Before we get stuck into the general property news of the week, below are a few local and international stories that might be of particular interest:
- Given the recent talk (whispers) about estate agents in Ireland freeing themselves from the chokehold of property portals, I’m not sure what to make of this: Agents ‘would turn the lights out’ before giving up their Rightmove subscriptions, claim https://propertyindustryeye.com/agents-would-turn-the-lights-out-before-giving-up-their-rightmove-subscriptions-claim/
- A walk through the streets of Dublin in 2030 https://www.rte.ie/brainstorm/2019/0902/1073326-a-walk-through-the-streets-of-dublin-in-2030/
- This needs to be taken seriously, retail is finding the marketplace tough enough – Jysk says it takes four times longer to open Irish store than rest of Europe https://www.irishtimes.com/business/retail-and-services/jysk-says-it-takes-four-times-longer-to-open-irish-store-than-rest-of-europe-1.4009278?mode=amp
- Communities in the UK to see how housing developers’ cash benefits them thanks to new planning rules
- Sisk plans to invest €2.8m in electric company cars https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/transport-and-tourism/sisk-plans-to-invest-2-8m-in-electric-company-cars-1.4004313?mode=amp
- Late paying main contractors barred from public work bids | Construction Enquirer https://www.constructionenquirer.com/2019/09/02/late-paying-main-contractors-barred-from-public-work-bids/
- Budget 2020: What we can expect https://www.irishtimes.com/business/personal-finance/budget-2020-what-we-can-expect-1.4005113?mode=amp
- UK construction reports biggest fall in new work since 2009 https://www.theguardian.com/business/2019/sep/03/uk-construction-builders-brexit-uncertainty
- Renters could get chance to buy from their landlords under Labour plan https://metro.co.uk/2019/09/02/renters-could-get-chance-to-buy-from-their-landlords-under-labour-plan-10669092/
- Dublin ranked 39th best city for ‘generation Z’ https://www.irishtimes.com/business/economy/dublin-ranked-39th-best-city-for-generation-z-1.4007499?mode=amp
- Big investment banks see worst start to year since 2006 https://www.rte.ie/news/business/2019/0905/1073985-investment-banks-performance/
- I don’t often disagree with the Master McWilliams but this opinion piece might be a reach: David McWilliams: Why Irish apartment rents are like the Cuban car market https://www.irishtimes.com/opinion/david-mcwilliams-why-irish-apartment-rents-are-like-the-cuban-car-market-1.4009853?mode=amp
- Your Money: Dilemma at the heart of Fair Deal – Independent.ie https://m.independent.ie/business/personal-finance/your-money-dilemma-at-the-heart-of-fair-deal-38474789.html
- Berkeley says market conditions robust in London https://www.rte.ie/news/business/2019/0906/1074212-berkeley-group-outlook/
- Banks move to cool investment property market in Switzerland https://lenews.ch/2019/09/06/banks-move-to-cool-investment-property-market-in-switzerland/
If you missed last week’s round-up, you can catch up here: https://propertydistrict.ie/category/sunday-property-review/
As always, you might let me know if I have missed out on any relevant property news by emailing firstname.lastname@example.org.
(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!)
Property Matters: Ireland’s First Weekly Property Radio Show (& Podcast!):
Ireland’s first weekly property radio show, Property Matters, launched In January 2019 on Dublin South FM 93.9 and is now available internationally via iTunes and Spotify podcast (www.iPropertyRadio.com). Seasoned political broadcaster, Bryan Fox, and I (Carol Tallon) team up to deliver 60 minutes of industry chat with guests from the areas of planning, construction, property and proptech. Produced by Katie Tallon of Hear Me Roar Media.
On Property Matters this week we have something different for you; we are joined in studio by Tom Gilligan, Director of Services at Mayo County Council and driver of the Vacant Homes initiative – Vacanthomes.ie. The entirety of this show is focused on the issue of vacant homes right across the country. We look at some of the solutions and incentives currently available to bring these vacant homes back into use at a time they are critically needed.
We are also joined by Evelyn Graham, Vacant Homes Officer with KIlkenny County Council and John Ryan, Vacant Homes Officer with Dublin City Council to get a deeper understanding of how vacant homes impact families in urban and rural areas.
Listen here: https://anchor.fm/ipropertyradio/episodes/Property-Matters–September-3rd-2019—Vacant-Homes-Special-e58lnq
*Listen back to all #PropertyMatters episodes here: https://anchor.fm/ipropertyradio
Email the Property Matters team at hello@iPropertyRadio.com
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- E-scooter use in Ireland is discussed in depth in The Sunday Times today, here’s a piece we prepared earlier: E-scooter legislation – what’s your opinion? | PLACEengage https://placeengage.com/e-scooter-legislation-whats-your-opinion/
- Buying a new home this autumn? Here’s what’s coming https://www.irishtimes.com/life-and-style/homes-and-property/buying-a-new-home-this-autumn-here-s-what-s-coming-1.4006228?mode=amp
- Dún Laoghaire invites tenders for expert economic and strategic advice | PLACEengage https://placeengage.com/dun-laoghaire-invites-tenders-for-expert-economic-and-strategic-advice/
- Upmarket Makeover Takes Shape In Ballsbridge — Ballsbridge https://www.ballsbridgeliving.ie/blog/2019/6/27/upmarket-makeover-takes-shape-in-ballsbridge
- New Liffey Street plaza: ‘Madness, What’s the point of all the multi-storey car parks now?’ #placemaking
- Dublin’s Iveagh Markets are in an ‘advanced state of dereliction’ after years of ‘serious neglect’ https://www.thejournal.ie/dublins-iveagh-markets-are-in-an-advanced-state-of-dereliction-4794940-Sep2019/?amp=1
- Local property owner lodges appeal against Kilcolgan homes – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/local-property-owner-lodges-appeal-against-kilcolgan-homes/
- Two Galway community projects awarded half a million euro in LEADER funding – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/two-galway-community-projects-awarded-half-a-million-euro-in-leader-funding/
- Dublin City Council votes to pedestrianise Lower Liffey Street #placemaking https://www.thejournal.ie/dublin-city-council-votes-to-pedestrianise-lower-liffey-street-4792383-Sep2019/?amp=1
- Dublin to get five new gaelscoileanna over three years #placemaking https://www.rte.ie/amp/1073443/
- The #coliving conversation continues… Co-living: the end of urban loneliness – or cynical corporate dorms? https://www.theguardian.com/cities/2019/sep/03/co-living-the-end-of-urban-loneliness-or-cynical-corporate-dormitories
- In the business section of the Sunday Independent today, Michael Cogley reports that The Collective, which is one of the world’s largest co-living providers, “is set to “ submit a planning application for a 235-room scheme at Fumbally, Dublin 8. The company’s Irish lead, James Penfold, is the featured business interview this week (page 4).
*PLACEengage: The future of speedy, successful placemaking for property developers is here – Property developers and project owners ready Public Consultation are encouraged to contact the PLACEengage teamfor full details*
OTHER PROPERTY NEWS
- The lead story in the Sunday Independent – which is followed on in the property supplement – reads: ‘Fear factor now hits house prices’. Residential property prices have been falling since the start of the year (and much earlier in some areas). The biggest drops have been recorded in Dublin 4 (12.5%). Experts quoted in the report today cite poor consumer confidence but, frankly, this is more of a symptom than a cause. A fall in house prices this year was entirely inevitable, following the fall-off of construction activity in this market since last year.
- Conor Skehan has an interesting opinion piece in the Independent today: ‘We must dream big to build a brighter future in our capital: Great cities are the result of willpower overcoming inertia – and we leave a better urban legacy by looking beyond ourselves’. In it he talks about how it is “completely unrealistic” to continue to expect two-storey houses with front and back gardens in the city centre. He also points out the change in culture needed for BusConnects by highlighting that “passengers still use many of the same bus routes originally established in the 1920s”.
- Gene Kerregan writes that ‘Housing is too vital to leave to the market: A Surprising number of TDs are landlords – but that’s not the main reason for the housing crisis’. This particular piece is too cynical, with too many references to chancers, Charlie Haughey, brown envelopes and the Thatcher-Reagan revolution to be useful (or newsworthy).
- In the business section of The Irish Times today, Gavin Daly reports that “Property group Chartered Land is revising plans for the second phase of its flagship Lansdowne Place apartment scheme in Dublin, where the first phase is behind schedule”.
- The featured business interview in the Times today is with Ires chief executive, Margaret Sweeney (page 6) – this is well worth a read for anyone in the industry.
- Also in the Times today: Cairn Homes has applied for permission for a further 400 homes in Newcastle; the consortium behind the former Clerys site is looking to increase the height previously panned by two storeys; Hibernia Reit is set to re-open the Dockers pub on Sir John Rogerson’s Quay; and Parkpnp (Garret Flower) secures funding from Sean Melly’s Powerscourt Capital and Jason Ballard (of NCPS).
- In The Sunday Business Post today there is a feature on Press Up, Ireland’s largest and most successful hospitality group, lead by Paddy McKillennd Matt Ryan. Press Up has been one of the more vocal organisations, speaking out about Ireland’s planning regime, so this feature will be of interest to anyone in the hospitality and/or retail sectors.
- Also in The Sunday Business Post today: New Wicklow-based, home-staging service, Power2Design, is launched by Margaret Mallon; Irish virtual reality developers VRAI opens new office in Temple Bar after growing team to 12; the Southern Construct conference reports “There will never be a better time to invest in the construction sector”.
- ‘One of best farms to come on Co. Kildare market’ https://www.agriland.ie/farming-news/one-of-best-farms-to-come-on-co-kildare-market/
- Homelessness figures above 10,000 for sixth month in a row https://www.thejournal.ie/homelessness-homeless-housing-eoghan-murphy-4792178-Sep2019/
- Apartment building costs push out first-time buyers https://www.rte.ie/news/ireland/2019/0902/1073226-construction-costs/
- Related: Cost of new apartment is now ‘out of reach’ of most working couples as 30pc of final sale price goes to the State – Independent.ie https://m.independent.ie/business/personal-finance/property-mortgages/cost-of-new-apartment-is-now-out-of-reach-of-most-working-couples-as-30pc-of-final-sale-price-goes-to-the-state-38457298.html
- Redeveloped Rathmines Victorian with contemporary flourish for €1.5m https://www.irishtimes.com/life-and-style/homes-and-property/new-to-market/redeveloped-rathmines-victorian-with-contemporary-flourish-for-1-5m-1.4005160?mode=amp
- Dilosk confirms entry to owner-occupier mortgage market https://www.irishtimes.com/business/financial-services/dilosk-confirms-entry-to-owner-occupier-mortgage-market-1.4006140?mode=amp
- Mortgage price war on cards as low-rate lender enters market – Independent.ie https://m.independent.ie/business/personal-finance/property-mortgages/mortgage-price-war-on-cards-as-lowrate-lender-enters-market-38461669.html
- Ulster Bank cuts home loan rates in bid to lure new buyers – Independent.ie https://m.independent.ie/business/personal-finance/property-mortgages/ulster-bank-cuts-home-loan-rates-in-bid-to-lure-new-buyers-38472586.htm
- How can I bring a low-rent property up to market rates? https://www.irishtimes.com/life-and-style/homes-and-property/how-can-i-bring-a-low-rent-property-up-to-market-rates-1.4006429?mode=amp
- Revenue ups its oversight of landlords in this year’s tax returns https://www.irishtimes.com/business/personal-finance/revenue-ups-its-oversight-of-landlords-in-this-year-s-tax-returns-1.4009367?mode=amp
- Developer Gerry Gannon lodges plans for 1,950 apartments in north Dublin https://www.thejournal.ie/gerry-gannon-apartments-clongriffin-4797593-Sep2019/?amp=1
- Residents at three Dublin buildings ordered to vacate premises https://www.irishtimes.com/news/crime-and-law/courts/high-court/residents-at-three-dublin-buildings-ordered-to-vacate-premises-1.4009163?mode=amp
- More on this: Residents told to leave unsafe buildings ‘have nowhere to go’ https://www.irishtimes.com/news/social-affairs/residents-told-to-leave-unsafe-buildings-have-nowhere-to-go-1.4010212?mode=amp
- Limerick has 3.5 times more vacant office space than Galway https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/limerick-has-3-5-times-more-vacant-office-space-than-galway-1.4007594?mode=amp
- Masterplan unveiled for multi-million euro redevelopment at Cork harbour https://amp-irishexaminer-com.cdn.ampproject.org/c/s/amp.irishexaminer.com/breakingnews/ireland/masterplan-unveiled-for-multi-million-euro-redevelopment-at-cork-harbour-948328.html
- More on this – Final phase of €144m drainage project to begin in Cork Harbour https://amp.irishexaminer.com/breakingnews/ireland/final-phase-of-144m-drainage-project-to-begin-in-cork-harbour-948768.html
- Pat McCann builds stake in Glenveagh Properties https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/pat-mccann-builds-stake-in-glenveagh-properties-1.4007605?mode=amp
- Cork bar to go under the hammer with €2.5m price tag https://amp.irishexaminer.com/breakingnews/ireland/cork-bar-to-go-under-the-hammer-with-25m-price-tag-948031.html
- Permission sought to complete housing development in Kenmare | Radio Kerry https://www.radiokerry.ie/permission-sought-complete-housing-development-kenmare
- €80m new housing development in Waterford to provide over 340 new homes https://beat102103.com/news/e80m-new-housing-development-in-waterford-to-provide-over-340-new-homes/
- Massive vacant retail unit in Carlow to go on sale in online auction for over €300,000 https://www.carlowlive.ie/news/home/475696/massive-vacant-retail-unit-in-carlow-to-go-on-sale-in-online-auction-for-over-300-000.html
- New glow in the dark golf course planned for Oranmore – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/new-glow-in-the-dark-golf-course-planned-for-oranmore/
- Prism skyscraper developers hope to begin construction this year https://www.irishexaminer.com/breakingnews/ireland/prism-skyscraper-developers-hope-to-begin-construction-this-year-948291.html
- Kennedy Wilson acquires Half Moon Street in Cork for €36.3m – Independent.ie https://m.independent.ie/business/commercial-property/kennedy-wilson-acquires-half-moon-street-in-cork-for-36-3m-38469855.html
- MetroLink threatened by new plan – minister – Independent.ie https://m.independent.ie/irish-news/metrolink-threatened-by-new-plan-minister-38457578.html
- ‘Urgent need’ to find best site for third Dublin airport terminal https://www.thetimes.co.uk/article/urgent-need-to-find-best-site-for-third-dublin-airport-terminal-xl7f3xcqz
- Construction industry slam ‘depressing’ delivery of Munster’s major roads projects https://www.irishexaminer.com/breakingnews/ireland/construction-industry-slam-depressing-delivery-of-munsters-major-roads-projects-948294.html
- HSE lodges planning application for new Tipperary nursing home https://www.tipperarylive.ie/news/home/474241/hse-lodges-planning-application-for-new-tipperary-nursing-home.html
- OPW spends thousands securing Tipperary sites – Tipp FM https://tippfm.com/news/opw-spends-thousands-securing-tipperary-sites/
- Industrial portfolio set to fetch €28.5m – Independent.ie https://m.independent.ie/business/commercial-property/industrial-portfolio-set-to-fetch-28-5m-38464292.html
- Active Autumn in Prospect for Irish Property Despite Brexit, Budget & Global Slowdown Fears – Construction Network Ireland http://www.constructionnetworkireland.com/active-autumn-prospect-irish-property-despite-brexit-budget-global-slowdown-fears/
- BidX1 eyes €450m in annual sales as it moves into Spain and Cyprus https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/bidx1-eyes-450m-in-annual-sales-as-it-moves-into-spain-and-cyprus-1.4008874?mode=amp
- Liebherr sales of construction equipment rose by 35% in Ireland last year https://www.irishtimes.com/business/manufacturing/liebherr-sales-of-construction-equipment-rose-by-35-in-ireland-last-year-1.4005608?mode=amp
- Seán Dunne bankruptcy trustee fighting Killilea move https://www.irishtimes.com/business/commercial-property/se%C3%A1n-dunne-bankruptcy-trustee-fighting-killilea-move-1.4008187?mode=amp
- Talking point: Bank’s €300,000 sculpture approved – Independent.ie https://m.independent.ie/business/irish/talking-point-banks-300000-sculpture-approved-38474780.html
THE AGILE AGENT
GETTING IRELAND’S PROPERTY MARKETPLACE DIGITAL BY DEFAULT
The Agile Agent is a 12-month digital transformation programme for independent Irish estate agents and auctioneers, which runs from September – August. This programme will be delivered by a multi-disciplinary Irish and UK team and will go beyond proptech adoption to help agents get their industry digital by default.
To get involved and for free Proptech Prompts, please
PROPTECH AND CONSTRUCTION INNOVATION
- From smart design and planning right through to the smart property transaction, where does your Irish-led or Ireland-based #proptech business sit? Pease take five minutes to add or update your details to our internationally-shared listing here: SIGN UP HERE: *PROPTECH INNOVATORS and STARTUPS *
- ‘More than 260,000 more homes could be built in the UK in the next 10 years if one-third of all new homes are built using Modern Methods of Construction (MMC).’ Download Arup report to find out… http://ow.ly/vRof50vTjsM
- FUTURE PROOF: Cities are getting smarter https://www-nst-com-my.cdn.ampproject.org/c/s/www.nst.com.my/node/517680/amp
- Potentially interesting news for #proptech startups – ‘Carlyle Ireland team leaving to set up new private equity fund’ https://www.irishtimes.com/business/financial-services/carlyle-ireland-team-leaving-to-set-up-new-private-equity-fund-1.4009344?mode=amp
- PropTech Firm Combat Negative Image Of Modern Method of Auction https://www.todaysconveyancer.co.uk/main-news/proptech-firm-combat-negative-image-modern-method-auction/
- Urban Innovations: Connected Parking and Future Mobility | IoT For All #IOT #SmartCities #proptech https://www-iotforall-com.cdn.ampproject.org/c/s/www.iotforall.com/urban-innovation-connected-parking-future-mobility/amp/
- Smart Home Companies Are Walking a Privacy Tightrope https://www.iotworldtoday.com/2019/09/03/smart-home-companies-are-walking-a-privacy-tightrope/
- HTC, Alibaba Join $3M Investment in Blockchain Property Rights Startup https://cointelegraph.com/news/htc-alibaba-join-3m-investment-in-blockchain-property-rights-startup
- Dublin tech firm VRAI set for expansion after move into Temple Bar offices https://www.irishtimes.com/business/technology/dublin-tech-firm-vrai-set-for-expansion-after-move-into-temple-bar-offices-1.4007797?mode=amp
- We need to do more to reward responsible risk, says VC chief – Independent.ie https://m.independent.ie/business/technology/news/we-need-to-do-more-to-reward-responsible-risk-says-vc-chief-38468635.html
- WeWork considers slashing IPO valuation amid pushback https://www.irishtimes.com/business/markets/wework-considers-slashing-ipo-valuation-amid-pushback-1.4009107?mode=amp
- What is Urbantech? – Urban Us – Medium https://medium.com/urban-us/what-is-urbantech-bbb1bc9d4ef3
- Dwellowner Announces First U.S. PropTech Security Token Offering – The Chestnut Post https://www.thechestnutpost.com/news/dwellowner-announces-first-u-s-proptech-security-token-offering-2/
- Skanska forms proof of concept partnership for new technologies | Real Estate Weekly https://rew-online.com/2019/09/skanska-forms-proof-of-concept-partnership-for-new-technologies/
- WeWork Valuation Could Impact Other Startups https://therealdeal.com/2019/09/06/weworks-plunging-valuation-could-spell-concern-for-other-real-estate-startups/
- Chilean proptech OpenCasa raises US$14.5 million in structured debt | Contxto https://www.contxto.com/en/chile/chilean-proptech-opencasa-raises-us14-5-million-in-structured-debt/
- There Is No Escaping the Automation of Commercial Real Estate Brokerages | Propmodo https://www.propmodo.com/there-is-no-escaping-the-automation-of-commercial-real-estate-brokerages/
- PropTech company Savvy Lane raises $2M to drive sales and West Coast expansion https://www.stl.news/amp/proptech-company-savvy-lane-raises-2m-to-drive-sales-and-west-coast-expansion/292860/
- Agents warned that let-only tenant-find portfolios are less profitable
- RITA AI software built by AIRE has raised $1M in funding https://www.business2.com.au/2019/09/real-estate-ai-startup-aire-raises-1m-in-funding/
NEW 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 will now appear as part of The Property Insider series, published by Oak Tree Press, the first three titles are now published and available here.
From 2019, the publishers and I want to ensure the content remains topical and we are 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/