Weekly Irish property market news and insights – for the industry, by the industry
Before we get stuck into the general property news of the week, below are the local and international stories that might be of particular interest:
- Daft.ie teams up with podcast channel, iProperty Radio for a collaborative partnership which sees Daft.ie sponsor the online channel’s foremost weekly show, Property Roundup https://www.irishrealestate.news/daft-ie-and-iproperty-radio-join-forces-to-shape-irelands-proptech-conversation/
- Rather than including the litany of Budget 2024 commentary and opinion pieces that have issued this week, the following encompasses all of the Department of Housing’s unprecedented budget package of near €7bn: Capital funding being provided for housing in 2024 at a record €5 billion. Also, significant funding for Local Authorities, Water, Planning and Heritage https://www.gov.ie/en/press-release/ac507-department-of-housing-local-government-and-heritage-unprecedented-budget-package-of-near-7bn-announced/
- ‘You couldn’t make it up’: David McWilliams gives his verdict on Budget 2024 – Housing is the biggest problem facing the State, and this Government’s budget interventions are contradictory and short-sighted https://www.irishtimes.com/opinion/2023/10/14/david-mcwilliams-my-verdict-on-budget-2024/
- The ghost of funds past haunts Future Ireland https://www.thetimes.co.uk/article/the-ghost-of-funds-past-haunts-future-ireland-73nzs85bx
- Middle-and-upper-middle income earners face housing affordability issues https://www.irishexaminer.com/news/arid-41244013.html
- Future of Peter McVerry Trust uncertain as scale of financial problems revealed: A series of investigations has been launched into the finances and governance at the troubled charity and its chief executive has resigned and been replaced https://www.businesspost.ie/news-focus/future-of-peter-mcverry-trust-uncertain-as-scale-of-financial-problems-revealed/
- Lonsdale Capital Partners has made an investment in GIA, a tech-enabled property consultancy that specialises in rights of light, daylight and sunlight, wind analysis, as well as building consultancy, measured survey and neighbourly matters https://www.privateequitywire.co.uk/lonsdale-capital-partners-backs-property-consultancy-gia/
- Inside Conor McGregor’s property empire: UFC fighter adds Temple Bar and Tallaght venues to portfolio: Construction now also underway on 188 build-to-rent apartments in Drimnagh https://m.independent.ie/irish-news/inside-conor-mcgregors-property-empire-ufc-fighter-adds-temple-bar-and-tallaght-venues-to-portfolio/a134425630.html
- Central Bank faces historic fine for major GDPR breach: Data Protection Commission launches formal investigation into disclosure of personal data https://www.businesspost.ie/news/central-bank-faces-historic-fine-for-major-gdpr-breach/
- Permanent TSB to change its name to PTSB as part of €5m rebranding investment: The Irish lender said the rebrand of its name and logo is the first significant change since the merger of Irish Permanent and TSB Bank back in 2002 https://www.businesspost.ie/news/permanent-tsb-to-change-its-name-to-ptsb-as-part-of-e5m-rebranding-investment/
- This Fairytale Irish Manor Is Fast Becoming a Bucket List Destination https://www.vogue.com/article/adare-manor-ireland-checking-in
- Are you ready for a new adventure? Looking to live in your dream location? RTE’s Cheap European Homes, are looking for house hunters with interesting and unique stories that have motivated them to make the brave decision to move abroad. https://www.mayonews.ie/news/property/1316879/house-hunters-looking-to-live-in-your-dream-location-here-s-your-opportunity.html
- Limerick workers’ wages grew fastest in Ireland – Weekly median wages have risen by 20.5% over the five years from 2017 to 2022 https://www.irishexaminer.com/business/economy/arid-41244835.html
- Plans have today been unveiled to built the first new deep-water port in Ireland since the country was founded. The Bremore Ireland Port is being developed on the east coast of Ireland just north of the Irish capital Dublin by architects Henning Larsen, who will place an initial emphasis on the offshore wind sector. https://www.maritimejournal.com/marine-construction/plans-unveiled-for-first-irish-deep-water-port/1488114.article
- Buy a cliff in West Cork for €30,000: A clear ocean view will not be a problem for the buyer of this scenic part of the Irish coast https://m.independent.ie/regionals/cork/lifestyle/buy-a-cliff-in-west-cork-for-30000/a1370519653.html
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
This week on iPropertyRadio…
#Property Roundup
On #PropertyRoundup on iProperty Radio this week we have some news to share…
We are delighted to welcome Daft.ie, Ireland’s most visited property website (https://www.daft.ie/) as the new sponsor for your weekly #PropertyRoundup podcast! This move is more than just a campaign, it’s an alignment of our two brands and an agreement to collaborate to drive positive change across Ireland’s property industry. Client Partnership Director, Emmet J Creighton, joins us to tell us about some of the tech innovation we can expect to see from the Daft.ie team.
Over the next 12 months, the iProperty Radio team, alongside Daft.ie, will be travelling to estate agencies around Ireland to learn more about what is happening on the ground and to understand the challenges and opportunities in a hyper-local way.
*Watch/ listen back: https://ipropertyradio.com/property-matters/
#Proptech Hot Seat
In the ‘Proptech Hot Seat’ on iProperty Radio this week is Padraig Reilly , CEO of Boxcore, an Irish SaaS company that simplifies the management of construction site safety docs. Boxcore makes it easy to capture, share, and track on-site safety records making your teams safer and more productive – https://www.boxcore.com/
*Proptech Hot seat is sponsored by Proptech Ireland, the hub for innovators, investors and industry leaders https://prop-tech.ie/
Watch/ listen back: https://ipropertyradio.com/proptech-hot-seat/
#BreakingGround
“The barriers that are there, are barriers you are making yourself..”
This week on #BreakingGround on iProperty Radio I am joined by Dr Aidan Kenny, Apprenticeship Manager at the School of Architecture, Building and Environment (SABE), TU Dublin. Aidan tells his own apprenticeship journey, and how varied a career in construction can be. He points out how you can shape your own career through apprenticeships by focusing on what you enjoy. For the next generation of construction professionals, make sure to check out Generation Apprenticeship- https://apprenticeship.ie/
Breaking Ground is sponsored by PLACEengage – Your Virtual Town Hall, a data-driven platform for more successful public consultation and community engagement for your next development project https://placeengage.com/
*Watch back and listen back: https://ipropertyradio.com/breaking-ground/
Watch back and listen back to all shows at: https://ipropertyradio.com/shows/
Produced by Katie Tallon, with Hear Me Roar Media on sound https://hearmeroarmedia.com/
PLACEMAKING
OPEN PUBLIC CONSULTATIONS AND COMMUNITY ENGAGEMENT
- Ag crúthú Luach Sóisialta Trí Comhforbairt Áite (Creating Social Value Through Placemaking) 👉https://placeengage.com/ag-cruthu-luach-soisialta-tri-comhforbairt-aite/
- Dundrum councillors expected to pass LAP amendment to facilitate car access to town: Six of seven local councillors have backed a proposed amendment to the controversial local area plan https://www.businesspost.ie/news/dundrum-councillors-expected-to-pass-lap-amendment-to-facilitate-car-access-to-town/
- Dublin Port Company has announced that it has acquired its final grant of planning permission for its groundbreaking Liffey-Tolka project. The project will create a new transformative public realm along a 1.4km dedicated cycle and pedestrian route, linking the River Liffey with the Tolka Estuary through Dublin Port lands on the east side of East Wall Road. https://www.engineersireland.ie/Engineers-Journal/News/liffey-tolka-project-unveiled-by-dublin-port-company
- Council chief transformation of Cork city’s medieval quarter will be ‘transformative’: The ambitious €46m plan, financed under the Government’s Urban Regeneration and Development Fund (URDF), was first unveiled in 2021. https://www.echolive.ie/corknews/arid-41247541.html
- New working group established for Castletown https://www.gov.ie/en/press-release/7feb1-new-working-group-established-for-castletown/
- Houses knocked and eighty farmers affected for Limerick bypasses https://www.ireland-live.ie/news/limerick-live/1321248/houses-knocked-and-eighty-farmers-affected-for-limerick-bypasses.html
- Old shoe factory in Edenderry being renovated to house Ukrainian refugees https://www.ireland-live.ie/news/offaly-live/1321231/old-shoe-factory-in-edenderry-being-renovated-to-house-ukrainian-refugees.html
- Laois rural community launches fundraiser for playground https://www.ireland-live.ie/news/laois-live/1322706/laois-rural-community-launches-fundraiser-for-playground.html
ISSUES IMPACTING RURAL IRELAND
- RURAL IRELAND: There is a new group being set up for housing developers, property investors and estate agents trying or intending to deliver new homes, businesses or important infrastructure in rural Ireland – email in confidence to carol@propertydistrict.ie.
- Finding a house in rural Ireland – cheapest to most expensive areas https://www.agriland.ie/farming-news/finding-a-house-in-rural-ireland-cheapest-to-most-expensive-areas/
- Renewed call for flexibility on log cabins in Laois https://www.ireland-live.ie/news/laois-live/1318828/renewed-call-for-flexibility-on-log-cabins-in-laois.html
- Our Rural Future: Minister Humphreys officially opens Virginia Civic, Library and Cultural Centre in Cavan https://www.gov.ie/en/press-release/7237c-minister-humphreys-officially-opens-virginia-civic-library-and-cultural-centre-in-cavan/
CONSTRUCTION, MMC & DEVELOPMENT NEWS
- Construction slows again but inflation appears to be easing – Employment continues to rise modestly with more firms optimistic about being busier in 12 months’ time https://www.irishtimes.com/business/2023/10/09/construction-slows-again-but-inflation-appears-to-be-easing/
- NI construction sector records biggest drop in orders this year https://www.constructionnews.co.uk/financial/ni-construction-sector-records-biggest-drop-in-orders-this-year-10-10-2023/
- The Unite trade union has warned of possible future industrial action in the construction and mechanical sector following the striking down of a Sectoral Employment Order (SEO). https://www.rte.ie/news/business/2023/1010/1410129-mechanical-industrial-action/
- Builders ordered to name ESB staff in alleged corrupt payments case: Richmond Homes and Arkmount Construction must also provide state-owned electricity company with amount and date of payments https://www.businesspost.ie/news/builders-ordered-to-name-esb-staff-in-alleged-corrupt-payments-case/
- Dublin city developers fail in all appeals against new land hoarding tax: An Bord Pleanála dismisses appeals for sites to be excluded from Residential Zoned Land Tax https://www.irishtimes.com/ireland/housing-planning/2023/10/12/dublin-city-developers-fail-in-all-challenges-against-new-land-hoarding-tax/
- Avondale hosts Build With Wood conference https://m.independent.ie/regionals/wicklow/wicklow-district/avondale-hosts-build-with-wood-conference/a938530401.html
- The big interview: Martin McVicar, Combilift: ‘Offshore wind is an exciting space. We have the secret sauce’: The chief executive of the forklift manufacturer believes his company’s move into offshore wind could add €50m in turnover within three years https://www.businesspost.ie/article/martin-mcvicar-combilift-offshore-wind-is-an-exciting-space-i-feel-we-have-the-secret-sauce-that/
- Meet the architect who created a home for rugby in Limerick: Eve Kelliher talks to architect and rugby fan Níall McLaughlin who believes collaboration is the secret to good design https://www.irishexaminer.com/property/homeandgardens/arid-41247976.html
- Topping Out Ceremony Signals Success for IADT: Leading Irish building contractor JJ Rhatigan & Company and Enbarr Education Ltd, in partnership with the National Development Finance Agency (NDFA), the Department of Further and Higher Education, Research, Innovation and Science (DFHERIS), the Higher Education Authority (HEA) and the Institute of Art, Design + Technology, Dún Laoghaire (IADT), is proud to announce the successful topping out of the Digital Media Building at IADT Dun Laoghaire – IrishRealEstate.news https://www.irishrealestate.news/topping-out-ceremony-signals-success-for-iadt/
- Bremore backers see state funds as crucial to port plan: The proposed new deep-water port will facilitate offshore wind farms and plug the capacity gap https://m.independent.ie/business/bremore-backers-see-state-funds-as-crucial-to-port-plan/a2042419114.html
- Newpark Real Estate to deliver sustainable logistics space at Vantage Business Park – Developer uses mass timber structures in first for Irish market https://www.irishtimes.com/property/commercial-property/2023/10/11/newpark-real-estate-to-deliver-sustainable-logistics-space-at-vantage-business-park/
- The LDA has partnered with Glenveagh to fund the construction of 69 homes at Wilkinson’s Brook in Hollystown, west Dublin, under Project Tosaigh, the Housing For All initiative which sees the LDA kickstarting stalled construction projects https://www.irishexaminer.com/news/arid-41246881.html
- Developer challenges inclusion of Portmarnock lands for land hoarding tax https://www.breakingnews.ie/ireland/developer-challenges-inclusion-of-portmarnock-lands-for-land-hoarding-tax-1538632.html
- FedEx announces plans for major logistics hub next to Dublin Airport https://m.independent.ie/business/irish/fedex-announces-plans-for-major-logistics-hub-next-to-dublin-airport/a1272871346.html
- Bray site with planning in place for two logistics units seeking €4m: Five-acre holding located just off N11 and M11 motorway and within 15 minutes drive of south Dublin https://www.irishtimes.com/property/commercial-property/2023/10/11/bray-site-with-planning-in-place-for-two-logistics-units-seeking-4m/
- Wicklow site with planning permission for 31 homes on sale for €1.5 million https://m.independent.ie/regionals/wicklow/arklow-news/wicklow-site-with-planning-permission-for-31-homes-on-sale-for-15-million/a488845241.html
- Renatus takes majority stake in Wicklow engineering group: Private equity firm’s investment is the first under its new fund, which is supported by the Ireland Strategic Investment Fund https://www.businesspost.ie/news/renatus-takes-majority-stake-in-wicklow-engineering-group/
- Plan to develop historic building into over 30 new homes https://www.leinsterleader.ie/news/home/1320274/kildare-plan-to-develop-historic-building-into-over-30-new-homes.html
- Builders urged to build houses aimed at first time buyers: Only one Mayo person used First Home Scheme to purchase home https://www.mayonews.ie/news/home/1320303/builders-urged-to-build-houses-aimed-at-first-time-buyers.html
- Planning permission granted for extension at Clare school https://www.ireland-live.ie/news/clare-live/1323202/planning-permission-granted-for-extension-at-clare-school.html
- Minister Patrick O’Donovan was in Rosslare Europort on Thursday to mark the commencement of works for the Terminal 7 and Enabling Works project that will see a new terminal built and a new Border Control Post set up https://wexfordlocal.com/2023/10/13/e166m-border-control-post-for-rosslare/
- Leo Lynch, the 67-year-old process and mechanical engineering company headquartered in Ireland, today announced a rebrand, including a new corporate identity and core company values. https://irishbuildingmagazine.ie/2023/10/10/leo-lynch-announces-rebrand-as-part-of-strategic-uk-and-european-expansion-and-recruitment-drive/
- Revenue flexes its muscles as it halts €13m warehoused tax deal: Mac Interiors thought its examinership would succeed until the High Court came down on the side of the taxman https://www.businesspost.ie/news-focus/revenue-flexes-its-muscles-as-it-halts-e13m-warehoused-tax-deal/
- The Centre of Construction Law & Dispute Resolution at King’s College London has produced a learning module on collaborative construction procurement and contracting (CCPC) for School of Specification. Learn why this is essential knowledge for architects… https://architecturetoday.co.uk/school-of-specification-introduction-to-cccp/
PROPTECH, ESG & CONSTRUCTION INNOVATION
- Proptech Ireland is updating the database of 2023 Irish technology providers for the built environment – From smart design and planning right through to the smart property transaction, where does your Irish-led or Ireland-based proptech or MMC business sit? Pease take five minutes to add or update your details to our internationally-shared listing here: SIGN UP HERE: *https://prop-tech.ie/register/ * and email product or service details to hello@prop-tech.ie
- Proptech Ireland: Ireland’s CONSTRUCTION and REAL ESTATE ESG technologies resource hub. Confused about how and where to start on your ESG journey? Contact us 👉https://prop-tech.ie
- Tech firms demand time to assess ‘raft’ of new laws affecting business: One business leader says guidance is needed to clarify what is required from firms to comply with new laws such as the forthcoming Artificial Intelligence Act https://www.businesspost.ie/news/tech-firms-demand-time-to-assess-raft-of-new-laws-affecting-business/
- VC funding rebound not on the cards as market sentiment sinks: Total fundraising for venture capital in Europe in the first half of 2023 was €7 billion, the lowest since the first half of 2018 https://www.businesspost.ie/tech/vc-funding-rebound-not-on-the-cards-as-market-sentiment-sinks/
- Will Budget 2024 help Irish start-ups unlock investment from wealthy? https://www.thetimes.co.uk/article/will-budget-2024-help-irish-start-ups-unlock-investment-from-wealthy-b5js8k82j
- Kingspan sets up digital accelerator for construction industry – Insulation giant’s programme will be led by director of digital Louise Foody 🔗https://www.irishtimes.com/business/2023/10/09/kingspan-sets-up-digital-accelerator-for-construction-industry/
- Swiftly.ie: Ireland’s tech-led estate agent for savvy sellers https://www.breakingnews.ie/advertising-feature/swiftly-ie-irelands-tech-led-estate-agent-for-savvy-sellers-1535251.html
- Locale founder Guy Windsor-Lewis on how being ahead of the curve in applying proptech systems has helped the business to flourish https://www.propertyweek.com/digital-edition/property-week-digital-edition-6-october-2023/5127051.article
- Advantages and Disadvantages of Fintech in Real Estate – What’s next for PropTech https://www.financemagnates.com/fintech/advantages-and-disadvantages-of-fintech-in-real-estate/
- A construction software firm specialising in subcontractor applications for payment has been acquired by Payapps, a specialist in construction payment management technology https://www.insidermedia.com/news/north-east/payapps-moves-for-construction-software-firm
- RealPage and Yardi Should Be Watching Amazon’s Antitrust Case Very Closely – Propmodo https://www.propmodo.com/realpage-and-yardi-should-be-watching-amazons-antitrust-case-very-closely/
- PropTech service Propoly says it’s handled £50m of rental transactions so far this year https://www.lettingagenttoday.co.uk/breaking-news/2023/9/lettings-proptech-firm-passes-big-rental-sector-milestone
- VARM secures Pre-Seed funding to accelerate home insulation and building decarbonisation: VARM secures seven-figure funding to make home insulation easier and affordable, facilitating access and training installers. https://tech.eu/2023/10/09/varm-secures-pre-seed-funding-to-accelerate-home-insulation/
- Realiste, a prop-tech company that develops personal AI for real estate investors, has surpassed 100 cities added to their platform, on a mission to completely digitize the real estate sector. https://www.globenewswire.com/news-release/2023/10/06/2756340/0/en/Realiste-Expands-to-100-Cities-A-Milestone-in-Real-Estate-Digitalization.html
- High profile proptech named among ‘most loved workplaces’ (it’s also the only property-related company on the list!) https://www.estateagenttoday.co.uk/breaking-news/2023/10/high-profile-proptech-named-among-most-loved-workplaces
- Measurabl hires MetaProp partner as chief growth officer | propertyEU https://propertyeu.info/Nieuws/Measurabl-hires-MetaProp-partner-as-chief-growth-officer/e39fbef0-83ad-4909-a305-47533586643d
ENERGY, CLIMATE & ENVIRONMENT
- Ireland: The Energy Performance Of Buildings Directive Proposes Zero-Emission Buildings By 2050 https://www.mondaq.com/ireland/landlord–tenant—leases/1374800/the-energy-performance-of-buildings-directive-proposes-zero-emission-buildings-by-2050
- Ideal Homes: Giving your home an energy upgrade does not come cheap, so advice is essential: The experts will be on hand to talk about retrofitting and energy upgrades at this autumn’s Ideal Homes show https://www.irishtimes.com/property/interiors/2023/10/14/ideal-homes-giving-your-home-an-energy-upgrade-does-not-come-cheap-so-advice-is-essential/
- Louth Solar Farm would power 21,000 houses if granted permission https://m.independent.ie/regionals/louth/drogheda-news/louth-solar-farm-would-power-21000-houses-if-granted-permission/a565314559.html
- Irish Cement completes its switchover from fossil fuels in Limerick https://www.ireland-live.ie/news/limerick-live/1322642/irish-cement-completes-its-switchover-from-fossil-fuels-in-limerick.html
- Rediscovering Sustainability: Green Homes With Traditional Techniques https://www.forbes.com/sites/angelicakrystledonati/2023/10/05/rediscovering-sustainability-green-homes-with-traditional-techniques/
- Geothermal energy: NI children enjoy virtual vision of future heat source https://www.bbc.com/news/uk-northern-ireland-67059498.amp
- Trust hopes money grows on trees as it targets €7m funding: Not-for-profit Nature Trust is on a mission to plant new open-access woodlands and restore natural habitats at scale across Ireland https://www.businesspost.ie/news/trust-hopes-money-grows-on-trees-as-it-targets-e7m-funding/
RESIDENTIAL PROPERTY NEWS (including PRS)
- 2,600 buyers approved for First Home Scheme https://amp.rte.ie/amp/1410675/
- Northern Ireland property prices rise by 5.7% in a year: Average price of an existing home in Northern Ireland now more than €230,000 https://www.irishtimes.com/business/economy/2023/10/10/northern-ireland-property-prices-rise-by-57-in-a-year/
- Number of landlords ‘unknown’ as RTB and CSO figures differ https://www.irishexaminer.com/news/arid-41244055.html
- For well over a decade tracker mortgage holders were on the pig’s back. Things have changed: Mortgage holders who have been paying high interest rates for years are annoyed about plans for morgage interest relief for a minority on trackers https://www.irishtimes.com/property/2023/10/14/for-well-over-a-decade-tracker-mortgage-holders-were-on-the-pigs-back-things-have-changed/
- Housing minister to meet European Commission amid ‘frustration’ at delays in Airbnb crackdown: Government’s proposals to bring about 12,000 short-term lets back into the long-term rental market are being delayed by Brussels https://www.irishexaminer.com/news/politics/arid-41244031.html
- Give people who need a home priority over the Airbnb crowd https://www.thetimes.co.uk/article/give-people-who-need-a-home-priority-over-the-airbnb-crowd-rtshwrpzs
- New apartments and houses at Árd na Glaise in Stillorgan from €360,000: First phase of housing at the South Dublin development released, including three-beds and apartments https://www.irishtimes.com/property/residential/2023/10/12/new-apartments-and-houses-at-ard-na-glaise-in-stillorgan-from-360000/
- Irish homeowners seeking up to €85k for Ryder Cup rentals have ‘received no interest yet’: Event will take place at Adare Manor in Limerick in four years’ time and will draw thousands of visitors to the country https://m.independent.ie/irish-news/irish-homeowners-seeking-up-to-85k-for-ryder-cup-rentals-have-received-no-interest-yet/a233620645.html
- 13 Geashill sites with planning ready to go https://www.ireland-live.ie/news/kildare-now/1317653/property-watch-13-geashill-sites-with-planning-ready-to-go.html
- New survey reveals top ten items that make a house feel like a home https://www.aviva.com/newsroom/news-releases/2023/10/new-survey-reveals-top-ten-items-that-make-a-house-feel-like-a-home/
- New season of popular television series seeks adventurous house hunters from Kilkenny https://www.ireland-live.ie/news/kilkenny-live/1321739/new-season-of-popular-television-series-seeks-adventurous-house-hunters-from-kilkenny.html
COMMERCIAL PROPERTY NEWS
- Turmoil in €50bn commercial property market as investors hand office keys back – Investment funds move to seize control of offices as borrowers default on loans while analysts forecast that up to €10 billion could be wiped off the value of Ireland’s CRE https://www.businesspost.ie/news/turmoil-in-e50bn-commercial-property-market-as-investors-hand-office-keys-back/
- International investors ready to spend on Irish property once prices fall – Funds remain optimistic for the future notwithstanding challenging debt markets and elevated interest-rate environment https://www.irishtimes.com/property/commercial-property/2023/10/11/international-investors-ready-to-spend-on-irish-property-once-prices-fall/
- Irish Commercial Real Estate Market Set for One of Weakest Years on Record: Investment is well below the average 3Q spend of €788 million. The slump in transactions mimics Europe-wide problem https://www.bloomberg.com/news/articles/2023-10-10/irish-commercial-property-set-for-one-of-weakest-years-on-record
- Dublin office market is in a downswing but it’s unlikely to be deep or long-lasting: Tech sector slowdown and remote working will soon push Dublin’s office vacancy rate to a peak of about 15.5% late this year or in the first half of 2024 https://www.irishtimes.com/business/2023/10/09/dublin-office-market-is-in-a-downswing-but-its-unlikely-to-be-deep-or-long-lasting/
- French investor Iroko Zen snaps up office investment in Dublin 11: J5 Plaza is now let in its entirety to the Health Service Executive under a new 15-year lease https://www.businesspost.ie/property/french-investor-iroko-zen-snaps-up-office-investment-in-dublin-11/
- New Ireland Assurance brings another office block to the market for €2.6m: Sale of 3-4 South Frederick Street offers significant scope for redevelopment individually and in conjunction with adjoining property https://www.irishtimes.com/property/commercial-property/2023/10/11/new-ireland-assurance-brings-another-office-block-to-the-market-for-26m/
- Sandyford office and warehouse space available: CBRE has brought 25 Corrig Road in the Sandyford Industrial Estate in south Dublin to the market by way of assignment/sub-lease https://www.businesspost.ie/property/sandyford-office-and-warehouse-space-available/
- Assura expands primary care property portfolio in the UK and Ireland as rents near £150m https://www.thisismoney.co.uk/money/markets/article-12609865/Assura-expands-primary-care-property-portfolio-rents-near-150m.html
- Calls for Cork City Council to change its rates scheme: Cork City Council should introduce a progressive commercial rates system to fund local services and facilities, says Cllr Lorna Bogue, European election candidate for Ireland South https://www.echolive.ie/corkviews/arid-41244130.html
- No ‘drive thru’ for Cork Tesco store as city council refuse permission for new feature: Plans to expand the Superstore offering to include a fancy new canopied drive-thru have been quashed https://www.corkbeo.ie/news/local-news/no-drive-thru-cork-tesco-27908974.amp
- Detached office building for sale is fetching €470k rent per annum: Offers are sought in excess of €5.5 million for three-storey office block in high-end Galway business park https://www.businesspost.ie/property/detached-office-building-for-sale-is-fetching-e470k-rent-per-annum/
- Thriving café for sale in Kilkenny https://www.ireland-live.ie/story-telling/kilkenny-live/1319680/thriving-cafe-for-sale-in-kilkenny.html
- Smyths Toys to open major distribution centre in Dundalk: New 401,375sq ft warehouse and parking for 50 HGVs nearing completion on 27-acre site at Dundalk North Business Park https://www.irishtimes.com/property/commercial-property/2023/10/11/smyths-toys-to-open-major-distribution-centre-in-dundalk/
- Iconic Wicklow hotel with permission for nursing home goes up for sale https://m.independent.ie/regionals/wicklow/west-wicklow-news/iconic-wicklow-hotel-with-permission-for-nursing-home-goes-up-for-sale/a1690518246.html
INTERNATIONAL PROPERTY NEWS
- UK house prices drop 13.4% from peak in real terms: Inflation masks extent of decline from March 2022 record level https://www.ft.com/content/3effe9ea-19ba-4239-af04-0ecb80a6e532
- Moving to Europe? Here’s How Much Buying a House in Each Member State Can Cost https://www.schengenvisainfo.com/news/moving-to-europe-heres-how-much-buying-a-house-in-each-member-state-can-cost/
- Rent Control proposals slammed by prominent industry commentator https://www.lettingagenttoday.co.uk/breaking-news/2023/10/rent-control-proposals-slammed-by-prominent-industry-commentator?source=newsticker
- The countries with the most expensive property prices https://www.msn.com/en-sg/news/other/the-countries-with-the-most-expensive-property-prices/ss-AA1hUcyr
- Chinese developer Country Garden says it cannot meet debt payment deadline https://www.ireland-live.ie/news/world/1318975/chinese-developer-country-garden-says-it-cannot-meet-debt-payment-deadline.html
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/