Weekly Irish property market news and insights – for the industry, by the industry
TRAINING FOR SENIOR EXECUTIVES: The Property District Series is back this month (online and in-person at the RDS Members’ Club) and, for the first time, we are opening these up to non-clients. Our Q4 schedule will be circulated shortly via email – please register your interest at info@propertydistrict.ie.
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:
- Greens housing spokesperson: ‘There’s opposition to what we’re doing, even within Government’: Francis Noel Duffy doesn’t believe the eviction ban should be reinstated, he said doing so would be akin to “a communist state” https://www.thejournal.ie/green-party-housing-spokesperson-policy-matters-eviction-ban-6157921-Sep2023/
- Refugee housing system under ‘real pressure’ as 500 Ukrainians arrive each week: Electric Picnic tents at Stradbally in use as Minister cites ‘pinch point’ with students returning to accommodation https://www.irishtimes.com/politics/2023/09/07/refugee-housing-system-under-real-pressure-as-500-ukrainians-arrive-each-week/
- Housing crisis deterring employers from hiring overseas workers – The number of work permits being issued has dropped sharply over shortage of housing while multinationals are largely hiring people already in the country https://www.businesspost.ie/news/housing-crisis-deterring-employers-from-hiring-overseas-workers/
- DAA will not increase its bid on 260 acres between runways – it seems the Dublin Airport operator is willing to risk the land being bought by a third party rather than enter a bidding war to near its €200 million valuation https://www.businesspost.ie/news/daa-will-not-increase-its-bid-on-260-acres-between-runways/
- New €440m ‘lease-to-own’ venture Dwellr will target generation rent: If approved, buyers will get a budget and then have cash to bid on property https://m.independent.ie/business/irish/new-440m-lease-to-own-venture-dwellr-will-target-generation-rent/a372189617.html
- Wealth gap between renters and homeowners makes mortgage relief ‘anti-poor’, says economic historian: Government figures have indicated a return of mortgage interest relief may be on the cards to combat interest rates surge https://m.independent.ie/business/irish/wealth-gap-between-renters-and-homeowners-makes-mortgage-relief-anti-poor-says-economic-historian/a1111428257.html
- ‘It has stunted my life’: Readers share their experiences of adult children living at home – We asked readers to share their stories of adults living with their parents. https://www.thejournal.ie/its-stunted-my-life-readers-describe-their-experiences-of-living-with-their-parents-as-an-adult-6159631-Sep2023/
- Owen Keegan, former Dublin City chief: council tsar who paddled his own canoe.The former city chief executive made his name by introducing clamping but he did himself few favours over his championing of the white-water rafting project in Dublin’s Docklands https://www.businesspost.ie/news-focus/owen-keegan-former-dublin-city-chief-council-tsar-who-paddled-his-own-canoe/
- US firm Principal Asset Management has spent $10m (€9.3m) to buy two Dublin data centres, citing the difficulty with developing similar facilities in the capital as an investment opportunity. https://m.independent.ie/business/irish/us-asset-manager-spends-10m-on-dublin-data-centres/a981917434.html
- TikTok’s new Dublin data centre is operational and the migration of European user data to the centre has begun. Second data centre in Ireland and a third in Norway are under construction, with the second Irish centre expected to be operational next year https://www.rte.ie/news/business/2023/0905/1403499-tiktok-says-irish-data-centre-is-now-operational/
- Is Ireland’s corporation tax party over? Smart Money: We have seen huge jumps in business tax returns since 2015, but what happens next is not entirely clear https://www.irishtimes.com/your-money/2023/09/07/is-irelands-corporation-tax-party-over/
- Amazon and other companies invested in affordable housing. Did it work? Technology firms, healthcare groups and banks have thrown money at affordable housing, but even billions in short-term private capital can’t solve the crisis https://www.theguardian.com/us-news/2023/sep/08/us-affordable-housing-corporations-amazon-low-interest-rates
On a more personal note, we were deeply saddened to hear about the loss of William Power this week. Over the years of working on placemaking projects, every interaction was marked by William’s professionalism, warmth, and dedication – we learned a lot from him. William was very well liked and respected across the industry and our thoughts and condolences are with his family and friends during this difficult time. Rest in peace, William. https://rip.ie/death-notice/william-jnr-power-carlow-528960
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
We are excited to share the growth of iPropertyRadio! What started as #PropertyMatters, a 60-minute weekly show on Dublin South FM 93.9FM over 4 years ago, has now evolved into a global online station for the best construction, urban planning, property and proptech content. Check out our website, iPropertyRadio.com, brought to you by Hear Me Roar Media for live and recorded access to all the week’s built environment news.
Do you want to have your industry podcast included or be a guest on our shows? Reach out to us at hello@ipropertyradio.com. Last year, we hit a massive 7.5 million digital impressions across our brands and this figure is growing – in June 2023, for the first time since we emerged from the pandemic lockdown, monthly ORGANIC digital impressions across Property District’s owned construction and real estate brands exceeded one million (*1,009,883*) – up from a monthly average of 765,876 in Q1! Huge thanks to all of you for your continued support!
Be sure to subscribe to the podcast and check out all of the other real estate and construction shows on https://ipropertyradio.com/shows/
This week on iPropertyRadio…
#Property Roundup
On #PropertyRoundup we learn about Galway’s Digital Graveyard project with Marie Mannion, Heritage Officer, Barry Doyle, IS Project leader, and Brídín Feeney, GIS technician with Galway County Council.
Over 40,000 graveyard memorial records have been released as part of this project. The aim is to support communities and diaspora to connect with their past by unlocking valuable graveyard information and making it available as open-source data that will be free to use.
Listen back to hear about some unanticipated use cases, the future of the project, and the timeline for getting the 250+ graveyards mapped (further 200 graveyards not owned by the Council).
*Property Roundup is sponsored by Irish Property District, your industry communications partner: https://propertydistrict.ie*
Watch/ listen back: https://ipropertyradio.com/property-matters/
#Proptech Hot Seat
*Streamlining Property Transactions*
In the iPropertyRadio.com Proptech Hot Seat with host Carol Tallon this week is Dr. Konrad Rotthege, founder of conveyo, a vc-backed proptech startup that is changing the way we buy and sell homes. The platform streamlines and simplifies every step of the process, from listing to closing. Konrad discusses enhancing customer experience and transparency in residential properties and navigating home sales. LIsten back to hear his predictions for the future of proptech and real estate innovation.
Learn more about Conveyo here- https://conveyo.io/
*Proptech Hot seat is sponsored by Proptech Ireland, the hub for innovators, investors and industry leaders.*
Watch/ listen back: https://ipropertyradio.com/proptech-hot-seat/
#BreakingGround
*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*
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 Hear Me Roar Media https://hearmeroarmedia.com/
PLACEMAKING
OPEN PUBLIC CONSULTATIONS AND COMMUNITY ENGAGEMENT
- 🚴 PLACEengage – Your Virtual Town Hall is delighted to sponsor the ‘John Behan Memorial Cycle’ in An Cheathru Rua, Connemara, 16th September 2023. I know we have lots of cycling enthusiasts in the industry so details of the planned routes (110 km and 65 km) and how to get involved are on the Club Rothaíochta Chonamara page 👉https://eventmaster.ie/event/YAyDcrOFjv Bígí linn!
- RURAL IRELAND: Welfare hikes, music lessons and €1.9bn for roads: Rural Independents’ draft budget wish-list – The Rural Independent Group’s draft pre-budget submission was released in error https://www.irishtimes.com/politics/2023/09/09/welfare-hikes-music-lessons-and-19-billion-for-roads-rural-independents-draft-budget-wish-list/ Also – 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.
- Calls for three more major Dublin streets to be pedestrianised in city centre plan https://m.independent.ie/regionals/dublin/dublin-news/calls-for-three-more-major-dublin-streets-to-be-pedestrianised-in-city-centre-plan/a1688234434.html
- Historic Lucan House bought for €15m by local authority as part of ‘tourism strategy plan’: It was built in the 18th century and has served as the home for Italian ambassadors for five decades https://www.dublinlive.ie/news/dublin-news/historic-lucan-house-bought-15m-27628505
- ‘We recognise that pain of loss’: Pet memorial garden to open in Dublin https://www.irishexaminer.com/news/arid-41220586.html
- Galway Co Council CEO and officials hold meetings in Connemara to discuss various issues, including a visit to the Páirc na Mara site. Planning continues to be a contentious theme in Connemara https://galwaybayfm.ie/galway-bay-fm-news-desk/galway-co-council-ceo-and-officials-hold-meetings-in-connemara-to-discuss-various-issues-that-have-arisen-in-the-past-few-days/
- Promoter in discussions to hold live events at Galway Airport site https://galwaybayfm.ie/galway-bay-fm-news-desk/promoter-in-discussions-to-hold-live-events-at-galway-airport-site/
- Galway County Council plan for the development of Athenry has been slammed as “unambitious” and “shortsighted” https://connachttribune.ie/athenry-development-plan-lacks-real-ambition/
- Chance to restore lost railway station as Greenway from Abbeyleix to Kilkenny City proposed https://www.laoistoday.ie/2023/09/09/chance-to-restore-lost-railway-station-as-greenway-from-abbeyleix-to-kilkenny-city-proposed/
- New website for Wicklow greenways launched https://m.independent.ie/regionals/wicklow/news/new-website-for-wicklow-greenways-launched/a1451208429.html
- Public consultations on Arklow-Shillelagh Greenway to begin in October https://m.independent.ie/regionals/wicklow/arklow-news/public-consultations-on-arklow-shillelagh-greenway-to-begin-in-october/a23584274.html
- Ambitious plans for Mayo greenways are revealed https://www.con-telegraph.ie/2023/09/09/ambitious-plans-for-mayo-greenways-are-revealed/
- ‘Offer a home’ scheme continues in Monaghan https://www.northernsound.ie/news/offer-a-home-scheme-continues-in-monaghan-221940
- Major changes to Donegal Town flagship development plans: Additional houses and a creche, no community and leisure building, but swimming pool is still on track under approved modifications to planning application https://www.ireland-live.ie/news/donegal-live/1292089/major-changes-to-donegal-town-flagship-development-plans.html
- Wicklow County Council sign contract for Blessington Town Centre First Plan https://wicklownews.net/2023/09/wicklow-county-council-sign-contract-for-blessington-town-centre-first-plan/
- Greystones: More than 80 new apartments and duplexes from €490,000: Durkan marks 60 years in new-home building with the construction of properties on the former Fairfield Park https://www.irishtimes.com/property/residential/2023/09/07/greystones-more-than-80-new-town-centre-apartments-and-duplexes-from-490000/
- Historic Kildare castle should be brought into State ownership https://www.kildarenow.com/news/home/1289474/historic-kildare-castle-should-be-brought-into-state-ownership.html
- Planning permission sought for change of use of Post Office in County Carlow https://www.carlowlive.ie/news/home/1291397/planning-permission-sought-for-change-of-use-of-post-office-in-county-carlow.html
- Planning permission rejected for Drogheda/Mornington Greenway https://www.lmfm.ie/news/lmfm-news/planning-permission-rejected-for-drogheda-mornington-greenway/
- Plan to build Ukrainians modular homes in Wicklow voted down: Councillors hit out at lack of consultation regarding two sites https://m.independent.ie/regionals/wicklow/west-wicklow-news/plan-to-build-ukrainians-modular-homes-in-wicklow-voted-down/a1379862178.html
- Planning sought for Ballybay playground https://www.northernsound.ie/news/planning-sought-for-ballybay-playground-221779
- Calls for beach wheelchairs to be provided on all Donegal beaches https://highlandradio.com/2023/09/09/calls-for-beach-wheelchairs-to-be-provided-on-all-donegal-beaches/
- Public consultation launched for proposed works at protected structure in South Kerry https://www.radiokerry.ie/news/public-consultation-launched-for-proposed-works-at-protected-structure-in-south-kerry-345525
CONSTRUCTION, MMC & DEVELOPMENT NEWS
- Offsite Expo 2023: Enhancing Export Opportunities for MMC Ireland Members – Building upon the massive success of MMC Ireland’s Inaugural National Conference 2023 earlier this year in Croke Park, which was hailed as a “watershed moment” for offsite and other modern methods of construction in Ireland, we are proud to announce our new partnership with the UK’s Offsite Expo 2023. Learn more about why this partnership is important for Ireland-based companies 👉 https://mmcireland.ie/offsite-expo-2023-enhancing-export-opportunities-for-mmc-ireland-members/
- Number of homes granted planning permission drops by 23pc in second quarter: Apartments accounted for the majority of new permissions https://m.independent.ie/business/irish/number-of-homes-granted-planning-permission-drops-by-23pc-in-second-quarter/a425066904.html
- Residential land hoarding is more fiction than fact: Often the lack of development is down to factors that are out of the control of landowners https://www.businesspost.ie/property/expert-opinion-residential-land-hoarding-is-more-fiction-than-fact/
- SCSI calls for ‘long-term’ budget planning to drive down housing costs: Chartered surveyors warn increased construction costs leading to projects being paused or cancelled as they are ‘no longer financially viable’ https://www.irishtimes.com/business/2023/09/08/scsi-calls-for-long-term-budget-planning-to-drive-down-housing-costs/ Also: Hold-ups in connecting electricity, water to new developments are hitting delivery on housing, surveyors warn https://m.independent.ie/business/irish/hold-ups-in-connecting-electricity-water-to-new-developments-are-hitting-delivery-on-housing-surveyors-warn/a1266252533.html
- Quarterly construction production falls despite easing of inflation: New figures from the Central Statistics Office show construction volumes fell by 3.3% in the quarter https://www.irishexaminer.com/business/economy/arid-41219077.html
- Shortage of construction workers is one of the biggest challenges facing the building industry amid warnings that there is not enough skilled labour to meet the demand for housing. Efforts are under way to try to encourage more women to enter the sector. https://www.rte.ie/news/business/2023/0907/1403847-women-construction/
- Worldskills Ireland 2023: Free three-day career event for school leavers at RDS: The Leaving Cert class of 2023 can explore their options for skills industries and apprenticeships https://www.dublinlive.ie/whats-on/whats-on-news/worldskills-ireland-2023-free-three-27665920.amp
- Urgent action needed to protect Irish stone buildings – Preservation of historic stone buildings across Ireland is under threat unless urgent action is taken to develop standards of procurement, training and apprenticeships https://clareherald.com/living/conservation/urgent-action-needed-to-protect-irish-stone-buildings/
- Dublin City Council told to urgently address antisocial behaviour and ‘chronic shortage’ of up to 50,000 homes in Docklands https://m.independent.ie/irish-news/dublin-city-council-told-to-urgently-address-antisocial-behaviour-and-chronic-shortage-of-up-to-50000-homes-in-docklands/a278712427.html
- Cairn boss on Dublin hotel and office development: ‘We just built a city that nobody lives in’: The developer has said that an over-concentration of hotel and office building in Dublin has created an unsustainable city https://www.businesspost.ie/news/cairn-boss-on-dublin-hotel-and-office-development-we-just-built-a-city-that-nobody-lives-in/ Also – Cairn plans to hand over 40 per cent of homes for social housing: As interest from investment funds wanes, the developer is re-focusing towards state entities https://www.businesspost.ie/news-focus/cairn-plans-to-hand-over-40-per-cent-of-homes-for-social-housing/
- New plans for St Stephen’s Green shopping centre include added retail and basement cinema: The applicants are proposing to replace a planned first floor office with a new mall with additional retail, food and beverage and cultural uses. https://www.thejournal.ie/st-stephens-green-shopping-centre-redesign-6163693-Sep2023/
- Report recommends 7,000 homes at site of former Dublin dump: Fourteen Dublin locations, including rail hubs, identified for ‘intensive’ development of 130,000 homes https://www.irishtimes.com/ireland/dublin/2023/09/04/report-recommends-7000-homes-at-site-of-former-dublin-dump/
- Billionaire Comer brothers bid for Dublin Airport land owned by McEvaddys: The DAA is interested in acquiring 260-acre plot but said it would not pay ‘crazy prices’ for it https://m.independent.ie/business/irish/billionaire-comer-brothers-bid-for-dublin-airport-land-owned-by-mcevaddys/a696266121.html
- Primary care centre planned for Baggot Street hospital despite calls to turn vacant building into refugee accommodation https://m.independent.ie/irish-news/primary-care-centre-planned-for-baggot-street-hospital-despite-calls-to-turn-vacant-building-into-refugee-accommodation/a471614109.html
- Kennedy Wilson completes three developments to deliver 800 homes – The US multinational real estate investment company now has 3,300 units, with another 232 on the way https://www.businesspost.ie/property/kennedy-wilson-completes-three-developments-to-deliver-800-homes/
- Owners of the former Chivers factory site in Coolock, with planning permission for 500 homes, have lost an appeal to exempt it from the Residential Zoned Land Tax. The site in Coolock was rezoned from industrial to residential use in 2018 https://m.independent.ie/irish-news/developer-must-pay-vacant-site-tax-on-old-chivers-plant/a2082776240.html
- Merrion House offers scope for prime residential on D4 waterfront for €19.75m: Long-standing Dublin base of US-headquartered engineering giant Jacobs Engineering could accommodate more than 300 new homes https://www.irishtimes.com/property/commercial-property/2023/09/06/merrion-house-offers-scope-for-prime-residential-on-d4-waterfront-for-1975m/
- Land swap between HSE and Dublin City Council approved for Inchicore homes – Councillors also approve construction of 35 apartments on Berkeley Street in Dublin 7 by housing charity Cabhrú https://www.irishtimes.com/ireland/dublin/2023/09/04/land-swap-between-hse-and-dublin-city-council-approved-for-inchicore-homes/
- Developer says five-year planning permission not long enough for Dublin site due to threat of judicial review: Bindford Ltd has appealed against conditions attached to a DCC planning for 184 apartments for a scheme at Cross Guns Bridge in Phibsborough https://www.irishtimes.com/business/2023/09/04/developer-says-five-year-planning-permission-not-long-enough-for-dublin-site-due-to-threat-of-judicial-review/
- Private Irish investor pays €3.5m for Lower Baggot Street Georgian: Development potential saw range of investors and owner-occupiers vying for No 73 https://www.irishtimes.com/property/commercial-property/2023/09/06/private-irish-investor-pays-35m-for-lower-baggot-street-georgian/
- Vacant Dublin 2 site comes to market for €1.7 million: This south city centre site in the heart of the Georgian area is subject to planning permission https://www.businesspost.ie/property/vacant-dublin-2-site-comes-to-market-for-e1-7-million/
- Top class: TU Dublin opens new €14.7 million facility in Tallaght – The teaching, research and recreation building provides an extra 3,282 square metres of space https://www.businesspost.ie/property/top-class-tu-dublin-opens-new-e14-7-million-facility-in-tallaght/
- Builders making offices work as homes with conversion projects – Some unused blocks in cities and major towns have already been transformed into living spaces and the trend is growing https://www.businesspost.ie/news-focus/builders-making-offices-work-as-homes-with-conversion-projects/
- CIS round-up: what’s being built, when and where around the country: The leading provider of business intelligence to the construction sector offers the latest on projects on the ground and in the pipeline https://www.businesspost.ie/property/cis-round-up-whats-being-built-when-and-where-around-the-country-9/
- New 623-bed student accommodation to be developed in Cork through ISIF investment: The accommodation will be funded through ISIF’s existing partnership with Harrison Street https://www.irishexaminer.com/business/companies/arid-41221282.html
- Cork City Council preparing business case for Docklands works: Road upgrades, flood defences, new parks and quaysides amongst developments planned https://www.irishexaminer.com/business/economy/arid-41218363.html
- Plans to transform long-empty Cork city warehouse into new apartments: The warehouse site has sat empty for over a decade https://www.corkbeo.ie/news/property/plans-transform-long-empty-cork-27650133
- Demolition of much-loved former Cork hotel begins to make way for houses: The hotel had been boarded up in recent years and was gutted in a suspected arson attack last year https://www.echolive.ie/corknews/arid-41219485.html
- Concerns for future of Ardmore after housing scheme blocked: Permission was granted to housing body last September to construct 31 homes on a council-owned 1.47 hectare site in the West Waterford village https://www.irishexaminer.com/news/munster/arid-41222155.html
- Approval for 36 new homes at Headford Road https://connachttribune.ie/approval-for-36-new-homes-at-headford-road/
- Dexcom seeks planning permission for major new manufacturing facility in Athenry https://connachttribune.ie/dexcom-seeks-planning-permission-for-major-new-manufacturing-facility-in-athenry/
- Portumna locals call for Comers to free up hotel site at town centre: Once thriving hotel left derelict for decade after fire in spite of planning permission to renovate and bring back into business https://www.businesspost.ie/news/portumna-locals-call-for-comers-to-free-up-hotel-site-at-town-centre/
- Sod turned on new €100m development in Limerick https://www.limerickleader.ie/news/home/1290422/sod-turned-on-new-100m-development-in-limerick.html?utm_source=newsshowcase
- Plans for six-storey apartment block beside landmark Limerick hotel https://www.limerickleader.ie/news/home/1284875/plans-for-six-storey-apartment-block-beside-landmark-limerick-hotel.html
- Former Roadbridge Limerick HQ on offer for €2.8m: Maybe the largest commercial facility serving the city, the office and industrial space sits on 6.3 acres and is partly let to Eir https://www.businesspost.ie/property/former-roadbridge-limerick-hq-on-offer-for-e2-8m/
- AN EIGHT-storey residential building planned for a Limerick city site derelict for three decades is “an opportunistic breaking of a well-established street line”, according to An Taisce https://www.limerickleader.ie/news/home/1288639/high-rise-building-near-limerick-park-too-high.html
- Planning permission granted for historical vehicle display building in Waterford https://www.waterfordlive.ie/news/home/1287115/planning-permission-granted-for-historical-vehicle-display-building-in-waterford.html
- KILDARE: Council seek more information about Naas Shopping Mall plan https://www.kildarenow.com/news/home/1292829/kildare-council-seek-more-information-about-naas-shopping-mall-plan.html
- 12 new homes for Co Carlow get the go-ahead on grounds of former Hacketstown pub: The local TD says such a development is important for rural Ireland https://kclr96fm.com/12-new-homes-for-co-carlow-get-the-go-ahead-on-grounds-of-former-hacketstown-pub/
- Massive Laois housing development in pipeline for Portlaoise https://www.leinsterexpress.ie/news/portlaoise-/1289911/massive-laois-housing-development-in-pipeline-for-portlaoise.html
- Council gives green light for 65 new houses in Mullingar estate https://www.westmeathexaminer.ie/2023/09/05/council-gives-green-light-for-65-new-houses-in-mullingar-estate/
- Tusla planning to build a new HQ in Mayo https://www.con-telegraph.ie/2023/09/05/tusla-planning-to-build-a-new-hq-in-mayo/
- Over €7m announced for affordable housing in Limerick village https://www.limerickleader.ie/news/home/1291394/over-7m-announced-for-affordable-housing-in-limerick-village.html
- Structural survey to be carried out in Ballisodare’s Mill building https://www.oceanfm.ie/2023/09/08/structural-survey-to-be-carried-out-in-ballisodares-mill-building/
- Kerry County Council supports the development of a hotel in Killorglin town in order to promote the area as a year-round tourist destination: It’s one of the objectives set out by the council in its draft local area plan for the Kenmare Municipal District https://www.radiokerry.ie/news/council-supports-new-hotel-for-killorglin-345618
- Aldi planning to construct new store in Longford https://www.longfordleader.ie/news/home/1291418/aldi-planning-to-construct-new-store-in-longford.html
- Callaghan Electrical to create 8 new jobs and move to new 2,200 sq.ft custom-built premises in Cavan https://irishbuildingmagazine.ie/2023/09/04/callaghan-electrical-to-create-8-new-jobs-and-move-to-new-2200-sq-ft-custom-built-premises-in-cavan/
- East Mayo manufacturing plant approved https://www.con-telegraph.ie/2023/09/09/east-mayo-manufacturing-plant-approved/
- Bank of Ireland lures London banker to head up property and project finance: Hire is part of chief executive of corporate and commercial banking Gavin Kelly’s overhaul of unit he took charge of in March https://www.irishtimes.com/business/financial-services/2023/09/06/bank-of-ireland-lures-london-banker-to-head-up-property-and-project-finance/
- Cairn remains sturdy even as Irish housing market wobbles – Ireland’s housing market has outperformed the UK, but how long can that last? https://www.investorschronicle.co.uk/news/2023/09/07/cairn-remains-sturdy-even-as-irish-housing-market-wobbles/
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
- Lisburn proptech completes contract worth more than £10m to provide smart technologies at a new luxury hotel in London. OKTO Technologies created 30 new jobs after winning the deal to design, develop and install the features at The Peninsula London. https://m.belfasttelegraph.co.uk/business/northern-ireland/lisburn-firm-completes-10m-smart-tech-contract-at-luxury-london-hotel-for-the-rich-and-famous/a243071240.html
- Bord na Móna urges Kildare SMEs with innovative climate solutions to seek investment https://www.kildarenow.com/news/home/1288658/bord-na-mona-urges-kildare-smes-with-innovative-climate-solutions-to-seek-investment.html
- Improving BIM data management in the cloud https://www.pbctoday.co.uk/news/digital-construction-news/bim-news/improving-bim-data-management-cloud/132265/
- Building a smarter future: The impact of big data and AI in construction https://www.pbctoday.co.uk/news/digital-construction-news/big-data-and-ai-in-construction-trimble/132005/
- CREtech’s Michael Beckerman Sees Technology Adoption “at a Record Pace” https://www.connectcre.com/stories/video-cretechs-michael-beckerman-sees-technology-adoption-at-a-record-pace/
- AI a priority for property developers – PropertyWire https://www.propertywire.com/adviser-news/finance-and-lending/ai-a-priority-for-property-developers/
- AI usage among estate agents ‘soaring’, says software firm boss – Tom Staff says agents are embracing a new era of artificial intelligence (AI) powered success despite questions about its role still looming large. https://thenegotiator.co.uk/ai-usage-among-estate-agents-is-soaring-data-shows/
ENERGY, CLIMATE & ENVIRONMENT
- Climate change presents significant challenge for real estate investors- It is becoming more difficult to fund, sell or occupy a building if its construction and operations do not comply with best sustainability practices https://www.irishtimes.com/property/commercial-property/2023/09/06/climate-change-presents-significant-challenge-for-real-estate-investors/
- Google to Power Irish Offices & Data Centre with Solar from Power CapitalRead more at: https://www.saurenergy.com/solar-energy-news/google-to-power-irish-offices-data-centres-with-58-mw-solar-from-power-capital
- Kerry store uses SEAI grant to reduce carbon footprint by 59% https://www.radiokerry.ie/news/kerry-store-uses-seai-grant-to-reduce-carbon-footprint-by-59-345979
RESIDENTIAL PROPERTY NEWS (including PRS)
- Nearly 60,000 vacant homes will fall under new property tax – Aim is to make more places available to buyers or renters, but charge might cost more to administer than it takes in https://m.independent.ie/irish-news/nearly-60000-vacant-homes-will-fall-under-new-property-tax/a569020461.html
- Helping the self-employed get on the property ladder: When it comes to getting a mortgage, contractors fare no differently to a PAYE employee as long as they prepare https://www.businesspost.ie/news-focus/helping-the-self-employed-get-on-the-property-ladder/
- One woman has to fork out €21,000 in rent arrears as watchdog orders tenants to pay 17 landlords €150,000 https://m.independent.ie/irish-news/one-woman-has-to-fork-out-21000-in-rent-arrears-as-watchdog-orders-tenants-to-pay-17-landlords-150000/a1033709031.html
- What does it mean to ‘overhold’ when you’re renting? https://www.rte.ie/brainstorm/2023/0907/1403942-overholding-rent-residential-tenancies-board-eviction-ban-ireland/
- This €2.3m contemporary seaside home in Sutton is ready for its TV debut: Fate intervened when three couples from one family opted to build adjoining new homes in D13 — Cuala is about to star in RTÉ’s Selling Ireland’s Dream Homes https://m.independent.ie/life/home-garden/homes/this-23m-contemporary-seaside-home-in-sutton-is-ready-for-its-tv-debut/a1426956795.html
- Luggala owner’s properties are worth £246m https://m.independent.ie/business/luggala-owners-properties-are-worth-246m/a1459754818.html
- New homes a stone’s throw from Blessington Lakes from €425,000: A park in the development is planned to include pitches, tennis courts, a fitness trail, a bowling green and a playground https://www.irishtimes.com/property/residential/2023/09/07/a-blessed-life-near-blessington-lakes-in-new-homes-from-425000/
- Almost half of eviction notices issued in Cork recently were invalid, housing charity reveals https://www.echolive.ie/corknews/arid-41221834.html
- Council unveils affordable homes in Carrigaline https://www.southernstar.ie/news/council-unveils-affordable-homes-in-carrigaline-4272029
- Dizzying price spiral continues in Kinsale with multiple €1m+ new builds: Munster town set to add to tally of most €1m+ property sales with offers coming to market in three new home schemes: the first, Belvedere formally launches this weekend https://www.irishexaminer.com/property/residential/arid-41221660.html
- West Cork rents spiralling out of control https://www.southernstar.ie/news/west-cork-rents-spiralling-out-of-control-says-sf-4271214
- Almost €7m in Council housing rent unpaid https://www.limerickpost.ie/2023/09/07/almost-e7m-in-council-housing-rent-unpaid/
- Council currently considering compulsory purchase order for 14 vacant or derelict properties https://www.radiokerry.ie/news/council-currently-considering-compulsory-purchase-order-for-14-vacant-or-derelict-properties-346280
- ‘Our little oasis in the middle of the north city centre’ — Dublin 1 apartment with ‘floating mezzanine’ on the market for €575k – How a mezzanine level extended a North Great George’s Street period apartment without damaging its integrity https://m.independent.ie/life/home-garden/our-little-oasis-in-the-middle-of-the-north-city-centre-dublin-1-apartment-with-floating-mezzanine-on-the-market-for-575k/a1466319502.html
- Carlow Council are seeking expressions of interest from property owners in Bagenalstown https://www.ireland-live.ie/news/carlow-live/1293216/carlow-council-are-seeking-expressions-of-interest-from-property-owners-in-bagenalstown.html
- Four under €325,000: homes in Dublin, Meath, Limerick and Waterford: Move-in-ready properties at turnkey prices around the country https://www.irishtimes.com/property/residential/2023/09/04/four-under-325000-homes-in-dublin-meath-limerick-and-waterford/
- Hot property: five homes for sale on Ireland’s coast – From a restored lighthouse on a western isle to a modern property near Dublin with views of Ireland’s Eye https://www.ft.com/content/af553199-ea5c-41ce-baba-904347cb0008
- Amid the despair, Maggie Molloy’s Cheap Irish Homes (RTÉ One, Thursday, 7pm) has been an important corrective. Housing in Ireland is a mess – but it’s important, now more than ever, to stay optimistic. Which is what Molloy does as her microbudget property show, which started as an Instagram account, returns for a fourth season. https://www.irishtimes.com/culture/tv-radio/2023/09/07/cheap-irish-homes-oh-my-word-says-maggie-molloys-househunter-wowed-by-an-affordable-place-to-live/
- Malin Head cottage used during Star Wars filming comes to market: Skildren Cottage in Donegal is being sold along with a second cottage for a combined guide price of €1.5 million https://www.businesspost.ie/property/malin-head-cottage-used-during-star-wars-filming-comes-to-market/
- Savills Ireland appoints Sarah Murray as new homes director – Murray was previously director of sales and marketing at Cairn Homes and before that, a director in new homes at Sherry Fitzgerald https://www.businesspost.ie/property/savills-ireland-appoints-sarah-murray-as-new-homes-director/
COMMERCIAL PROPERTY NEWS
- Revealed: counties with highest levels of commercial vacancy as figures rise https://www.limerickleader.ie/news/national-news/1291757/revealed-counties-with-highest-levels-of-commercial-vacancy-as-figures-rise.html Also, Number of vacant commercial properties in Ireland is at its highest level since 2013 https://m.independent.ie/business/commercial-property/number-of-vacant-commercial-properties-in-ireland-is-at-its-highest-level-since-2013/a686647404.html
- The crash that dare not speak its name: obsolescence. Vacancy in Irish office buildings is set to hit 17% this year, but that headline figure tells only part of the story- If workers were going to return to offices full time they would have done so by now https://www.irishtimes.com/opinion/2023/09/04/una-mullally-dublin-really-doesnt-need-a-commercial-property-crash-but-its-happening/
- As office vacancy rates rise, could Dublin’s market crash? Something has got to give as long as the imbalance between supply and demand persists. Rents are, whatever way you slice it, going to have to come down for the existing stock of offices to be absorbed https://www.irishtimes.com/life-style/people/2023/09/09/ghost-office-blocks-is-dublin-heading-for-a-2008-style-crash-as-vacancy-rates-surge/
- ‘Correction mode’: Dublin office market expected to rebound by Q2 2024: HWBC Ireland is forecasting an uplift in office lettings in the first half of next year https://www.businesspost.ie/article/correction-mode-dublin-office-market-expected-to-rebound-by-q2-2024/
- WeWork’s ‘unwelcome surprise’ for landlords marks its latest fall from grace: Strapped for cash, the flexible-office giant is seeking rent cuts. Will landlords and tenants lend a hand? https://www.thetimes.co.uk/article/weworks-unwelcome-surprise-for-landlords-marks-its-latest-fall-from-grace-8kt6pv3j6
- Ulster Bank’s landmark College Green branch building guiding at €13.5m: 33 College Green has potential for development of 147-bedroom hotel, according to feasibility study https://www.irishtimes.com/property/commercial-property/2023/09/06/ulster-banks-landmark-college-green-branch-building-guiding-at-135m/
- WeWork still on course to rent ex-Central Bank HQ despite lease renegotiation plan: Provider of coworking spaces to renegotiate its leases worldwide, calling rental costs ‘dramatically out of step with current market conditions’ https://www.irishtimes.com/business/2023/09/06/wework-tells-landlords-it-will-renegotiate-most-office-leases/
- Court told €9m sale of interest in East Wall property has been put at risk: Claim made by company holding long-term lease on Ossory Road premises https://www.irishtimes.com/business/2023/09/07/court-told-9m-sale-of-interest-in-east-wall-property-has-been-put-at-risk/
- Radisson Hotel Group delivers strong lifestyle brand growth in the UK & Ireland https://www.propertyweek.com/insight/radisson-hotel-group-delivers-strong-lifestyle-brand-growth-in-the-uk-and-ireland/5126429.article
- Signal Capital, a UK real estate investment fund, is charging interest of 15 per cent on loans extended to a portfolio of hotels within the Press Up hospitality group. https://www.thetimes.co.uk/article/press-up-group-paying-15-on-hotel-loans-s677m2z2s
- Brick and mortar retail holding up against growth of online shopping – New figures show a return to growth for retail rents in the first half of this year https://www.businesspost.ie/property/brick-and-mortar-retail-holding-up-against-growth-of-online-shopping/
- Ronan to sell prized Bewley’s Café building to pay down €300m debt: The portfolio of 12 properties have been at the heart of his Dublin empire since he regained them from Nama https://www.businesspost.ie/news-focus/ronan-to-sell-prized-bewleys-cafe-building-to-pay-down-e300m-debt/
- Investors looking to take advantage of the strong and sustained demand for hotel accommodation in Dublin’s city centre will be interested in the sale of the newly opened REZz “micro-budget” hotel. Located in the Hely Building, a converted, historic telephone exchange on Dame Lane, and within a short walk of Grafton Street, the 51-bedroom property is being offered to the market as an investment sale on behalf of the building’s owner, Eir, by agent JLL at a guide price of €10 million. https://www.irishtimes.com/property/commercial-property/2023/09/06/newly-opened-dublin-city-centre-hotel-seeking-10m/
- Iceland saga: inside Tesco’s €4m deal that melted away – Documents reveal how close the supermarket giant’s Irish expansion was to being completed before it fell apart last week https://www.businesspost.ie/news/iceland-saga-inside-tescos-e4m-deal-that-melted-away/
- Cork city’s Electric bar sale sure to spark interest at €2.5m – Taking over Ernest Cantillon’s Cork’s Electric Bar & Restaurant could be an electric picnic by the People’s Park for the right buyers https://www.irishexaminer.com/property/commercial/arid-41220757.html
- New hybrid working offices open in West Cork – The more than 8,000 sq ft workspace will accommodate up to 150 people https://www.irishexaminer.com/business/companies/arid-41219863.html
- Good-access warehouse in Cork offered for rent at €140,000 per annum – The detached building extends to 1,300 square metres and incorporates a two storey office and service block https://www.businesspost.ie/property/good-access-warehouse-in-cork-offered-for-rent-at-e140000-per-annum/
- Holland and Barrett sets date to open new Wicklow store https://m.independent.ie/regionals/wicklow/bray-news/holland-and-barrett-sets-date-to-open-new-wicklow-store/a1705284964.html
- Safer environs and free parking drives shoppers out of Limerick City https://www.limerickpost.ie/2023/09/09/safer-environs-and-free-parking-drives-shoppers-out-of-limerick-city/
I
- Problem of empty commercial units improves in Athlone and Moate https://www.westmeathindependent.ie/2023/09/07/problem-of-empty-commercial-units-improves-in-athlone-and-moate/
- Big new business to open at busy Mayo retail location: Hidden Hearing, one of the country’s leading hearing aid specialists, are the new tenants of the former Elverys Sports outlet. https://www.con-telegraph.ie/2023/09/09/big-new-business-to-open-at-busy-mayo-retail-location/
INTERNATIONAL PROPERTY NEWS
- JPMorgan sees City of London office values falling 20%: Analysts stopped recommending clients buy shares in British Land Company https://www.irishtimes.com/property/commercial-property/2023/09/04/jpmorgan-sees-city-of-london-office-values-falling-20/
- UK construction sector propped up by commercial work as housebuilding slumps https://www.ireland-live.ie/news/uk/1290503/uk-construction-sector-propped-up-by-commercial-work-as-housebuilding-slumps.html
- Global perspective: Only five cities worldwide are more unaffordable than Sydney for housing, thinktank says – Committee for Sydney urges residents to ‘become a yimby’ after finding housing crisis costs economy more than $10bn per year https://www.theguardian.com/australia-news/2023/sep/07/only-five-cities-worldwide-are-more-unaffordable-than-sydney-for-housing-thinktank-says
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/