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: 

 

• Number of over-65s in Ireland set to double to 1.6 million by 2051https://www.irishexaminer.com/news/arid-40972745.html

 

• Fianna Fáil is set to push for the end for smaller sizes for build-to-rent apartments. The party’s ard fheis this afternoon passed a motion calling for the end of lesser standards for build-to-rent developments than in units for purchase by owner-occupiers, and to return them to “one standard”.  https://m.independent.ie/irish-news/politics/fianna-fail-members-vote-to-end-smaller-sizes-for-build-to-rent-apartments-42031441.html

 

• ‘No change’ in scale of institutional housing investment following new tax: Institutional investors bought 4,744 housing units in 2021, research carried out for Minister for Finance shows  https://www.irishtimes.com/ireland/housing-planning/2022/09/25/no-change-in-scale-of-institutional-housing-investment-following-new-tax/

 

• Our housing system has become one of ‘crammers’, where adult offspring remain at home far beyond either their own plans or indeed their parents’ and where unrelated persons move in together because they have no other option, in a housing system chronically starved of homes for one- and two-person households https://thecurrency.news/articles/96562/crammer-households-emigration-and-a-failure-to-provide-younger-adults-with-rental-housing/

 

• Taoiseach defends Govt housing policy, says O’Brien will remain in role after Cabinet reshuffle: The Government is not happy with the record high homelessness figures, Micheál Martin says. https://www.thejournal.ie/housing-micheal-martin-ff-ard-fheis-5881442-Sep2022/

 

• Watchdog reveals ‘significant shortfall’ in Housing Agency’s acquisition of units: Agency should consider returning ‘at least some’ of its funding to the exchequer, Comptroller and Auditor General says  https://www.irishtimes.com/ireland/housing-planning/2022/09/30/watchdog-reveals-significant-shortfall-in-housing-agencys-acquisition-of-units/

 

• Self-build homes to be included in Government’s shared equity scheme  https://m.independent.ie/irish-news/politics/self-build-homes-to-be-included-in-governments-shared-equity-scheme-42031441.html

 

• Corkman Tom Coughlan’s Urban Green says court winding up petition is thwarted  https://m.independent.ie/business/irish/corkman-tom-coughlans-urban-green-says-court-winding-up-petition-is-thwarted-42018633.html

 

• Irish Property Market Review: Record High Levels of Demand – Low Levels of Supply 🔗https://www.thephoenix.ie/current-issue-2/

 

• Govt to consider financial aid for owners of defective apartments  https://www.rte.ie/news/ireland/2022/0928/1325945-building-defect-repairs/

 

• Knee-jerk objections stall home building https://www.irishexaminer.com/opinion/columnists/arid-40972811.html

 

• Plan to axe leased social housing is under ‘review’: Move comes despite Taoiseach’s promise to end controversial practice, and follows fresh €450 million state investment to lease 1,000 new homes  https://www.businesspost.ie/news/plan-to-axe-leased-social-housing-is-under-review/

 

• Ireland’s Best Law Firms 2023: More robust decision-making is urgently needed in An Bord Pleanála  https://m.independent.ie/business/irelands-best-law-firms/irelands-best-law-firms-2023-more-robust-decision-making-is-urgently-needed-in-an-bord-pleanala-42026895.html

 

• Bank of Ireland fined €100.5m over tracker scandal https://www.rte.ie/news/business/2022/0929/1326092-bank-of-ireland-latest/ Also: Tracker scandal: have the lenders paid a high enough price for the damage done? As the Central Bank probe comes to a close, the question remains, will any of the individuals involved in the fiasco which affected 40,000 customers be held accountable?  https://www.businesspost.ie/news-focus/tracker-scandal-have-the-lenders-paid-a-high-enough-price-for-the-damage-done/

 

• KBC pays an additional €10m to 60 tracker customers on top of €153m already paid out: The bank was fined more than €18.3 million by the Central Bank in 2020 for its role in the tracker mortgage scandal  https://www.businesspost.ie/news/kbc-pays-an-additional-e10m-to-60-tracker-customers-on-top-of-e153m-already-paid-out/

 

• Fintan O’Toole on Gaffs by Rory Hearne: a cogent, persuasive account of housing crisis: This lively book also covers the growing issue of hidden homelessness  https://www.irishtimes.com/culture/books/review/2022/10/01/fintan-otoole-on-gaffs-by-rory-hearne-a-cogent-persuasive-account-of-housing-crisis/

 

 

• Selling sunset the Irish way: Do brokers get to keep all the commission earned? Irish realtors working abroad give the low-down on the reality of selling luxury property https://www.irishtimes.com/life-style/2022/10/01/selling-sunset-the-irish-way-do-brokers-get-to-keep-all-the-commission-earned/

 

• Net cost of Irish banks bailout rises to €45.7bn, comptroller says: Fall in market value of surviving banks as well as cost of servicing debt accounts for €4bn increase since last estimate  https://www.irishtimes.com/business/financial-services/2022/09/30/net-cost-of-irish-banks-bailout-rises-to-457bn-comptroller-says/

 

• Hoek Home raises $600,000 in funding from private investors: Dubliner Conor Coghlan is co-founder of New York-based furniture firm which has developed a line of sustainable furniture that clicks together with no bolts or screws  https://www.businesspost.ie/news/hoek-home-raises-600000-in-funding-from-private-investors/

 

• Vestager: There was a ‘distrust of Ireland as an enforcer’ on Big Tech: The European Commission executive vice-president tells Peter O’Dwyer that new regime for Digital Services Act will assure that rules will be properly implemented https://www.businesspost.ie/news/vestager-there-was-a-distrust-of-ireland-as-an-enforcer-on-big-tech/

 

 

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!)

 

 

BUDGET 2023

• Behind the scenes of Budget 2023 with the ministers who shaped it: Paschal Donohoe and Michael McGrath detail the ‘intense discussions’ and midnight calls in the run up to this year’s budget as they worked to deal with the cost of living crisis  https://www.businesspost.ie/politics/behind-the-scenes-of-budget-2023-with-the-ministers-who-shaped-it/

 

• Savills Ireland response to Budget 2023 – IrishRealEstate.news https://www.irishrealestate.news/savills-ireland-response-to-budget-2023/ Also: ‘Missed Opportunity’ On Measures To Boost Housing Supply https://businessplus.ie/economy/budget-2023/savills-budget-2023/ 

 

• New tax on vacant homes: all you need to know if you have one: Budget 2023: Tax is aimed at increasing the number of residential properties in the housing crisis  https://www.irishtimes.com/ireland/housing-planning/2022/09/27/new-tax-on-vacant-homes-all-you-need-to-know-if-you-have-one/ 

 

• Vacant homes tax will raise as little as €3 million a year – Budget 2023: Self-assessed tax will be charged at rate that is three times the property’s local property tax rate https://www.irishtimes.com/ireland/2022/09/27/vacant-homes-tax-will-raise-as-little-as-3-million-a-year/ 

 

• An estimated 22,000 derelict properties will be exempt from the government’s new vacant homes tax (VHT), which was introduced in last week’s budget to help raise the supply of residential properties to buy or rent.  https://www.thetimes.co.uk/article/vacancy-tax-wont-apply-to-22-000-derelict-homes-bhtkf3t0x

 

• #Budget2023  Marian Finnegan, Sherry FitzGerald  “Failure to introduce any serious policies to combat the systematic problems in the rental sector is a missed opportunity and very disheartening. The number of properties available to rent has fallen significantly in recent years with private investors abandoning the buy-to-let market. For much of the past decade, for every single investor buying into the market, two are exiting. There is nothing of note in today’s budget that addresses this situation…” https://www.sherryfitz.ie/news/reaction-to-budget-2023-

 

• Property: How did renters and landlords fare out in the Budget?   https://extra.ie/2022/09/27/news/irish-news/renters-and-landlords-fare-in-budget

 

 

• Landlord group ‘shocked’ at lack of supports as Donohoe says rent freeze won’t work: The amount of pre-letting expenses landlords can claim has doubled.  https://www.thejournal.ie/landlords-budget-2023-5878412-Sep2022/ 

 

• 10% levy on concrete blocks to help fund mica and pyrite redress schemes: The levy is expected to raise €80 million annually and it will be applied from 3 April 2023 at a rate of 10%.  https://www.thejournal.ie/concrete-levy-budget-2023-5877506-Sep2022/ Also: The 10% concrete levy announced by the government in Budget 2023 will add €3,000 to €4,000 to the delivery cost of the average three-bedroom semi-detached home, according to the Society of Chartered Surveyors Ireland (SCSI).  https://businessplus.ie/economy/concrete-levy-scsi/ 

 

• Construction Industry Federation welcomes retention of Help to Buy Scheme in today’s Budget announcement, but warns of negative impact of concrete products levy on housing and infrastructure costs.  https://cif.ie/2022/09/27/construction-industry-federation-welcomes-retention-of-help-to-buy-scheme-in-todays-budget-announcement-but-warns-of-negative-impact-of-concrete-products-levy-on-housing-and-infrastructure-c/

 

• Michael O’Flynn, described as “absolutely extraordinary” the Government decision to sanction a levy on concrete products: He fears new levy would further increase price pressure on house construction at a time the Government desperately needed to get as many houses delivered to the market as cost effectively as possible.  https://m.independent.ie/business/budget/budget-2023-property-developer-michael-oflynn-says-concrete-levy-is-extraordinary-decision-by-the-government-42022863.html

 

• Levy on blocks will delay social homes, says housing charity: Society of Chartered Surveyors Ireland estimates that the levy will add up to €4,000 to the cost of a regular semi-detached home  https://www.businesspost.ie/news/levy-on-blocks-will-delay-social-homes-says-housing-charity/

 

• Call for clarity on €15m sum allocated to Cork Events Centre in Budget: One line from the budget states that “€15 million is being provided to support for Cork City Council’s advancement of the Cork Events Centre project.”  https://www.echolive.ie/corknews/arid-40970618.html

 

• Planning application submitted for ‘ambitious’ Dublin Metrolink: While the ‘precise’ cost of the project is not yet known, the ‘central’ estimate is €9.5 billion.  https://www.thejournal.ie/planning-application-submitted-for-ambitious-dubloin-metrolink-project-5880960-Sep2022/

 

SUNDAY LISTEN

What started as #PropertyMatters, a single 60-minute show on Dublin South FM 93.9FM every Tuesday night, has now evolved into an online station hosting the very best construction, urban planning, property and proptech radio shows and podcasts from around the world. Our new website – produced by Hear Me Roar Media – offers audiences live and recorded access to global built environment content. To have your industry podcast included in the iPropertyRadio line-up, or to contribute as a guest on any of the feature show, email hello@ipropertyradio.com 

 

Listen back: https://ipropertyradio.com 

 

 

PLACEMAKING

OPEN PUBLIC CONSULTATIONS AND COMMUNITY ENGAGEMENT

 

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

 

• ‘The 15-Minute City’, an Irish perspective: Giving people back their city 🔗https://www.thephoenix.ie/current-issue-2/

 

• Council raises ‘concerns’ about elements of Ballymore’s plan for Guinness Quarter: Ballymore lodged plans to develop a 12.5 acre site that forms part of Diageo’s St James’s Gate brewing campus  https://www.irishtimes.com/business/2022/09/26/council-raises-concerns-about-elements-of-ballymores-plan-for-guinness-quarter/

 

• Offshore wind farm plan prompting worries in east coast communities: Proposed Dublin Bay project faces opposition from fishers, as Shell pulls out of Ireland’s offshore wind market  https://www.irishtimes.com/environment/2022/09/26/offshore-wind-farm-plan-prompting-worries-in-east-coast-communities/

 

• “There’s a great sense of community”: Locals share what they love about life in Donabate: Two, three, and four-bedroom homes are available in Semple Woods, Donabate. https://www.thejournal.ie/donabate-homes-for-sale-5876223-Sep2022/

 

• Simon Community is calling for more to be done to include vacant properties in the national stock  https://midwestradio.ie/index.php/news/61174-simon-community-calls-for-more-to-be-done-with-vacant-properties

 

• Residents of Mount Anthony housing scheme in Dublin celebrate 60th anniversary in style  https://m.independent.ie/news/residents-of-mount-anthony-housing-scheme-in-dublin-celebrate-60th-anniversary-in-style-42022160.html

 

• Watch: Drone footage over St Kevin’s Hospital as work begins on development of 265 new Cork city homes – The clip shows the scale of the site and gives an interesting view of some of the city’s most-recognisable buildings before demolition https://www.corkbeo.ie/news/local-news/watch-drone-footage-over-st-25111534

 

• Cork’s €100m ‘Kildare Village’ retail centre plans back on track: Minister sides against objections by the Office of the Planning Regulator to Carrigtwohill development  https://www.irishexaminer.com/news/munster/arid-40972268.html

 

• Sod turned on ‘New Town’ for east Cork to deliver 2,500 homes, 3 schools and railway station – The massive Water Rock development will be bigger than some existing Cork towns and will be linked to the city by rail  https://www.corkbeo.ie/news/local-news/sod-turned-new-town-east-25116674

 

• Cork residents say council is ‘ramming’ greenway into their community: The construction of the greenway is part of the first phase of Carrigaline’s public realm enhancement project  https://www.irishexaminer.com/news/munster/arid-40969013.html

 

• Taking to Cork city’s streets and alleyways, Ardú Street Art Project is set to return this month for its third annual outing https://placeengage.com/ardu-corks-contemporary-street-art-project-returns-this-month/ 

 

• Colbert Quarter plans could see 3,000 new homes in Limerick city  https://www.live95fm.ie/news/live95-news/colbert-quarter-plans-could-see-3000-new-homes-in-limerick-city/

 

• Loughrea to benefit from major rural development grant  https://galwaybayfm.ie/galway-bay-fm-news-desk/loughrea-to-benefit-from-major-rural-development-grant/

 

• Newbridge residents protest at site chosen for Ukrainian refugee modular housing: Organisers of protest in Co Kildare town raise concerns about removal of green area and say flooding issues mean site not suitable  https://www.irishtimes.com/ireland/social-affairs/2022/10/01/newbridge-residents-protest-at-site-chosen-for-ukrainian-refugee-modular-housing/

 

• €40 million for development of community projects announced  https://www.agriland.ie/farming-news/e40-million-for-development-of-community-projects-announced/

 

 

• Holiday homes ‘one of greatest threats’ to Irish language survival in Gaeltacht areashttps://www.irishexaminer.com/news/arid-40970222.html

 

 

• Progress on sale of former Mayo county library property outlined  https://www.con-telegraph.ie/2022/09/25/progress-on-sale-of-former-mayo-county-library-property-outlined/

 

• A photographer’s eye for a traditional Irish farmhouse renovation: David Magee was bewitched by the cottage in West Cork, but the renovation was trickier than he first expected  https://www.irishtimes.com/life-style/2022/10/01/a-photographers-eye-for-a-cottage-renovation/

 

 

CONSTRUCTION & DEVELOPMENT NEWS

• Cost inflation and permission timelines are largest barriers to housing, sector experts say; Some 300 industry experts were surveyed at the Housing Convention 2022 to discuss what the sector requires to meet building targets. This is how they responded https://www.businesspost.ie/property/cost-inflation-and-permission-timelines-are-largest-barriers-to-housing-sector-experts-say/

 

• Rising interest rates see investor demand for apartment schemes dwindle: With yields tightening, many investors and developers are holding off on build-to-rent projects for the time being  https://www.businesspost.ie/property/rising-interest-rates-see-investor-demand-for-apartment-schemes-dwindle/

 

• Hugh Wallace: Our planning system is broken — this is how we fix it: From the late 1920s to the 1950s, the State was able to deliver housing and infrastructure for the common good  https://www.irishtimes.com/property/residential/2022/09/29/hugh-wallace-our-planning-system-is-broken-this-is-how-we-fix-it/

 

• Introduction of concrete levy set to ‘severely impact’ cost of construction  https://m.independent.ie/business/budget/introduction-of-concrete-levy-set-to-severely-impact-cost-of-construction-42022343.html Also; Calls for concrete levy to be deferred until construction sector ‘settles down’  https://www.breakingnews.ie/amp/ireland/calls-for-concrete-levy-to-be-deferred-until-construction-sector-settles-down-1370097.html 

 

• Concrete levy should lead to more timber frame homes  https://www.breakingnews.ie/amp/ireland/concrete-levy-will-lead-to-more-timber-frame-homes-says-eamon-ryan-1370572.html

 

• New regulations to ensure that creches are opened in residential developments: Minister says facilities are required under planning laws but some developers have sidestepped the rule by building a creche and then not opening it  https://www.businesspost.ie/politics/new-regulations-to-ensure-that-creches-are-opened-in-residential-developments/

 

• North Cork apprentices show their metal at the World Skills Ireland competition  https://m.independent.ie/regionals/corkman/news/north-cork-apprentices-show-their-metal-at-the-world-skills-ireland-competition-42020201.html

 

• Terenure apartment scheme gets green light: Despite over 75 objections being lodged, An Bord Pleanála approves €106m housing plan  https://www.irishtimes.com/business/2022/09/26/green-light-given-for-106m-apartment-scheme-in-terenure/

 

• Sean Mulryan’s Ballymore has pulled out of a €45 million deal to buy a 27-acre site in Clongriffin, Dublin, as developers anticipate a dramatic slowdown of the private rented sector (PRS) in Ireland.  https://www.thetimes.co.uk/article/rocketing-rates-fuel-fears-of-apartment-building-slowdown-2k523g8rn

 

• Johnny Ronan strikes deal with US partner for Dublin docklands site: Developer’s buyout of Waterfront scheme clears way for construction of new European headquarters for Citigroup  https://www.irishtimes.com/business/2022/09/28/johnny-ronan-strikes-deal-with-us-partner-for-dublin-docklands-site/

 

• Plans for ‘Royal Canal Square’ scheme at Broombridge in north Dublin  https://www.breakingnews.ie/ireland/plans-for-royal-canal-square-scheme-at-broombridge-in-north-dublin-1371150.html

 

• Luxury apartments built around an old oak tree in Mount Merrion: Thornhill Oaks features a range of apartments with prices starting at €585,000  https://www.irishtimes.com/property/residential/2022/09/29/luxury-apartments-built-around-an-old-oak-tree-in-mount-merrion/

 

• Rallying cry of the #NIMBY: ‘You’ll be dealing with very irate neighbours’ – zoning row erupts over Uniphar housing plan: Proposal for 16-storey residential development is ‘unsafe’, claims neighbouring business https://m.independent.ie/business/irish/youll-be-dealing-with-very-irate-neighbours-zoning-row-erupts-over-uniphar-housing-plan-42030238.html

 

• Maynooth University (MU) said rising costs linked to technical construction issues and hyperinflation “adversely impacted” its completion.  https://www.bbc.co.uk/news/world-europe-63051524.amp

 

• Plan to knock old Cork city building and build four-storey apartment block: They want to put in hanging balconies over one side to try and replicate an archway that was there in medieval times  https://www.corkbeo.ie/news/local-news/plan-knock-old-cork-city-25118368

 

• Nearly 100 new homes, shop and a creche for Kerry Pike as Cork City Council approve plans: The Upper Leemount site has been earmarked for a mix of 4-bed, 3-bed and 2-bed homes  https://www.corkbeo.ie/news/property/nearly-100-new-homes-shop-25135176.amp

 

• Concern over urban sprawl as ‘new town’ in Galway turned down  https://connachttribune.ie/concern-over-urban-sprawl-as-new-town-in-galway-turned-down/

 

• Green light for 82 new homes in Rahoon  https://galwaybayfm.ie/galway-bay-fm-news-desk/green-light-for-82-new-homes-in-rahoon/

 

• Appeal lodged over refusal of Ballinasloe housing development  https://connachttribune.ie/appeal-lodged-over-refusal-of-ballinasloe-housing-development-news-4/amp/

 

• Ground broken on first major housing scheme in Limerick village in 35 years  https://www.limerickleader.ie/news/home/924633/ground-broken-on-first-major-housing-scheme-in-limerick-village-in-35-years.html

 

• Major development approved for Junction 17 in Laois  https://www.leinsterexpress.ie/news/local-news/926073/major-development-approved-for-junction-17-in-laois.html

 

• Center Parcs granted planning permission for major 80 Million Euro expansion https://www.shannonside.ie/news/center-parcs-granted-planning-permission-for-major-80-million-euro-expansion-211609

 

• Planning granted for 75-unit Mayo housing development  https://www.con-telegraph.ie/2022/09/27/planning-granted-for-75-unit-mayo-housing-development/

 

• Housing boost for central Mayo village  https://www.con-telegraph.ie/2022/09/29/housing-boost-for-central-mayo-village/

 

• Mayo County Council has been advised to sell Mayo Motor Tax Office to the investors in the Imperial Hotel, Castlebar.  https://www.con-telegraph.ie/2022/09/29/council-urged-to-make-proposal-to-mayo-hotel-investors/

 

• Site selection for new Mayo IDA facility well underway  https://www.con-telegraph.ie/2022/09/29/site-selection-for-new-mayo-ida-facility-well-underway-2/

 

• Calls for dumpers to ‘come clean’ over abandoned baths in Ballaghaderreen  https://www.shannonside.ie/news/calls-for-dumpers-to-come-clean-over-abandoned-baths-in-ballaghaderreen-211784

 

• Contract to be awarded soon for all-weather roof over Monck Street in Wexford: The cost of the project has increased since Fáilte Ireland allocated a grant of €228,000 https://m.independent.ie/regionals/wexford/news/contract-to-be-awarded-soon-for-all-weather-roof-over-monck-street-in-wexford-42021662.html

 

• Sisk hands staff €1,000 cost of living cash boost: John Sisk & Son has made a one-off payment this month to its staff in Ireland, UK and Europe to help with rising prices. https://www.constructionenquirer.com/2022/09/26/sisk-hands-staff-900-cost-of-living-cash-boost/

 

• Mace has reported the largest profit in its history despite a “challenging year for the construction industry”.  https://www.insidermedia.com/news/national/record-profit-for-mace-despite-construction-industry-challenges

 

• Construction consultant Arcadis has recruited Jane Boyle from Jones Lang LaSalle to head up its sustainability advice business in the UK and Ireland.  https://www.theconstructionindex.co.uk/news/view/arcadis-appoints-sustainability-lead?amp=1

 

• Irish Developer Bartra To Repay Over €90 Million To Immigration-By-Investment Clients – Projects Delivered on Time and on Budget and Sold to Institutional Investors  https://www.macaubusiness.com/irish-developer-bartra-to-repay-over-e90-million-to-immigration-by-investment-clients-projects-delivered-on-time-and-on-budget-and-sold-to-institutional-investors/

 

• “I’m not a fan of the term ‘woman in construction… Sometimes, it feels like everybody’s trying to separate us into girls over here and boys over there, but that’s never been my experience”. Mary Catherine is eager to break down this stereotype and encourage more women into construction https://www-image-ie.cdn.ampproject.org/c/s/www.image.ie/agenda/its-always-fun-interesting-and-challenging-portfolio-manager-mary-catherine-greene-on-working-in-a-male-dominated-industry-450179/amp

 

• Titanic Property Development had loss of £1.7 million in 2021: The company part controlled by Dermot Desmond recorded reduced turnover of £3.4 million, down from £32.1 million  https://www.businesspost.ie/news/titanic-property-development-had-loss-of-1-7-million-in-2021/

 

 

 

PROPTECH, ESG, MMC & CONSTRUCTION INNOVATION

 

• Proptech Ireland is updating the database of 2022 Irish technology providers for the built environment – From smart design and planning right through to the smart property transaction, where does your Irish-led or Ireland-based proptech  or MMC business sit?  Pease take five minutes to add or update your details to our internationally-shared listing here: SIGN UP HERE: *https://prop-tech.ie/register/ * and email product or service details to hello@prop-tech.ie

 

• Irish Startup Funding & Global Proptech Investment – Proptech Ireland https://prop-tech.ie/irish-startup-funding-global-proptech-investment/

 

• Proptech Ireland is happy to be a Partner again for the Emaar Innovation Challenge. Calling all startups in the healthy buildings, customer experience, and sustainability space. Winners have a chance for a paid POC with Emaar! Please apply at: https://emaarinnovationchallenge.com

 

• Knowledge Development Box – which encourages companies to develop Intellectual Property in Ireland – is to be extended for a further four years.  https://www.rte.ie/news/business/2022/0927/1325743-budget-2023-tax-reliefs-business/

 

• Bord na Móna invites companies to apply for next round of Accelerator Green programme: Accelerator is aimed at early-stage businesses developing sustainable products and services  https://www.irishtimes.com/business/2022/09/26/bord-na-mona-opens-applications-for-next-cohort-in-accelerator-green/

 

• ID verification and the mortgage industry – facing up to crime  https://www.mpamag.com/uk/mortgage-industry/technology/id-verification-and-the-mortgage-industry-facing-up-to-crime/421656

 

• Irish virtual reality company VRAI raises €3.4m in funding: Company plans to expand workforce as a result of push into renewable energy market  https://www.irishtimes.com/technology/2022/09/29/irish-virtual-reality-company-vrai-raises-34-million-in-funding/

 

• Openreach NI is proud to be sponsoring the Innovative Use of Smarthome Technology category, celebrating the very best in buildings promoting modern living across Northern Ireland.  https://m.belfasttelegraph.co.uk/events/property-awards/property-awards-openreach-sponsors-of-the-innovative-use-of-smart-home-technology-category-excited-to-celebrate-the-best-of-modern-living-42018526.html

 

• Climate tech companies join Net Zero programme  https://irishtechnews.ie/climate-tech-companies-join-net-zero-programme/amp/

 

• Okto Technologies gets £20m in contracts for its AI smart building tech – Okto Technologies will bring its AI-powered smart tech platform, Boss, to several luxury builds in London. Boss offers concierge-style services to building occupants. https://www.siliconrepublic.com/business/okto-technologies-contract-smart-building-ai

 

• Disperse, a U.K.-based construction tech company that offers an artificial intelligence (AI)-powered platform to help project managers track work and capture data from building sites, has raised $16 million in funding.  https://techcrunch.com/2022/09/25/disperse-which-brings-ai-fuelled-data-to-construction-projects-raises-16m/amp/

 

• Timberhub raises €5.8m to digitise the timber trade: With its digital timber marketplace, the Dutch startup is looking to bring the sector into the 21st century https://sifted.eu/articles/timberhub-digitise-the-timber-trade/

 

• Construction Roundtable Report: Does technology hold the key to better cashflow?  https://www.pbctoday.co.uk/news/digital-construction/construction-technology-news/construction-roundtable-report-does-technology-hold-the-key-to-better-cashflow/116051/

 

• 9 key trends in the construction industry  https://morethandigital.info/en/9-key-trends-in-the-construction-industry/amp/

 

• The true potential of BIM for the construction industry  https://www.pbctoday.co.uk/news/digital-construction/bim-news/the-true-potential-of-bim-for-the-construction-industry/116094/

 

• Disperse raises $16m for digital construction projects and targets U.S.  https://aimgroup.com/2022/09/27/disperse-raises-16m-for-digital-construction-projects-and-targets-u-s/

 

• ‘If you’re going to build something from scratch, this might be as good a time as in a decade’  https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/if-youre-going-to-build-something-from-scratch-this-might-be-as-good-a-time-as-in-a-decade

 

• Commercial Real Estate’s ESG Push Has Industry Fighting Over Talent  https://www.bisnow.com/national/news/top-talent/real-estates-esg-push-leaves-firms-fighting-for-talent-115604

 

• Confidence in PropTech Wavers as Markets Wind Down  https://www.propmodo.com/confidence-in-proptech-wavers-as-markets-wind-down/

 

• The proptech market is reeling from rising interest rates: Layoffs and cutbacks are hitting mortgage fintechs.  https://www.protocol.com/amp/proptech-rates-2658305273

 

• What economic turmoil means for proptech M&A: Currencies crashing, inflation soaring, investors fleeing – today’s economic climate is anything but easy – is a wave of consolidation now inevitable among suppliers?  https://placetech.net/strategy/what-economic-turmoil-means-for-proptech-ma/

 

• CREtech’s Michael Beckerman: “We’re in the Second Inning” of Proptech Adoption: “Too much is made about how many venture dollars are going into the space…That’s not the right barometer.”  https://www.connectcre.com/stories/cretechs-michael-beckerman-were-in-the-second-inning-of-proptech-adoption/

 

• Investors say these 21 proptech startups are the most promising in their fields — and can even survive a housing downturn  https://www.businessinsider.com/proptech-startups-vc-investors-recommend-real-estate-market-downturn-2022-9?amp

 

• PropTech in the North: Competition is Heating Up Between Canada and the US https://storeys.com/proptech-competition-canada-us/

 

• LATAM’s newest PropTech company Naya Homes raises $5M seed round to empower property owners to maximize the profitability of their real estate through short-term rentals  https://www.prnewswire.com/news-releases/latams-newest-proptech-company-naya-homes-raises-5m-seed-round-to-empower-property-owners-to-maximize-the-profitability-of-their-real-estate-through-short-term-rentals-301633318.html

 

• Proptech GetGround – which until now has been a service to help landlords form companies – has launched GetProperty, a service guiding landlords through the process of buying investment property.  https://www.lettingagenttoday.co.uk/breaking-news/2022/9/proptech-firm-branches-out-into-buy-to-let-purchase-service

 

CLIMATE & ENVIRONMENT

• What can Ireland do to make energy consumption more efficient?  https://www.siliconrepublic.com/innovation/ireland-digitalisation-energy-sector-sustainability-schneider-electric

 

• Solar panel restrictions lifted as property owners now free to install as many as they like  https://m.independent.ie/news/environment/solar-panel-restrictions-lifted-as-property-owners-now-free-to-install-as-many-as-they-like-42026309.html

 

• Green hydrogen plant planned for first Bremore port phase  https://m.independent.ie/business/irish/green-hydrogen-plant-planned-for-first-bremore-port-phase-42030934.html

 

• Large windfarm in east Clare gets planning approval despite local objections  https://www.breakingnews.ie/amp/ireland/large-windfarm-in-east-clare-gets-planning-approval-despite-local-objections-1370961.html

 

• EMpower energy developer secures planning permission for €60m Co Kerry wind farm  https://m.independent.ie/business/irish/empower-energy-developer-secures-planning-permission-for-60m-co-kerry-wind-farm-42030947.html

 

RESIDENTIAL PROPERTY NEWS (including PRS)

• The €1.7m starter home: How investment funds are inflating prices in Dublin suburbs – Mass purchasing of standard starter homes in Swords by a property investment vehicle has caused prices in the north county Dublin estate to spiral  https://www.businesspost.ie/news-focus/the-e1-7m-starter-home-how-investment-funds-are-inflating-prices-in-dublin-suburbs/

 

• Housing market sees lull in prices as inflation eases https://www.irishexaminer.com/news/arid-40969106.html Also: House prices begin to stabilise as more homes come on the market: The average house nationally is at €311,514  https://m.independent.ie/irish-news/news/house-prices-begin-to-stabilise-as-more-homes-come-on-the-market-42016120.html

 

 

• Rocketing prices mean it now takes the average Irish household 16 years’ income to afford an apartment, an EU study has found.  https://m.independent.ie/business/personal-finance/property-mortgages/it-takes-16-years-pay-to-buy-a-home-here-eu-report-finds-42025273.html

 

• Number of mortgage approvals to buy homes falls compared with 2021: Industry data shows surge in mortgage switchers and those fixing to escape interest rate hikes  https://www.irishtimes.com/business/2022/09/29/number-of-mortgage-approvals-to-buy-homes-falls-compared-with-2021/

 

• Looking for better value on mortgage loan as higher monthly payments loom- Q&A: Either you have a damaged credit rating and are with a sub-prime lender or you have lost out badly on better value  https://www.irishtimes.com/your-money/2022/09/25/looking-for-better-value-on-mortgage-loan-as-higher-monthly-payments-loom/

 

• Thousands of homeowners facing hefty increase in mortgages as Pepper and ICS push up their rates: People whose mortgages are managed by Pepper and other loans servicers can’t fix their rates, leaving them at the mercy of rate hikes https://m.independent.ie/business/irish/thousands-of-homeowners-facing-hefty-increase-in-mortgages-as-pepper-and-ics-push-up-their-rates-42019273.html

 

• Finance Ireland doubles mortgage lending as broker channel grows in influence  https://m.independent.ie/business/personal-finance/property-mortgages/finance-ireland-doubles-mortgage-lending-as-broker-channel-grows-in-influence-42021621.html

 

• New Ready to Build scheme will provide further housing options for people in Kildare who wish to build their own home: The scheme, which was launched recently, will support an additional 2,000 new-build homes to be delivered by 2025.  https://kildare-nationalist.ie/2022/10/01/new-scheme-for-rural-dwellers-in-kildare-to-build-their-own-home/

 

• Explainer: There’s a new rent tax credit, how can I avail of it and when will it be paid? Does my landlord need to be registered? What if I’m on HAP?  https://www.thejournal.ie/rent-tax-credit-ireland-explained-5878036-Sep2022/

 

• How can I make the most of my smart meter and can it save me money on my bills? Less than 40,000 of Ireland’s one million smart meters are being used to full potential. Here’s everything you need to know about using a smart meter to its full potential  https://www.irishexaminer.com/lifestyle/healthandwellbeing/arid-40969349.html

 

• The lift in my apartment building has been out of order for months. Can I end my lease? Property Clinic: I live on the top floor with a young child. I have contacted my estate agent multiple times but have no answers on when it will be fixed  https://www.irishtimes.com/property/residential/2022/09/27/the-lift-in-my-apartment-building-has-been-out-of-order-for-months-can-i-end-my-lease/

 

• Cork Cllr welcomes expansion of ‘Ready to Build’ scheme to include vacant buildings and serviced sites in rural areas https://m.independent.ie/regionals/corkman/news/cork-cllr-welcomes-expansion-of-ready-to-build-scheme-to-include-vacant-buildings-and-serviced-sites-in-rural-areas-42018337.html

 

• House prices in Limerick jump almost 10% in a year  https://www.limerickleader.ie/news/home/920947/house-prices-in-limerick-jump-almost-10-in-a-year.html

 

• New York Times picks €1.35m West Cork ‘ranch-house’ with harbour views as global property of the week: You really can’t buy this kind of publicity if you are trying to off-load a house – expect a rush of rich Yanks towards the Beara https://www.corkbeo.ie/news/property/new-york-times-picks-135m-25128602

 

• What is the going rate for a home in Co Waterford? From new homes to fixer-uppers, a county-by-county guide to what’s new on the market https://www.irishtimes.com/property/residential/2022/09/29/what-is-the-going-rate-for-a-home-in-co-waterford/

 

• Same auctioneers, same venue, 63 years on: History repeats itself as 49ac Thurles property goes back to auction with a guide of €510,000 – having cost less than £1,000 in 1959  https://m.independent.ie/business/farming/farm-property/munster-farm-sales/same-auctioneers-same-venue-63-years-on-42018383.html

 

• Billionaire John Collison to spend €6m on derelict Laois ‘doer-upper’ mansion  https://m.independent.ie/irish-news/news/billionaire-john-collison-to-spend-6m-on-derelict-laois-doer-upper-mansion-42032891.html

 

• Donegal County Councillors have voted to retain the Local Property Tax at a 15% increase in 2023. https://www.donegaldaily.com/2022/09/26/council-votes-retain-local-property-tax-increase-15/amp/

 

• Ask an expert: ‘Our son is living rent-free in our second house. What are the tax implications?’ https://m.independent.ie/life/home-garden/ask-an-expert-our-son-is-living-rent-free-in-our-second-house-what-are-the-tax-implications-42028003.html

 

• The house whisperer: ‘I sit down alone and I ask the house to tell me what it wants’: A Galway businesswoman and interiors expert has an unorthodox method of designing a room, and it works brilliantly  https://m.independent.ie/life/home-garden/the-house-whisperer-i-sit-down-alone-and-i-ask-the-house-to-tell-me-what-it-wants-42027861.html

 

• Beyond Storage: Shelving Systems as Design Elements  https://www.archdaily.com/989363/beyond-storage-shelving-systems-as-design-elements

 

• BHSI names heads of property and cyber in Ireland: Shane O’Neill steps up from role as senior property underwriter at BHSI to lead property offer, bringing 20 years of industry experienceto his new role  https://insuranceday.maritimeintelligence.informa.com/ID1142263/BHSI-names-heads-of-property-and-cyber-in-Ireland

 

• Online auction platform iamsold is holding their next online auction on 13 October and the firm intend to offer a wide selection of properties on the day.  https://www.corkindependent.com/2022/09/28/virtual-hammer-to-fall-on-13-october/

 

 

COMMERCIAL PROPERTY NEWS

• The five key rules of the return to the office: Autumn is seeing more people return to their workplace – but it is not like before and there are some rows and tensions  https://www.irishtimes.com/your-money/2022/09/29/the-five-key-rules-of-the-return-to-the-office/

 

• Credit Suisse working on asset sales as part of new strategy: Swiss banking group considering dramatic changes to return to profit after a strong of missteps  https://www.irishtimes.com/business/financial-services/2022/09/26/credit-suisse-working-on-asset-sales-as-part-of-new-strategy/

 

• New Staycity Facility In Dublin Majors On Gym Appeal  https://businessplus.ie/news/staycity-gym/

 

• Landmark Georgian building overlooking St Stephen’s Green on the market for €20m: Former Hibernian United Service Club offers stunning combination of original period detail and contemporary luxury  https://www.irishtimes.com/property/commercial-property/2022/09/28/landmark-offices-overlooking-st-stephens-green-for-20m/

 

• Stella Cinema in Rathmines: ‘Trophy asset like no other’ for sale for €9.5m: Paddy McKillen jnr and Matt Ryan’s Oakmount seeks buyer for freehold interest in award-winning Dublin 6 venue  https://www.irishtimes.com/property/commercial-property/2022/09/28/stella-cinema-in-rathmines-trophy-asset-like-no-other-for-sale-for-95m/

 

• New Maldron Hotel Opens On Dublin’s Merrion Road  https://www.hospitalityireland.com/amp/hotel/new-maldron-hotel-opens-on-dublins-merrion-road-193472

 

• New retailers showing interest in ‘Pana’ as vacant units start to fill: A number of empty premises are ready to let  https://www.irishexaminer.com/property/commercial/arid-40971464.html

 

• Iconic brings its state-of-the-art flexible workspaces to Cork: The city’s combination of multinational heavy hitters and local start-ups made it an obvious choice for Iconic Offices’s first expansion outside of Dublin  https://www.businesspost.ie/property/iconic-brings-its-state-of-the-art-flexible-workspaces-to-cork/

 

• New owners invest €8m in Castlemartyr Resort: Its Singaporean owners, with strong Irish links, have also snapped up the Ring of Kerry Golf Club  https://www.irishexaminer.com/property/commercial/arid-40971467.html

 

• Maldron Hotel Oranmore on the market for over €13m  https://m.independent.ie/business/commercial-property/maldron-hotel-oranmore-on-the-market-for-over-13m-42025338.html

 

• Prime retail units in Limerick city centre hit the market  https://www.limerickleader.ie/news/home/923712/prime-retail-units-in-limerick-city-centre-hit-the-market.html

 

• Kildare residents to protest against site picked for modular homes to house Ukrainian refugees: Locals say they were not consulted about the location of homes, and have expressed concerns about the site’s suitability  https://www.irishtimes.com/ireland/social-affairs/2022/09/30/kildare-residents-to-protest-against-site-picked-for-modular-homes-to-house-ukrainian-refugees/

 

• Owner of historic Wicklow pub puts it on the market  https://m.independent.ie/regionals/wicklow/news/owner-of-historic-wicklow-pub-puts-it-on-the-market-42019560.html

 

• Wexford gelato maker Scúp eyes retail expansion after scooping taste award: Scúp Gelato, which supplies ice cream to high-end hotels and restaurants, is looking to expand its sales after winning the Great Taste Golden Fork award  https://www.businesspost.ie/post-plus/wexford-gelato-maker-scup-eyes-retail-expansion-after-scooping-taste-award/

 

• CBRE appoints new chief operating officer: Meadhbh McClean has been promoted from her role as head of the agency’s legal and compliance section  https://www.businesspost.ie/property/cbre-appoints-new-chief-operating-officer/

 

INTERNATIONAL PROPERTY NEWS

 

• British house prices could drop 40 per cent, analyst warns: Neal Hudson says outlook is ‘terrifying’ after last week’s mini-budget, with market accelerating towards a severe housing crash  https://www.businesspost.ie/news/british-house-prices-could-drop-40-per-cent-analyst-warns/

 

• Record house prices and surging mortgage rates have started to take their toll on would-be first-time buyers, with fewer now looking to get on the housing ladder.  https://www.thetimes.co.uk/article/interest-rate-rises-drive-up-mortgages-and-scare-off-first-time-buyers-wkjl3mgxp

 

• U.K. Property Market ‘Surprisingly Resilient,’ Despite Economic Challenges: Average prices rose more than £2,500 from last month  https://www.mansionglobal.com/amp/articles/u-k-property-market-surprisingly-resilient-despite-economic-challenges-01664217201

 

• UK house prices predicted to drop by at least 10% in 2023: As lenders pull mortgage products amid interest rate turmoil, experts forecast ‘significant fall’  https://amp.theguardian.com/money/2022/sep/28/uk-house-prices-predicted-fall-mortgage-interest-rate

 

• From the £25,000 wreck to the £25m home with an indoor pool: what three house sales tell us about modern Britain – Each has its own story, from the drug- and crime-ridden streets of a former mining town to the ever more bizarre demands of the super-rich https://amp.theguardian.com/money/2022/sep/27/25000-wreck-25m-home-indoor-pool-three-house-sales-modern-britain

 

• Wetherspoons – with 800 sites across the UK and Ireland – to sell 32 pubs as costs rise https://www.business-sale.com/news/commercial-property/wetherspoons-to-sell-32-pubs-as-costs-rise-223577

 

• King Charles’s endless meddling in architectural politics has accomplished nothing: As Prince of Wales, Charles campaigned for sustainable townscapes. But good intentions are no match for the UK’s profit-driven system  https://www.theguardian.com/commentisfree/2022/sep/21/king-charles-architectural-politics-prince-profit-poundbury-paisley-perspectives

 

• Missing the mark: the pressing problem for UK building products: Incoming government needs to urgently address the negative impact of the new post-Brexit standards regime on the building products market … https://www.constructionnews.co.uk/supply-chain/missing-the-mark-the-pressing-problem-for-building-products-28-09-2022/

 

• Hines European Core Fund Acquires its First Logistics Asset in Barcelona  https://www.hines.com/news/hines-european-core-fund-acquires-its-first-logistics-asset-in-barcelona

 

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/