Good afternoon all.
If you missed last week’s Sunday Property Round-Up, which was packed with industry and proptech news, you can catch up here: https://propertydistrict.ie/sunday-property-round-up-october-7th-2018/
As always, you might let me know if I have missed out on any relevant property news by emailing email@example.com.
Before we start, anyone who is expecting a bumper Budget 2019 edition today will be disappointed, it very quickly become yesterday’s news in the wake of the latest political crisis. On that point: Government stresses it is still committed to a digitally connected Ireland: https://www.siliconrepublic.com/comms/national-broadband-plan-ballinasloe
(Apologies in advance for any typos, it’s difficult to get good help on a Sunday. Also, I use voice to text dictation so just sound out anything that really doesn’t make sense in a strong rural accent and that should help!)
Sunday Read – Placemaking
- Irish property developers using VR/AR for public consultation and to engage communities:
- Pilot scheme to encourage rural town revitalisation: https://www.rte.ie/news/regional/2018/1011/1002448-regional-towns-regeneration-scheme/
Also, excellent video by Dublin Chamber: When Dublin came to dinner unannounced!
Trending Story – Budget 2019
- Ronan Lyons, writing in the Sunday Independent today describes it best by saying that “housing [was] outmuscled by health“ in Budget 2019. While there wasn’t the usual focus on the property market that we have come to expect over the past decade, if you are interested in getting the full details and the most comprehensive commentary post-Budget, I recommend picking up The Sunday Business Post today.
- Budget 2019 main points: USC cut, €5 welfare hikes and extra paid parental leave: https://www.irishtimes.com/business/economy/budget-2019-main-points-usc-cut-5-welfare-hikes-and-extra-paid-parental-leave-1.3656850
- €470 million extra allocated to housing https://www.rte.ie/news/budget-2019/2018/1009/1001970-470-million-extra-allocated-to-housing/
- Tax relief for landlords will take effect two years early https://amp.independent.ie/business/budget/tax-relief-for-landlords-will-take-effect-two-years-early-37402936.html
- Donohoe announces details of new affordable housing scheme http://www.thejournal.ie/donohoe-housing-4276069-Oct2018/?amp=1
The Agile Agent
Getting Ireland’s property marketplace digital by default
As most of you will be aware, our ‘ Agile Agent’ 12-month digital transformation programme for estate agents and auctioneers across Ireland kicked off nationwide last month. As we are only taking one estate agency from each geographical area (to avoid any competitive conflict), we will be sharing free monthly ‘Proptech Prompts’ for non-participating agents so that they can start their own in-house digital transformation (sign up below).
Calling all proptech innovators, startups and businesses:
Most importantly, we are hosting an invite-only proptech showcase of innovations and new technologies for participating estate agents in Citywest this October (limited access in the afternoon for non-participating agents). Email me or any of the Property District team for further details.
To get involved and for free monthly Proptech Prompts, please
Other Property News
- Dublin’s north/south divide apparent in property prices https://www.irishtimes.com/business/construction/dublin-s-north-south-divide-apparent-in-property-prices-1.3660146?mode=amp
- Expo Real 2018: Co-Living for Seniors. Will It Work? Co-living developers and operators discuss the growing trend of shared rentals at Europe’s largest real estate and investment event. Is the niche ready to grow out of its Millennial bubble? https://www.multihousingnews.com/post/amp/expo-real-2018-co-living-for-seniors-will-it-work/
- Dublin City Council has ‘no plan’ to redevelop former Magdalene Laundry sitehttp://www.thejournal.ie/dublin-city-council-has-no-plan-for-former-magdalene-laundry-site-4280847-Oct2018/?amp=1
- IPUT lets Wilton Park building to LinkedIn on 25-year lease https://www.irishtimes.com/business/commercial-property/iput-lets-wilton-park-building-to-linkedin-on-25-year-lease-1.3656896?mode=amp
- Growth in house prices slowed to 3.7% nationally in first nine months of yearhttps://www.irishtimes.com/business/economy/growth-in-house-prices-slowed-to-3-7-nationally-in-first-nine-months-of-year-1.3656148?mode=amp
- Growth of construction activity eases to 11-month low https://www.rte.ie/amp/1001642/
- Pace of housing construction slows for the second month in a rowhttps://www.independent.ie/business/personal-finance/property-mortgages/pace-of-housing-construction-slows-for-the-second-month-in-a-row-37393936.html
- People are paying an extra €61,000 to live near a Luas stop http://www.thejournal.ie/daft-property-prices-luas-4275356-Oct2018/?amp=1
- Why an Affordable Housing Scheme Promised Two Years Ago Was Shelved: https://dublininquirer.com/2018/10/10/why-an-affordable-housing-scheme-promised-two-years-ago-was-shelved
- Longford the only county raising local property tax next year https://www.irishtimes.com/business/personal-finance/longford-the-only-county-raising-local-property-tax-next-year-1.3655405?mode=amp
- State’s biggest landlord shelves 25% rent hike in Sandyford https://www.irishtimes.com/business/commercial-property/state-s-biggest-landlord-shelves-25-rent-hike-in-sandyford-1.3655988?mode=amp
- 13 of the most miserable properties on the Dublin rental market this Octoberhttp://www.dailyedge.ie/13-of-the-most-miserable-properties-on-the-dublin-rental-market-this-october-4262849-Oct2018/?amp=1
- Landlords and agencies have started asking people for viewing fees, says Threshold: http://www.thejournal.ie/landlord-viewings-4278896-Oct2018/?amp=1
- Calls for legislation after report of landlord charging ‘viewing fee’: https://amp.breakingnews.ie/ireland/calls-for-legislation-after-report-of-landlord-charging-viewing-fee-875402.html
- Families call for stables and land at housing estate https://www.rte.ie/amp/1001672/
- Dublin office block overlooking Grand Canal Dock let for in excess of quoted renthttps://www.irishtimes.com/business/commercial-property/dublin-office-block-overlooking-grand-canal-dock-let-for-in-excess-of-quoted-rent-1.3647626?mode=amp
- First Irish retail Reit flotation decision pushed out to 2019 https://www.irishtimes.com/business/commercial-property/first-irish-retail-reit-flotation-decision-pushed-out-to-2019-1.3659050?mode=amp
- Is Ireland ready for another REIT? (via Passle) https://thoughtleadership.leman.ie/post/102f3qb/is-ireland-ready-for-another-reit
- Upgraded Sandyford office blocks for sale for €23.8m https://www.irishtimes.com/business/commercial-property/upgraded-sandyford-office-blocks-for-sale-for-23-8m-1.3655490?mode=amp
- Coillte profits up as it pushes ahead with Brexit-proofing plans https://www.irishtimes.com/business/energy-and-resources/coillte-profits-up-as-it-pushes-ahead-with-brexit-proofing-plans-1.3656279?mode=amp
- Dublin attracts the most companies, but no sign of ‘Brexodus’ https://www.irishtimes.com/business/commercial-property/dublin-attracts-the-most-companies-but-no-sign-of-brexodus-1.3660553?mode=amp
- Top Ten winners enjoy construction’s big night out | Construction Enquirer https://www.constructionenquirer.com/2018/10/10/top-ten-winners-enjoy-constructions-big-night-out/
- Construction company failures continue to soar https://www.theconstructionindex.co.uk/news/view/construction-company-failures-continue-to-soar
- Is equity release a bad idea? The pros and cons https://www.telegraph.co.uk/equity-release/mortgages/equity-release-bad-idea-pros-cons/
- Landmark ruling on lease renewals could shift landlord-tenant balance of powerhttps://www.propertyweek.com/professional/landmark-ruling-on-lease-renewals-could-shift-landlord-tenant-balance-of-power-/5099197.article
- In The Sunday Times today, there is coverage of the Take Back the City protesters who occupied the Airbnb offices in Dublin for two hours. The offices were open as part of the Open House festival,.
- Also in the Times today, Brenda Power as part of her weekly column notes that a property rental website has been forced to take down a listing that was essentially a garden shed with the mattress on a loft, that was accessed by a ladder. This “studio apartment“ was asking for €700 per month in Sutton!
- Philip Connolly reports that Ballymore has put a “flagship office block“ at its Embassy Gardens development in London on the market, asking price €182 million.
- Gavin Daly reports that “build-to-rent speculators make themselves at home in the capital: Plans submitted for more than 1700 Dublin Apartments“. Platinum Land, owned by Irish brothers Andrew and Maurice Gillick is apparently planning at 535-unit development on the site of the former Chivers factory in Coolock. Also, as reported here previously, the Durkan brothers are apparently in talks to develop 265 apartments on the former Dulux site in Dublin 12. This is in addition to the 351 homes planned by Richard Barratt’s Bartra Property in Tallaght and the Costellos 201 homes in the same Cookstown area.
- The commercial property section of the Sunday Independent today has a few interesting pieces by editor Ronald Quinlan including: Glenveagh Properties remain “bullish“ in the face of share price fall, Sean Mulryan is in the early stages of developing a £1 billion skyscraper in the London Docklands and, interestingly, WK Nowlan MD Killian O’Higgins Cautions that the PRS May still see a stamp duty hike when the Finance Bill was published, despite no announcement in last week’s Budget.
- In The Sunday Business Post today, Tom Lyons writes about the ongoing saga of developer Paddy McKillen, who has announced a High Court challenge to the costs paid to the special liquidators of IBRC, which are estimated to be in the region of €300 million.
- Also in the SBP today, Karl Deeter has an interesting feature on the real cost of social housing in Ireland. In this piece, he does away with the myth or as he describes it “fantasy“ that we can deliver social housing in Dublin for €140,000. He stresses that the focus must be on driving down the cost of delivering homes rather than relying on the state to subsidise building in order to be in a position to deliver so-called affordable housing.
Proptech and Construction Innovation
- Are you an Irish-led or Ireland-based #proptech business? If so, please take five minutes to add or update your details to our internationally-shared listing here: SIGN UP: http://prop-tech.ie/proptech-innovators-ireland/ and to keep up-to-date on all things tech and innovation for the planning, construction and property industries, head over to http://www.prop-tech.ie, the national resource website for innovators, investors and mentors or email firstname.lastname@example.org .
- Gavin Gallagher, founder of Proptech.TV compiled a global list of the top 10 Proptech influencers to follow – I was genuinely delighted to be included amongst some serious UK and US heavy-hitters: WATCH HERE: https://youtu.be/Xwuccn7wrkE
- Sherry FitzGerald become the latest Irish estate agent to launch an online open bidding system for buying homes – while well behind the curve, this is a welcome development for the Irish marketplace: https://www.irishtimes.com/life-and-style/homes-and-property/sherry-fitzgerald-reveals-new-open-bidding-system-for-buying-homes-1.3659951?mode=amp
- And another: Hunters estate agents launches online property bidding platform: https://www.irishtimes.com/business/construction/hunters-estate-agents-launches-online-property-bidding-platform-1.3654646?mode=amp
- Interesting concept – could it work in Ireland? Divvy, an interesting new fractional home ownership startup, just raised a Series A round led by Andreessen Horowitz – TechCrunch https://apple.news/AaKnJVYzrRfaSoLqvbSb24w
- What Do New Proptech Companies Have In Store For Real Estate Agents?https://www.inman.com/2018/10/12/what-do-new-proptech-companies-have-in-store-for-real-estate-agents/#
- Can artificial intelligence change construction? https://apple.news/AJCPdYwX5T-yENVOQDnYksQ
- How Proptech Will Become Essential To All Commercial Real Estate: https://www.forbes.com/sites/forbesrealestatecouncil/2018/10/11/how-proptech-will-become-essential-to-all-commercial-real-estate/#64c03e549c56
- Real estate tech funding reached $2.7B last month: https://www.inman.com/2018/10/08/real-estate-tech-funding-reached-2-7b-last-month-most-since-2017/amp/
- PropTech tool compares cost of ‘lifetime renting’ with purchase: https://www.lettingagenttoday.co.uk/breaking-news/2018/10/proptech-tool-compares-lifetime-renting-costs-with-house-purchase-price?source=newsticker
- Can smart cities prevent cyber risk? https://www.cw.com.hk/smart-city/can-smart-cities-prevent-cyber-risk
- PropTech Today: UK government backs #blockchain – what next? https://www.estateagenttoday.co.uk/breaking-news/2018/10/proptech-today-uk-government-backs-blockchain–what-next?source=newsticker
- Fuel on the fire – Mega rounds accelerating the pace of PropTech growthhttps://www.metaprop.org/blog/2018/10/9-fuel-on-the-fire-mega-rounds?format=amp
- With a new CEO and CTO in place, proptech startup Goodlord raises further £7M | TechCrunch https://techcrunch.com/2018/10/08/goodlord-its-a-series-b/?guccounter=1
- Ralph Winters W5 Group acquires significant stake in co-living proptech: https://www.property-magazine.eu/ralph-winters-w5-group-acquires-significant-stake-in-co-living-proptech-49370.html
- AgentMile, decentralized CRE leasing platform to sell its tokens using the Daox Protocolhttps://medium.com/daox/agentmile-decentralized-cre-leasing-platform-to-sell-its-tokens-using-the-daox-protocol-416cb1477916
- Amazon seeking property to launch Amazon Go in the UK – Retail Gazette: https://www.retailgazette.co.uk/blog/2018/10/amazon-go-uk/
Crowd-sourcing: New Facebook Group for Irish Property Buyers & Investors
As many of you might know, my annual property book The Irish Property Buyers’ Handbook (since 2011) has undergone a rebrand for 2018 and will now appear as part of The Property Insider series, published by Oak Tree Press, the first three titles are now published and available here.
For the first time, the 2019 edits will be crowd-sourced and will include home-buyer and investor queries, with crowd-sourced and editorial team answers. Join the Facebook Group here to contribute: https://www.facebook.com/groups/IrishPropertyBuyers/