-08-10-2021/
- The property developing dynasty with the vision to reach for the sky: James Sellar explains why his family firm, which built The Shard, enjoys challenging convention https://www.thetimes.co.uk/article/the-property-developing-dynasty-with-the-vision-to-reach-for-the-sky-ww0bpdrvm
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/