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: 

 

• This week we said goodbye to our old https://propertydistrict.ie logo, the Dublin skyline no longer represents the nationwide reach of the www.propertydistrict.ie  team and our tech-driven approach to helping the industry to communicate with stakeholders. We will continue to grow our Dublin base as we settle into our new(-ish) Galway office, where all services are now available through the Irish language. iPropertyRadio.com will now be located in Dublin and Galway, with recording facilities in each location. 🌊 For our clients west of the Shannon, you are welcome for coffee and brainstorming by the sea anytime! 🌊 https://propertydistrict.ie

 

• Rumours of Ireland’s great wealth have been grossly exaggerated  https://www.thetimes.co.uk/article/rumours-of-irelands-great-wealth-have-been-grossly-exaggerated-9px3076h0

 

• Warning signs and dead ends on the roadmap for tax reforms: Many of the Commission on Taxation and Welfare’s recommendations were derided by cabinet ministers last week, but privately there is an acceptance that some of the new proposals will have to be implemented, such is the need for more tax revenue in the coming decades  https://www.businesspost.ie/news-focus/michael-brennan-warning-signs-and-dead-ends-on-the-roadmap-for-tax-reforms/

 

• The property market and its players have changed profoundly since 2008. We are now dealing with a different beast: It is a mistake to examine the market through the lens of the last cycle https://www.irishtimes.com/opinion/2022/09/17/david-mcwilliams-dont-examine-the-market-through-the-lens-of-the-last-cycle/

 

• ECB could raise interest rates into next year, says Philip Lane: Euro zone economy likely to flatline over winter months and a recession cannot be ruled out, says chief economist  https://www.irishtimes.com/business/economy/2022/09/17/ecb-could-raise-interest-rates-into-next-year-says-philip-lane/

 

• The margins on the majority of developments are tight as input costs continue to rise. An increase in funding costs could threaten a number of projects and choke supply  https://www.businesspost.ie/analysis-opinion/john-walsh-our-withdrawal-from-cheap-money-is-going-to-hurt/

 

• Students face homelessness or giving up college places as accommodation crisis worsens  https://www.irishexaminer.com/news/arid-40961000.html

 

• Government must end the blanket ban on pets in rented accommodation, says Labour party  https://m.independent.ie/news/government-must-end-the-blanket-ban-on-pets-in-rented-accommodation-says-labour-party-41994066.html

 

• ‘Very comfortable’ stay on Dublin couch advertised on Airbnb for €50/night  https://www.irishexaminer.com/news/arid-40961747.html

 

• Seven TDs declared property, but said they did not receive any rental income: Seán Canney(Ind), Alan Dillon(FG), Johnny Guirke(SF), Michael Healy-Rae(Ind), Matt Shanahan (Ind), Ceann Comhairle Seán Ó Fearghaíl (FF), and Education Minister Norma Foley (FF) https://www.thejournal.ie/td-register-interests-land-property-rental-foley-5864805-Sep2022/

 

• Pat Davitt to step down as IPAV chief executive after 10 years in the role  https://m.independent.ie/business/commercial-property/pat-davitt-to-step-down-as-ipav-chief-executive-after-10-years-in-the-role-41990182.html

 

• FactFind: How many current TDs own houses that they rent out? Some TDs who had residential tenants let did not declare the rental income  https://www.thejournal.ie/how-many-tds-are-landlords-property-rent-5866433-Sep2022/

 

• Final liquidation of former Anglo Irish Bank won’t happen till Ukraine war ends, Govt told  https://m.independent.ie/business/irish/final-liquidation-of-former-anglo-irish-bank-wont-happen-till-ukraine-war-ends-govt-told-41995129.html

 

• Meet the YIMBYs Behind ‘Sim Nimby’: A Game Loosely based on SF’s Housing Crisis https://sfstandard.com/housing-development/meet-the-yimbys-behind-sim-nimby-a-game-loosely-based-on-sfs-housing-crisis/

 

• North Wales ‘Hobbit homes’ top holiday lets in UK and Ireland  https://nation.cymru/news/north-wales-hobbit-homes-top-holiday-lets-in-uk-and-ireland/

 

 

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

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 our shows, email the iPropertyRadio team at info@propertydistrict.ie

LISTEN BACK: https://ipropertyradio.com

Produced by Hear Me Roar Media

 

Listen back to all shows on https://ipropertyradio.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/ 

 

• We have a real chance to alleviate Ireland’s desperate housing needs. This is how we can do it: We have more than 160,000 vacant properties across the island of Ireland, in various states of repair, but all ready to be refurbished and reoccupied  https://www.irishtimes.com/property/residential/2022/09/15/hugh-wallace-we-have-a-real-chance-to-alleviate-irelands-desperate-housing-needs-this-is-how-we-can-do-it/

 

• Dept of Environment asks AG’s advice on low-emission zones for vehicles in urban centres: Eamon Ryan’s department hopes to have the regulatory framework for such zones ready by early next year  https://www.businesspost.ie/news/dept-of-environment-asks-ags-advice-on-low-emission-zones-for-vehicles-in-urban-centres/

 

• Rathmines resident unhappy to find herself suddenly living in the bright lights: Dublin City Council says it has received “multiple complaints” over new electronic advertising board  https://www.irishtimes.com/ireland/dublin/2022/09/15/rathmines-resident-unhappy-to-find-herself-suddenly-living-in-the-bright-lights/

 

• The most unlikely buildings have potential to create an artistic boom: If the only people who can afford to be artists are those with the independent financial resources or family money, then our notions of art become narrower  https://www.irishexaminer.com/opinion/columnists/arid-40961474.html

 

• New ‘major urban’ Cork neighbourhood plans underway: Work has been underway for some time to unlock the site’s development potential through the Government’s local infrastructure housing activation fund process  https://www.irishexaminer.com/news/munster/arid-40961540.html

 

• Phase two of Marina Park to get under way: The now-approved Phase 2 is the final stage in the development of the park which will span 79 acres when completed.  https://www.echolive.ie/corknews/arid-40961513.html

 

• Applications open for homes in Glanmire under Cork City Council ‘Cost Rental Scheme’: The thirty-two homes are at Ballinglanna, to the south-east of Glanmire village  https://www.corkbeo.ie/news/property/applications-open-cost-rental-housing-25019048

 

• I’ve fallen in love with West Cork after 24 hours in Clonakilty: With breath-taking coastlines, a range of tourist attractions and vibrant nightlife, Clonakilty is a small town that punches well above its weight  https://www.dublinlive.ie/lifestyle/travel/ive-fallen-love-west-cork-25006562

 

• Dubliner Eoghan Daltun bought a partly-wooded farm in west Cork in 2009, and rewilding has become his life’s work https://www.irishtimes.com/life-style/people/2022/09/17/the-irish-atlantic-rainforest-pulsing-life-back-into-the-beara-peninsula/

 

• Call for vacant home refurbishment scheme to be extended  https://www.galwaydaily.com/news/call-for-vacant-home-refurbishment-scheme-to-be-extended/?amp

 

• New Midlands Bridge For Dublin To Galway Cycleway To Open Next Month  https://www.midlands103.com/news/midlands-news/new-midlands-bridge-for-dublin-to-galway-cycleway-to-open-next-month/

 

• Plans for major changes to traffic and public transport in Galway city  https://www.galwaydaily.com/news/transport/plans-for-major-changes-to-traffic-and-public-transport-in-galway-city/

 

• Galway In Days Gone By  https://connachttribune.ie/galway-in-days-gone-by-257/

 

• Calls for Coillte to handover Burren Park to council  https://www.anglocelt.ie/2022/09/18/calls-for-coillte-to-handover-burren-park-to-council/

 

• Planning application for changing rooms at West Kerry beach to be submitted by October  https://www.radiokerry.ie/featured/planning-application-for-changing-rooms-at-west-kerry-beach-to-be-submitted-by-october-297352

 

• South Kerry Greenway expected to be completed before end of 2025 https://www.radiokerry.ie/news/south-kerry-greenway-expected-to-be-completed-before-end-of-2025-297205

 

• The gradual influx of English speakers into an area and a lack of jobs and housing for native speakers means that overtime the linguistic demographics of a parish change and Irish slowly becomes its second language. https://www.newstalk.com/news/planning-laws-are-strangling-the-gaeltacht-says-west-kerry-musician-1382211

 

• Property owners in Bagenalstown get opportunity to share huge sum for street enhancements  https://www.kilkennypeople.ie/news/border/910859/property-owners-in-bagenalstown-get-opportunity-to-share-huge-sum-for-street-enhancements.html

 

 

 

CONSTRUCTION & DEVELOPMENT NEWS

• Average rebuild costs rise by a fifth – SCSI https://www.rte.ie/news/business/2022/0916/1323660-average-rebuild-costs-rise-by-a-fifth-scsi/

 

• An Bord Pleanála issues not delaying decisions — O’Brien: This is despite legal challenges being launched around decisions made which involved the now former deputy chairperson of An Bord Pleanála Paul Hyde  https://www.irishexaminer.com/news/politics/arid-40959761.html

 

• Overhaul of planning system ‘could make things worse’  https://www.irishexaminer.com/news/arid-40961024.html

 

• ‘Inflation and labour shortages are slowing down homebuilding’: Michael McGrath told a Construction Industry Federation conference that surging costs are making it difficult for contractors to plan, price, and complete projects  https://www.irishexaminer.com/news/munster/arid-40960229.html

 

• Housebuilding set to hit highest level since before financial crisis: Latest BNP Paribas report warns positive output must cover sharp growth in population  https://www.irishtimes.com/business/economy/2022/09/12/housebuilding-set-to-hit-highest-level-since-before-financial-crisis/

 

• Rate of building needs to almost double to resolve housing crisis, warns SCSI  https://www.independent.ie/business/commercial-property/rate-of-building-needs-to-almost-double-to-resolve-housing-crisis-warns-scsi-41977178.html

 

• The delivery of housing is facing “exceptional challenges and high risks” which are threatening the Government’s housing targets, according to a new report delivered to the Minister for Housing.  https://www.irishexaminer.com/news/arid-40959227.html

 

• Government set to miss housing targets this year, new report warns: The Dublin Housing Delivery Group’s latest report, recently submitted to housing minister Darragh O’Brien, cites ‘evidence of a slowdown’ on some social housing projects and says ‘work has ceased on some sites’  https://www.businesspost.ie/news/government-set-to-miss-housing-targets-this-year-new-report-warns/

 

• More than Mica: Defective block study to be unveiled at major conference in Germany  https://www.donegaldaily.com/2022/09/17/more-than-mica-defective-block-study-to-be-unveiled-at-major-conference-in-germany/amp/

 

• Row over handling of cement at Drogheda Port comes before High Court: Keegan Quarries claims it was refused a permit to allow it to handle cement at a storage facility at the port.  https://www.thejournal.ie/handling-cement-drogheda-port-high-court-5868457-Sep2022/

 

• AIB provides finance for €100m apartment scheme in north Dublin: Green-finance loan to fund development of 258 units at Belmayne by Kajima and joint-venture partner Bartra  https://www.irishtimes.com/property/commercial-property/2022/09/14/aib-provides-finance-for-100m-apartment-scheme-in-north-dublin/

 

• Housebuilder Glenveagh wants switch to ‘own door’ housing units instead of apartments https://m.independent.ie/business/irish/housebuilder-glenveagh-wants-switch-to-own-door-housing-units-instead-of-apartments-41990142.html

 

• Three-quarters of children’s hospital construction budget is spent as costs top €1bn: Fears construction costs of national children’s hospital may rise due to pandemic, inflation and Brexit  https://www.irishtimes.com/health/2022/09/15/three-quarters-of-childrens-hospital-construction-budget-is-spent-as-costs-top-1-billion/ Also: PAC Chair Hugely Concerned By €1bn Price Tag On National Children’s Hospital  https://www.midlands103.com/news/midlands-news/pac-chair-hugely-concerned-by-e1bn-price-tag-on-national-childrens-hospital/

 

• CIS round-up: what’s being built, when and where around the country: The Construction Information Service 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-4/

 

• The ongoing battle over land beside St Anne’s Park has a new twist to the tale after a developer launched a new planning application for 580 apartments and a nursing home in Raheny.  https://extra.ie/2022/09/15/news/planning-application-st-annes

 

• Alannah Smyth secures planning permission for Dalkey house despite local opposition: Lawyer’s father, developer Noel Smyth, previously failed to get go-ahead for property on Torca Road  https://www.irishtimes.com/business/2022/09/13/alannah-smyth-secures-planning-permission-for-house-on-torca-rd-in-dalkey/

 

• Significant concerns raised over new road for 142-bed ‘destination hotel’ on Howth peninsula  https://m.independent.ie/news/significant-concerns-raised-over-new-road-for-142-bed-destination-hotel-on-howth-peninsula-41995088.html

 

• Thousands of approved homes in Cork remain unbuilt; calls for reform of planning: “There is no shortage of appropriately zoned land, there’s no shortage of granted planning permission, but development isn’t taking place.”  https://www.echolive.ie/corknews/arid-40959719.html

 

• ‘Monumental challenge’ to meet housing targets, say Cork construction bosses: Leaders in both the private and social housing sectors said that the rising cost of building homes is creating a core viability issue in the industry.  https://www.echolive.ie/corknews/arid-40959959.html

 

• Northside housing development gets the greenlight after two years of appeals: The project will see 49 new homes between Farranree and Blackpool  https://www.corkbeo.ie/news/local-news/northside-housing-development-gets-greenlight-24997434

 

• Former Cork pub earmarked for apartment development: The Douglas Street venue is to be converted into three apartments  https://www.irishexaminer.com/property/developmentconstruction/arid-40961243.html

 

• Council under fire for lack of transparency on cancelled housing contract  https://connachttribune.ie/council-under-fire-for-lack-of-transparency-on-cancelled-housing-contract/amp/

 

• State transport body moves to block Rahoon housing scheme  https://connachttribune.ie/state-transport-body-moves-to-block-rahoon-housing-scheme/

 

• Government approves new affordable purchase homes for Limerick  https://www.limerickleader.ie/news/home/911681/government-approves-new-affordable-purchase-homes-for-limerick.html

 

• Planning permission refused for 97 homes outside Waterford city: Kilkenny County Council said it is “premature” to build the site ahead of the completion and approval of a link road https://www.irishexaminer.com/news/munster/arid-40959989.html

 

• 40 new residential dwellings proposed in South Kildare region, planning permission documents show  https://www.kildarenow.com/news/home/911346/40-new-residential-dwellings-proposed-in-south-kildare-region-planning-permission-documents-show.html

 

• 69 new homes have been launched in Ennis today.  https://www.clare.fm/news/69-new-homes-launched-ennis/

 

• Longford developer given €50m Athlone office block green light: ‘It’s time the East moves West’, says local chartered engineer  https://www.longfordleader.ie/news/home/910498/longford-developer-given-50m-athlone-office-block-green-light.html

 

• Plans lodged for new primary care centre in Dundalk  https://www.lmfm.ie/news/lmfm-news/plans-lodged-for-new-primary-care-centre-in-dundalk/

 

• Plans Published For Local Authority Housing At Island Of Geese Site  http://traleetoday.ie/plans-published-for-local-authority-housing-at-island-of-geese-site/

 

• Property developers Mark Fenton and Conor Clarkson have brought High Court proceedings against businessman Jeffrey Leo and linked corporate entities over an alleged failure to comply with an agreement to develop lands in Portugal.  https://www.irishtimes.com/business/2022/09/13/algarve-property-deal-turns-sour-as-developers-sue-partner/

 

• Glencar native Patrick McGillycuddy annouced as London Kerry Person of the Year 2022 https://www.independent.ie/regionals/kerryman/news/glencar-native-patrick-mcgillycuddy-annouced-as-london-kerry-person-of-the-year-2022-41981569.html

 

• Home builder Glenveagh sees sales and profits jump in first half of 2022 https://m.independent.ie/business/irish/home-builder-glenveagh-sees-sales-and-profits-jump-in-first-half-of-2022-41987875.html Also: Glenveagh boss predicts drop in new-builds by end of year: Stephen Garvey says numbers have dropped since spring peak of 35,000 commencements, while profits at the group have soared by over 200 per cent https://www.businesspost.ie/news/glenveagh-boss-predicts-drop-in-new-builds-by-end-of-year/ 

 

• International construction specialists John Paul Construction have been awarded the CPD Accredited Employer Standard by Engineers Ireland in recognition of their continuing professional development (CPD) strategy.  https://irishbuildingmagazine.ie/2022/09/16/john-paul-construction-awarded-engineers-irelands-cpd-accredited-employer-standard/

 

 

 

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

 

• 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

 

• PropTech Market is predicted to account for US$ 86.5 billion in 2032  https://www.whatech.com/og/markets-research/it/729708-proptech-market-is-predicted-to-account-for-us-86-5-billion-in-2032

 

• One of Ireland’s leading venture capitalists is predicting a “material slowdown” in investments: Frontline founding partner says the investment slowdown has already happened in Europe. However, impact investor Faye Walsh Drouillard remains much more upbeat https://thecurrency.news/articles/95860/one-of-irelands-leading-venture-capitalists-is-predicting-a-material-slowdown-in-investments/

 

• ‘Smart-washing’ | Smart buildings cannot be box ticking exercise  https://placetech.net/strategy/smart-washing-smart-buildings-cannot-be-a-box-ticking-exercise/

 

• How Prefabricated Modular Data Centres Can Support Sustainable Growth in Ireland  https://irishtechnews.ie/prefabricated-modular-data-centres-growth-ireland/amp/

 

• BAM installs UK’s biggest 3D concrete printed structure  https://www.constructionenquirer.com/2022/09/16/bam-installs-uk-biggest-3d-concrete-printed-structure/

 

• How to combat ransomware: Steps to protect your construction firm  https://www.pbctoday.co.uk/news/featured/how-to-combat-ransomware-steps-to-protect-your-construction-firm/115433/

 

• Will Real-Time Technology Forever Change Real Estate?  https://www.archdaily.com/988719/will-real-time-technology-forever-change-real-estate

 

• First 3D printed 2-storey building in Canada  https://www.construction-europe.com/news/first-3d-printed-2-storey-building-in-canada/8023310.article

 

• Unlocking productivity in the AEC industry without increasing capacity https://www.pbctoday.co.uk/news/digital-construction/construction-technology-news/unlocking-productivity-aec-industry/115579/

 

• German-based alcemy picks up €10M to help decarbonise cement and concrete industry  https://siliconcanals.com/news/startups/german-alcemy-picks-up-10m/

 

• Construction tech firm Modulous raises $11.5 million to help developers, architects, and general contractors build net-zero modular homes without a factory: https://www.prnewswire.com/news-releases/construction-tech-firm-modulous-raises-11-5-million-to-help-developers-architects-and-general-contractors-build-net-zero-modular-homes-without-a-factory-301621685.html

 

• Codi lands $16 million, led by a16z, to prove that we never really actually liked co-working  https://techcrunch.com/2022/09/14/codi-a16z-series-a-hybrid-work/

 

• 3 Solutions That Proptech Startups Can Provide To Improve Housing Stock  https://www.forbes.com/sites/forbesbusinesscouncil/2022/09/16/3-solutions-that-proptech-startups-can-provide-to-improve-housing-stock/amp/

 

• #PropTech The next step in understanding what your Property is ACTUALLY doing/saving you.  https://irishtechnews.ie/proptech-understanding-what-property-is-doing/amp/

 

• Is proptech firm’s deal with Tomb Raider creator a game-changer? Pairing of two systems hailed as first end-to-end property management solution in build-to-rent market  https://www.mpamag.com/uk/news/general/is-proptech-firms-deal-with-tomb-raider-creator-a-game-changer/420731

 

• This is how much you could earn in proptech: Nearly a quarter of CEOs in the sector earn $250,000 or more per year, according to a survey by LMRE and Fifth Wall.  https://placetech.net/strategy/this-is-how-much-you-could-earn-in-proptech/

 

• Sway Ventures Ups Its Proptech Investing Team With Hire of Former EQ Office CEO  https://www.globest.com/2022/09/14/sway-ventures-ups-its-proptech-investing-team-with-hire-of-former-eq-office-ceo/?amp=1

 

 

• Digitalising rental property management, Estonian proptech Bidrento unlocks €800,000  https://tech.eu/2022/09/12/digitalising-rental-property-management-estonian-proptech-bidrento-unlocks-eur800000/

 

• Proptech’s Job Picture? Blurry, But Big: Some companies are making large cuts, while others are still growing and seeking talent — especially on the technology side  https://commercialobserver.com/2022/09/proptech-job-statistics-employment/

 

• Days Of Changing Interest: The Real Tech Opportunity  https://www.forbes.com/sites/forbestechcouncil/2022/09/16/days-of-changing-interest-the-real-tech-opportunity/amp/

 

• Valve lands £4m for flexible workplace management software  https://www.uktech.news/proptech/valve-seed-funding-20220916

 

• Real estate is the world’s largest market, representing a third of the planet’s wealth and a third of global cashflow.  https://businesscloud.co.uk/news/property-super-apps-trillion-pound-ambition/

 

 

 

 

 

CLIMATE & ENVIRONMENT 

• Making a small income from solar power in the home  https://www.rte.ie/news/business/2022/0917/1323850-making-a-small-income-from-solar-power-in-the-home/

 

• Can we make demolition greener?  https://www.building.co.uk/focus/can-we-make-demolition-greener/5119246.article

 

• Repurposing Existing Buildings into Residential Projects by Innovating with Materials  https://www.archdaily.com/988744/re-purposing-existing-buildings-into-residential-projects-by-innovating-with-materials

 

• How hydrogen combustion engines could help JCB decarbonise the construction industry: The digger business is putting £100 million in developing the new type of engine where the only by-product is steam https://www.business-live.co.uk/manufacturing/how-hydrogen-combustion-engines-could-25013387.amp

 

• Emergency electricity plant receives approval amid fears over State supply  https://www.breakingnews.ie/amp/ireland/emergency-electricity-plant-receives-approval-amid-fears-over-state-supply-1363971.html

 

• Solutions in short supply to tackle energy crisis  https://www.thetimes.co.uk/article/solutions-in-short-supply-to-tackle-energy-crisis-jqd7vhxpt

 

• New state aid scheme to provide electricity grants up to €500k for struggling firms: Firms who avail of the scheme must show that their operating profits have declined by at least 15% this year due to rising energy costs  https://www.businesspost.ie/politics/new-state-aid-scheme-to-provide-electricity-grants-up-to-e500k-for-struggling-firms/

 

• IDA issues warning over Ireland’s ‘expensive and high-risk’ energy system: The state agency made the claim in an uncompromising submission to the energy regulator, while arguing that new plans to impose €100m emergency tariffs on large firms would undermine national competitiveness https://www.businesspost.ie/news/ida-issues-warning-over-irelands-expensive-and-high-risk-energy-system/

 

 

 

 

RESIDENTIAL PROPERTY NEWS (including PRS)

• British weapons dealer sells Irish houses to Davy investment fund: BAE systems made €2.4m profit by divesting itself of 43 second-hand Irish homes less than a year after buying them  https://www.businesspost.ie/news/british-weapons-dealer-sells-irish-houses-to-davy-investment-fund/

 

• House prices show fresh signs of slowing as annual rate of increase falls to 13%: Latest CSO figures suggest cost-of-living squeeze and rising interest rates may be dampening demand  https://www.irishtimes.com/business/economy/2022/09/14/house-prices-show-further-signs-of-slowing/

 

• A turn in the property market but will it lead to a correction in prices? Latest data points to slowdown on the back of cost-of-living issues and higher interest rates https://www.irishtimes.com/business/2022/09/15/a-turn-in-the-property-market-but-will-it-lead-to-a-correction-in-prices/

 

• New sales listings on property website MyHome.ie up 21% on pre-pandemic levels during the third quarter https://www.irishtimes.com/business/2022/09/13/housing-market-returning-to-normal-following-pandemic-davy-says/

 

• Residential property prices up 6% this year but auctioneers forecast market to slow  https://www.irishexaminer.com/news/arid-40959311.html

 

• Here’s the median house price for all 139 Eircodes in Ireland https://www.joe.ie/amp/news/heres-median-house-price-139-eircodes-ireland-755277

 

• Vacant home revamp grant to be extended ‘almost nationwide’: €50,000 payout will now apply to city centre and rural properties which have been empty for two years and will be lived in by their owners  https://www.businesspost.ie/politics/vacant-home-revamp-grant-to-be-extended-almost-nationwide/

 

• High rents now seen as main barrier to owning a property — survey: Research suggests up to one-third of people favour stricter rent controls, while a quarter want loosening of mortgage lending rules  https://www.irishtimes.com/business/2022/09/14/high-rents-now-seen-as-main-barrier-to-owning-a-property-survey/

 

• State-backed equity scheme offers fresh hope for first-time buyers: Scheme aims to bridge affordability gap by providing buyers with part of the purchase price of their home in return for a minority equity stake  https://www.irishexaminer.com/business/economy/arid-40962104.html

 

• Buyers struggle to get mortgages as rising prices limit loan offers  https://m.independent.ie/business/personal-finance/property-mortgages/buyers-struggle-to-get-mortgages-as-rising-prices-limit-loan-offers-41995940.html

 

• More than 90% of Cork city’s Hap properties fail inspections: One councillor said he has noticed that when properties fail on a serious issue, some landlords used it as an excuse to serve a notice to quit on their tenants to facilitate the property upgrades https://www.irishexaminer.com/news/munster/arid-40960823.html

 

• More than 900 applications submitted for 32 affordable-rental homes in Co Cork: Respond spokeswoman says if cost-rental model could be provided ‘at scale’ across the State it would be ‘a game-changer’ https://www.irishtimes.com/ireland/social-affairs/2022/09/16/900-applications-for-32-affordable-rental-homes-in-co-cork/

 

• Homes in the West of Ireland show the largest annual percentage rise of just over 19 per cent.  https://connachttribune.ie/homes-in-the-west-of-ireland-show-largest-annual-percentage-rise/amp/

 

• Applications for €30k refurbishment grants now open to Waterford property owners  https://www.waterfordlive.ie/news/home/910503/applications-for-30k-refurbishment-grants-now-open-to-waterford-property-owners.html

 

• This home and historic island in County Donegal is for sale  https://www.irishcentral.com/dream-homes/inis-saimer-island-for-sale-donegal.amp

 

• One of Ireland’s finest stud farms for sale  https://www.theirishfield.ie/amp/exclusive-one-of-ireland-s-finest-stud-farms-for-sale-723235

 

• Swerve the winter of discontent: Those who can work remotely might be as well to do so from abroad this winter – thereby skipping huge energy bills and the high cost of Irish living while earning rental income and contributing to the housing stock  https://www.businesspost.ie/property/tina-marie-oneill-now-is-the-time-to-swerve-the-winter-of-discontent/

 

 

COMMERCIAL PROPERTY NEWS

• Property giant Hines thinks inside the box with move into Irish logistics: The Texas-based firm redeveloping the old Central Bank HQ is keen on the warehouse sector, director Brian Moran reveals https://www.thetimes.co.uk/article/property-giant-hines-thinks-inside-the-box-with-move-into-irish-logistics-w7d2qjgrv

 

• Open-plan offices are bad for companies, workers, health and morale. So why do we keep creating them? People require a bit of privacy, yet employers refuse to do what’s in their own self-interest by giving them walls and a door https://www.irishtimes.com/life-style/2022/09/12/open-plan-offices-are-bad-for-companies-workers-health-and-morale-so-why-do-we-keep-building-them/

 

• Tech slowdown: warning sign or temporary blip?  https://www.rte.ie/news/business/2022/0916/1323858-tech-slowdown-warning-sign-or-temporary-blip/

 

• Glandore chief sees trend of workers wanting to return to office: The family-run flexible service operator has added the award-winning Bottleworks building in Dublin 4 to its portfolio of properties https://www.businesspost.ie/property/glandore-chief-sees-trend-of-workers-wanting-to-return-to-office/

 

• ‘Trophy asset’ in the heart of Dublin’s Georgian core seeking €6.8m: Mount Herbert Court comprises two interconnecting period buildings overlooking Pepper Canister church  https://www.irishtimes.com/property/commercial-property/2022/09/14/trophy-asset-in-the-heart-of-dublins-georgian-core-seeking-68m/

 

• Dockline, the 80,000 sq ft redeveloped office building in the heart of Dublin’s IFSC, has reached 95% occupancy and has been awarded LEED Platinum for its ESG credentials: https://irishbuildingmagazine.ie/2022/09/12/dockline-office-nearly-fully-let-after-green-renewal/ 

 

• Prime Dublin city centre office investment guiding at €57m: Trinity Point on South Leinster Street offers third-generation sustainable space and State-backed income in key location  https://www.irishtimes.com/property/commercial-property/2022/09/14/prime-dublin-city-centre-office-investment-guiding-at-57m/

 

• French investor pays €12.2m for Eastpoint Business Park office block: Iroko Zen in line for 8.98% net initial yield following acquisition of Dublin docklands investment  https://www.irishtimes.com/property/commercial-property/2022/09/14/french-investor-pays-122m-for-eastpoint-business-park-office-block/

 

• Patreon to close Dublin office, three years after opening: The closure of the Dublin and Berlin offices will result in 80 job losses.  https://www.thejournal.ie/patreon-to-close-dublin-office-three-years-after-opening-5865810-Sep2022/

 

• How green leases are changing the Irish real estate market  https://www.breakingnews.ie/amp/advertising-feature/ask-the-expert-kathi-o-riain-of-addleshaw-goddard-on-how-green-leases-are-changing-the-irish-real-estate-market-1364275.html

 

• TIO secures latest occupier for North Dock office scheme: Vertu Financial signs long-term lease on 13,300sq ft at Dublin’s first nearly zero energy office building  https://www.irishtimes.com/property/commercial-property/2022/09/14/tio-secures-latest-occupier-for-north-dock-office-scheme/

 

• Maersk inks deal with Iput for 252,000sq ft of Dublin logistics space: Global distribution giant signs pre-let deal for two remaining units at Quantum Logistics Park near Dublin Airport  https://www.irishtimes.com/property/commercial-property/2022/09/12/maersk-inks-deal-with-iput-for-252000sq-ft-of-dublin-logistics-space/

 

• How Ikea turned Ireland into a €30bn cosy home for retail profits: From a discreet building in Ballsbridge, a few dozen staff running the Ingka Group’s international bank and financial investment fund now manage over €30bn in liquid assets – and counting https://lnkd.in/ejfGTAqp 

 

• Penneys business model set to be tested as it prepares to open in Tallaght: Inflation crisis is squeezing retail chain from every direction  https://www.irishtimes.com/business/2022/09/13/penneys-business-model-set-to-be-tested-as-it-prepares-to-open-in-tallaght/

 

• Dublin’s Buswells Hotel on the market for €22m  https://www.rte.ie/news/business/2022/0914/1323253-buswells-hotel-dublin/

 

• Temple Bar pub group pays over €11m for boutique hotel: Tom and Jackie Cleary acquire 36-key Temple Bar Lane from Irish development group MM Capital  https://www.irishtimes.com/property/commercial-property/2022/09/14/temple-bar-pub-group-pays-over-11m-for-boutique-hotel/

 

• Staycity Opens New Property In Dublin And Announces £30m Loan Facility From OakNorth  https://www.hospitalityireland.com/amp/hotel/staycity-opens-new-property-in-dublin-and-announces-30m-loan-facility-from-oaknorth-193104

 

• Ireland’s most expensive bar is in Cork and has its own private pontoon: The Cobh pub and restaurant hit the market this week  https://www.corkbeo.ie/news/property/irelands-most-expensive-bar-cork-24989395

 

• New era for Cork city bar as Cubins hits the market with €3.7 million pricetag: Once Spiders, then Cubins and most recently Holy Cow – the city centre nightclub has gone up for sale after lying empty since pre-pandemic times  https://www.corkbeo.ie/news/property/new-era-cork-city-bar-25030863

 

• Buyer for Cork’s iconic former Roches and Debenhams premises expected in coming months: The iconic former Roches building has had strong interest from potential buyers  https://www.irishexaminer.com/property/commercial/arid-40961732.html

 

• FatFace premises up for sale as St Patrick’s Street hots up: Post-pandemic pick-up sees a number of well known brands set up shop on the high street   https://www.irishexaminer.com/property/commercial/arid-40961864.html

 

• After fire and floods one of Ireland’s first shopping centres is now up for sale at €21m: The twice re-invented Douglas Village Shopping Centre comes to market  https://www.irishexaminer.com/property/commercial/arid-40960844.html

 

• Carlow’s Fairgreen Shopping Centre back on the market at reduced price of €22.85m: Scheme developed by Northern Ireland businessman Dr Gerard O’Hare offers buyer potential yield of 9.4%  https://www.irishtimes.com/property/commercial-property/2022/09/14/carlows-fairgreen-shopping-centre-back-on-the-market-at-reduced-price-of-2285m/

 

• As part of the National Revaluation Programme the Commissioner of Valuation has made new Valuation Orders for  commercial and industrial properties in Clare, Donegal, Dún Laoghaire-Rathdown, Galway, Kerry and Mayo County Council and Galway City Council  https://www.donegaldaily.com/2022/09/12/new-valuation-orders-made-for-donegal-rating-authority-area/amp/

 

• Long vacant Tralee Dunnes outlet set for new lease of life  https://m.independent.ie/regionals/kerryman/news/long-vacant-tralee-dunnes-outlet-set-for-new-lease-of-life-41986614.html

 

• Warren Buffett’s Berkshire Hathaway to underwrite Irish leisure providers: US financial services giant will insure a group scheme for SMEs in play and leisure sector, which have struggled to get cover in recent years  https://www.businesspost.ie/news/warren-buffetts-berkshire-hathaway-to-underwrite-irish-leisure-providers/

 

 

 

INTERNATIONAL PROPERTY NEWS

• Annual rate of UK house price growth doubles to 15.5% in one month: Statistical surge reflects average house price drop last July caused by end to £500,000 stamp duty holiday https://amp.theguardian.com/business/2022/sep/14/annual-rate-of-uk-house-price-growth-doubles-in-one-month Also: average UK house price leaps by 15.5 per cent annually in biggest jump in 19 years  https://www.theirishworld.com/average-uk-house-price-leaps-by-15-5-per-cent-annually-in-biggest-jump-in-19-years/ 

 

• UK’s top 100 construction firms: industry swings back to profit with £1.17bn haul  https://www.constructionnews.co.uk/financial/uks-top-100-construction-firms-industry-swings-back-to-profit-with-1-17bn-haul-12-09-2022/

 

• Go-ahead for London office tower on stilts: Developer CIT has been given approval to build a major office scheme in London on stilts to allow trees and open public space to run beneath the building.  https://www.constructionenquirer.com/2022/09/15/go-ahead-for-22-floor-london-office-on-stilts/

 

• Five of the world’s most innovative green buildings https://www.edie.net/five-of-the-worlds-most-innovative-green-buildings/?amp=true

 

• With 15,000 homes in the pipeline, Google and Lendlease want to reinvent Silicon Valley housing: More diverse housing types and prices could transform an area that feels more suburb than city—and attract workers who want to live close to the office but don’t want to live in the suburban sprawl around Google’s HQ.  https://www.fastcompany.com/90787458/with-15000-homes-in-the-pipeline-google-and-lendlease-want-to-reinvent-silicon-valley-housing?

 

 

 

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/