IRELAND’S PROPERTY ROUND-UP JUNE 25TH, 2023

Weekly Irish property market news and insights – for the industry,by the industry  

It has been another week and highs and lows for the industry; investment property deals worth in excess of €280m have either stalled or been withdrawn from the Dublin property market in recent weeks, which is concerning. On the positive side, we have development news from each of Ireland’s regional cities, for the first week in a long time, which is great to see.

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: 

• Government has approved the commencement of the process to revise the National Planning Framework (NPF) and publish the Roadmap for this First Revision. https://www.gov.ie/en/publication/deef6-a-road-map-for-the-first-revision-of-the-national-planning-framework/

• Thank you Seán O’Leary MIPI  of the Irish Planning Institute for calling out this unacceptable practice: “Normalising threatening to delay the delivery of housing or other infrastructure with vexatious objections that will be dropped if paid off creates a whiff of sulphur around what needs to be an open process. It serves only to undermine those with legitimate, genu- inely held concerns with development on planning grounds…” https://m.independent.ie/opinion/letters/letters-normalising-go-away-money-creates-whiff-of-sulphur-around-what-should-be-open-process/a1976090724.html

•  BREAKING NEWS: Deal closed on Cork site – total development value €123.6m: ‘Hundreds of New Homes Planned for Cork City in €123.6 Million Development’ – Bridgewater Construction Acquires €10.2 Million Site at Waterfall Road, Bishopstown for Landmark Residential Development: https://www.irishrealestate.news/breaking-deal-closed-on-cork-site-total-development-value-e123-6m/ 

• Councils identify over 1,500 vacant and derelict properties to be bought up: The price tag of the properties comes in at €437 million. https://www.thejournal.ie/local-councils-vacant-properties-6098681-Jun2023/

• Dublin 4 hosting just six of Dublin’s near-8,000 refugee population: The new figures provided to Deputy Neasa Hourigan in a written Dail reply show that Dublin 4 is home to the least number of IP applicants in the capital https://www.dublinlive.ie/news/dublin-4-hosting-just-six-27192313

• Rising costs and higher interest rates ‘could affect viability of housing projects’: Although house price inflation is falling, BPFI warns that affordability remains an issue — with asking prices 127% up from a decade ago https://www.irishexaminer.com/business/economy/arid-41165824.html

• JLL Ireland boss: planning system is ‘broken beyond belief’ https://www.egi.co.uk/news/jll-ireland-boss-planning-system-is-broken-beyond-belief/

• AI poised to uncover dubious extensions and granny flats in Ireland: Program used to catch unauthorised developments would open a Pandora’s box in Ireland, fears planning consultant https://www.thetimes.co.uk/article/ai-poised-to-uncover-dubious-extensions-and-granny-flats-in-ireland-kw62zl2sz

• Investment firm co-founded by Russian oligarchs funds Dublin residential portfolio: Last year, LetterOne was forced to cut ties with some of its Russian founders following the invasion of Ukraine. It is now financing one of Ireland’s fastest-growing institutional landlords. https://thecurrency.news/articles/121250/investment-firm-co-founded-by-russian-oligarchs-funds-dublin-residential-portfolio/

• ‘Revolutionary’ housing group unlawfully occupying Dublin property, court told https://www.breakingnews.ie/amp/ireland/revolutionary-housing-group-unlawfully-occupying-dublin-property-court-told-1491860.html

• PEOPLE who paid deposits in a ghost estate in Castlebar over a decade ago are still waiting for their money to be refunded. https://www.con-telegraph.ie/2023/06/23/people-who-paid-deposits-in-mayo-ghost-estate-remain-out-of-pocket/

• ‘We have been driven by desperation’: Cork pre-school owner distributes 20,000 leaflets looking for accommodation for his staff https://www.echolive.ie/corknews/arid-41168509.html

• ‘A matter of principle’ behind O’Flynn’s legal battle over debt writedown: The developer said he took his row over his neighbour’s debt all the way to the Supreme Court because he believed the insolvency process in Ireland should be ‘fair and transparent’ https://www.businesspost.ie/news/a-matter-of-principle-behind-oflynns-legal-battle-over-debt-writedown/

• Bartra rushes to raise funds before cash-for-visa scheme ends: Company advises potential clients to get ‘a few final slots of an investment project with limited quota and time’ before the IIP is shelved https://www.businesspost.ie/news/bartra-rushes-to-raise-funds-before-cash-for-visa-scheme-ends/

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 7.6 million digital impressions across our brands and this figure is growing – Q4 2022/Q1 2023 we now have an  average of 765,876 digital impressions each month, not including radio listenership and website visits. 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/

Listen back to iPropertyRadio… 

#Property Roundup

https://youtube.com/watch?v=sFyMwxxra4s%3Ffeature%3Doembed

Housing Crisis or Housing Emergency?

On ‘Property Roundup’ on iPropertyRadio, John Hannigan, CEO of Circle VHA joins host Carol Tallon to discuss reclassifying our housing crisis as a housing emergency and how social housing associations are working to rectify this. He questions on is the Housing For All scheme working and whose solution to Ireland’s housing emergency is best? Listen back to the interview to hear about funding from the Government, Social Housing Delivery Targets and the plan to meet them, and also just how important Approved Housing Bodies are to achieving these goals. 

Watch/ listen back: https://ipropertyradio.com/property-matters/

#Proptech Hot Seat

https://youtube.com/watch?v=U_yX2nVSKCs%3Ffeature%3Doembed

The future of bespoke financial advisory through automation

In the iPropertyRadio.com Proptech Hot Seat with host Carol Tallon recently was Bonnie Murray, Founder of Raccord. Raccord is a tool created for Real Estate Investment & Asset Management professionals that distils complicated Excel models and integrates disparate data sources into one location, allowing for real-time portfolio analysis at your fingertips.It also helps investors to meet their goals in an unpredictable economic environment. Bonnies gives a unique insight on the real estate investment industry having come from a financial markets background. 

Watch/ listen back: https://ipropertyradio.com/proptech-hot-seat/

#BreakingGround

https://youtube.com/watch?v=q23ppsMEV-Q%3Ffeature%3Doembed

Design-Build-Finance For Residential Site Infrastructure

Listen back as host Carol Tallon chats to Niall Morrissey, CEO of the Housing Infrastructure Services Company (HISCo) about how the company is unlocking land for residential development by delivering key infrastructure throughout the country. 

HISCo is involved in the delivery of the Drogheda Port Access Northern Cross Route, (the Taoiseach and Minister Darargh O’Brien turned the sod last month), which is initially facilitating the delivery of 1,300 homes and when the road is completed, up to 5,000 homes, in the northern environs of Drogheda. Learn more about the cost model, which is calculated on a per unit basis and only payable as each unit is sold/leased, and the pipeline of projects for 2023/2024.

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

• Ag crúthú Luach Sóisialta  Trí Comhforbairt Áite (Creating Social Value Through Placemaking) 👉https://placeengage.com/ag-cruthu-luach-soisialta-tri-comhforbairt-aite/ 

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

• ‘Ludicrous’ – State agency concerns could delay MetroLink further: MetroLink will run between Swords and Charlemont – while also serving Dublin Airport – with construction due to begin in 2025 https://www.newstalk.com/news/ludicrous-state-agency-concerns-could-delay-metrolink-further-1479384

• Dublin City Council planning to refurbish buildings to create dozens of new artist spaces; Artists have raised concerns in recent years that they’re losing their studios due to commercial development. https://www.thejournal.ie/artist-spaces-dublin-6100078-Jun2023/

• Council investigating erection of fences on beach in apparent ‘land-grab’ by Sutton residents: It has become an increasingly common practice across Ireland’s beaches but can be ‘catastrophic’ for nature, according to Coast Watch Ireland. https://www.thejournal.ie/sutton-beach-fences-6091811-Jun2023/

• The construction of a new community centre in north Dublin which was halted last month due to costs rising by more than €2 million may be “back on the table”. https://m.independent.ie/regionals/dublin/dublin-news/north-dublin-community-centre-back-on-the-table-as-costs-soar-to-more-than-2m/a606989602.html

• West Cork town reveals plans for multi-million euro festival venue: Bantry appoints design team for ‘dedicated home’ for its three international music and literary festivals https://www.irishexaminer.com/news/munster/arid-41167318.html

• Galway Deputy insists that the Government needs to encourage rural planning https://galwaybayfm.ie/galway-bay-fm-news-desk/galway-deputy-insists-that-the-government-needs-to-encourage-rural-planning/

• Keys handed over for 49 social houses in Tuam https://www.galwaydaily.com/news/keys-handed-over-for-49-social-houses-in-tuam/

• Work on major upgrade of Galway City water infrastructure to be completed in 2024 https://www.galwaydaily.com/news/work-on-major-upgrade-of-galway-city-water-infrastructure-to-be-completed-in-2024/

• Clermont Hub In Rathnew Puts Call Out For New Tenants – The Hub will provide 10,000sq ft of private and co-working spaces and aims to boost job creation by supporting local businesses operating in the film and audio-visual sector. https://www.eastcoast.fm/news/wicklow-news/clermont-hub-in-rathnew-puts-call-out-for-new-tenants/

• Hopes for greenway linking Rosslare to Waterford are fading fast https://m.independent.ie/regionals/wexford/new-ross-news/hopes-for-greenway-linking-rosslare-to-waterford-are-fading-fast/a151731671.html

• ‘Good day for Wexford’ as council signs €7.5m land deal for two new schools and 500 houses https://m.independent.ie/regionals/wexford/wexford-district/good-day-for-wexford-as-council-signs-75m-land-deal-for-two-new-schools-and-500-houses/a2031850267.html

• New Enniscorthy housing scheme represents ‘more than just bricks and mortar’: New 17-house Droichead Carley is located close to the Ross Road roundabout on the outskirts of town https://m.independent.ie/regionals/wexford/enniscorthy-news/new-enniscorthy-housing-scheme-represents-more-than-just-bricks-and-mortar/a1976796046.html

• Stakeholders to give opinions on County Wexford tourism attraction https://m.independent.ie/regionals/wexford/new-ross-news/stakeholders-to-give-opinions-on-county-wexford-tourism-attraction/a2055080608.html

• Keep Wexford Beautiful Competition 2023 https://www.southeastradio.ie/keep-wexford-beautiful-competition-2023/

• Apartments plan for historic derelict Naas house https://www.kildarenow.com/news/home/1231046/kildare-apartments-plan-for-historic-derelict-naas-house.html

• Rural Laois primary school unveils plans for a brand new building with a modern twist https://www.laoistoday.ie/2023/06/20/rural-laois-primary-school-unveils-plans-for-a-brand-new-building-with-a-modern-twist/ 

• Mayo TD has welcomed the announcement of €2.5m funding towards the construction of a new therapeutic centre for children diagnosed with cancer in the county. https://westernpeople.ie/2023/06/20/charity-receives-e2-5m-funding-to-build-therapeutic-centre-in-cong/

CONSTRUCTION, MMC & DEVELOPMENT NEWS

Bridgewater Homes closes deal on Cork site – total development value €123.6m

• Construction to expand despite domestic and external challenges: Cost, labour and planning pressures hamper the building industry yet growth is still predicted https://www.irishtimes.com/business/2023/06/23/construction-to-expand-despite-domestic-and-external-challenges/

• Problems with access to finance making construction projects ‘unviable’ – SCSI: Report says industry will not hit: Government’s retrofitting targets without more generous grant aid https://www.irishtimes.com/business/2023/06/21/problems-with-access-to-finance-making-construction-projects-unviable-scsi/

• Housing, planning and land issues are a historic plague in Ireland: The housing crisis can be cured with a strong dose of common sense policies, starting with reducing the high risk associated with obtaining planning permission on greenfield sites https://www.businesspost.ie/property/housing-planning-and-land-issues-are-a-historic-plague-in-ireland/

• Property boom in Ireland sees recruitment drive in South Africa https://www.timeslive.co.za/amp/news/south-africa/2023-06-23-property-boom-in-ireland-sees-recruitment-drive-in-south-africa/

• Varadkar staunchly defends children’s hospital timeline amid reports of setbacks https://www.breakingnews.ie/amp/ireland/varadkar-staunchly-defends-childrens-hospital-timeline-amid-reports-of-setbacks-1491850.html

• New President of SCSI says shortage of skilled workers will be key challenge over next decade https://irishbuildingmagazine.ie/2023/06/19/new-president-of-scsi-says-shortage-of-skilled-workers-will-be-key-challenge-over-next-decade/

• Simon Harris confirms government is on track to achieve 10,000 construction apprenticeships this year, but small builders and plant hire operators say there is nothing like that number being trained in the machinery skills that they actually need https://m.independent.ie/business/irish/builders-pour-muck-on-harris-apprentice-news/a346366954.html

• €23m legal row raises the spectre of the low-ball bid: When a BAM-led team scooped a multi-million euro tender to refit public lighting, their rivals claimed the winning bid contained “grossly abnormal figures” and should have been disqualified. The court case goes to the heart of this controversial aspect of procurement. https://thecurrency.news/articles/120667/the-tender-spot-a-e23m-legal-row-raises-the-spectre-of-the-low-ball-bid/

• Building firm Glenman is denied leave to challenge Galway tender https://m.independent.ie/business/irish/building-firm-glenman-is-denied-leave-to-challenge-galway-tender/a2120757275.html

• Ballymore gets green light to develop part of Guinness brewery in Dublin for housing, hotels and offices: The scheme is set to include 336 build-to-rent units, two hotels, offices, a food hall, a performing space and landscaped public area https://www.irishtimes.com/business/2023/06/22/ballymore-gets-green-light-to-develop-part-of-guinness-brewery-in-dublin-for-housing-hotels-and-offices/

• Cairn Homes seeks planning permission for 565-unit scheme at Clonburris: Company puts price tag of €22 million on 56 social homes https://www.irishtimes.com/business/2023/06/20/cairn-homes-seeks-planning-permission-for-565-unit-scheme-at-clonburris/

• Landscaper Susan Turner created a garden to rival the views at €595,000 East Ferry home: Izgled, home of a globe-trotting communications consultant, is on the market for €595,000 https://www.dublinlive.ie/news/dublin-news/construction-begins-homes-older-people-27190237.amp

• Permission for 204 homes in Dublin overturned by court: Strategic housing development was to include 123 houses, 28 duplexes, 53 apartments https://www.irishtimes.com/business/2023/06/21/court-overturns-permission-for-204-homes-in-rathcoole/

• Seabren makes third attempt to progress Crumlin housing scheme: New application follows challenge by community group to overturn permission granted for development https://www.irishtimes.com/business/2023/06/23/seabren-makes-third-attempt-to-progress-crumlin-housing-scheme/

• Family clashes in court over the will of developer Joe Cosgrave: Widow tells court his brothers are attempting to take control of construction grouphttps://m.independent.ie/business/irish/family-clashes-in-court-over-the-will-of-developer-joe-cosgrave/a2134763890.html

• Developer Michael O’Flynn takes battle against PIA of ex-business partner to Supreme Court: The court’s decision will have ramifications for all future cases https://www.irishexaminer.com/news/courtandcrime/arid-41168407.html

• Planners approve more than 50 new homes for Cobh: Rockspring Properties initially applied for planning permission in June 2022 for some 63 homes, but this number has been revised down https://www.irishexaminer.com/news/munster/arid-41165584.html

• Site overlooking Kinsale with full planning for nine homes on the market for €1.6m: A number of one-off single dwelling sites in the area achieved well in excess of €1m apiece https://www.irishexaminer.com/property/commercial/arid-41167522.html

• Brand new Galway city estate planned including over 100 houses with big shopping centre – The plans would be a major addition to the area https://www.galwaybeo.ie/news/galway-news/brand-new-galway-city-estate-8540601

• Permission for affordable housing scheme granted for County Limerick village https://www.limerickpost.ie/2023/06/19/permission-for-affordable-housing-scheme-granted-for-county-limerick-village/

• Contractor appointed to develop Waterford’s Michael Street https://www.wlrfm.com/news/michael-street-waterford-contractor-312211

• Decision due soon on plans for proposed 210-unit housing development in Kilkenny https://www.kilkennypeople.ie/news/property/1230163/decision-due-soon-on-plans-for-proposed-210-unit-housing-development-in-kilkenny.html

• Abbey Quarter Partnership seeking to acquire new development site from Diageo in Kilkenny https://www.ireland-live.ie/news/kilkenny-live/1231938/abbey-quarter-partnership-seeking-to-acquire-new-development-site-from-diageo-in-kilkenny.html

• Plans to be lodged seeking to demolish and build housing on Black Cat site in Kilkenny https://www.kilkennypeople.ie/news/kilkenny-city/1231164/plans-to-be-lodged-seeking-to-demolish-black-cat-site-in-kilkenny-and-build-housing.html

• An Bórd Pleanála overturns Louth County Council decision to grant permission for two new homes in Ardee estate https://m.independent.ie/regionals/louth/drogheda-news/an-bord-pleanala-overturns-louth-county-council-decision-to-grant-permission-for-two-new-homes-in-ardee-estate/a374179515.html

• New 400-seat performance venue to be built on old Tesco site in Wexford town https://m.independent.ie/regionals/wexford/wexford-district/new-400-seat-performance-venue-to-be-built-on-old-tesco-site-in-wexford-town/a1136312376.html

• Planning granted for 26 houses at the end of Wexford cul-de-sac despite strong objections https://m.independent.ie/regionals/wexford/wexford-district/planning-granted-for-26-houses-at-the-end-of-wexford-cul-de-sac-despite-strong-objections/a562597845.html

• Wexford County Council moves to buy two landmark New Ross sites for hotel https://m.independent.ie/regionals/wexford/new-ross-news/wexford-county-council-moves-to-buy-two-landmark-new-ross-sites-for-hotel/a1868408153.html

• Diageo calls for appeals against €200m Newbridge brewery to be dismissed https://www.breakingnews.ie/amp/ireland/diageo-call-for-appeals-against-e200m-newbridge-brewery-to-be-dismissed-1493190.html

• Leixlip lands zoned for development guiding at €3m: 32.9-acre landholding has strong location next to Intel campus and key road and rail links https://www.irishtimes.com/property/commercial-property/2023/06/21/leixlip-lands-zoned-for-development-guiding-at-3m/

• Planning permission sought for large new residential development in Laois https://www.laoistoday.ie/2023/06/21/planning-permission-sought-for-large-new-residential-development-in-laois/

• Offaly ready to rival European cities as green data centre hub: report https://www.offalyindependent.ie/2023/06/23/offaly-ready-to-rival-european-cities-as-green-data-centre-hub-report/

• Residents object to Offaly council green light for nearly 200 houses https://www.offalyexpress.ie/news/home/1232116/residents-object-to-offaly-council-green-light-for-nearly-200-houses.html

• Cost to be revised to turn derelict Laois hotel into apartments https://www.ireland-live.ie/news/laois-live/1231801/cost-set-to-rise-to-turn-derelict-laois-hotel-into-apartments.html

• Moves to develop accommodation for students of ATU Mayo https://www.con-telegraph.ie/2023/06/22/moves-to-develop-accommodation-for-students-of-atu-mayo/

• Designers of yet to be built Sligo social housing scheme wins architectural award https://m.independent.ie/regionals/sligo/news/designers-of-yet-to-be-built-sligo-social-housing-scheme-wins-architectural-award/a297747157.html

• Family-owned electrical firm Davenham posts €28m profit as revenue soars https://m.independent.ie/business/irish/family-owned-electrical-firm-davenham-posts-28m-profit-as-revenue-soars/a637062733.html

• Irish construction experts look at Seoul-style waterfront corridor in Piccadilly Circus https://premierconstructionnews.com/2023/06/24/construction-experts-look-at-seoul-style-waterfront-corridor-in-piccadilly-circus/

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

• ResHub targets €5m funding to expand senior living tech in US: The Irish software business is focused on living choices for older people and aims to improve safety and wellness as well as social connections https://www.businesspost.ie/news-focus/reshub-targets-e5m-funding-to-expand-senior-living-tech-in-us/

• The sky’s the limit: Could Ireland be a world leader in drones? Connected editor Charlie Taylor investigates https://www.businesspost.ie/tech/the-skys-the-limit/

• Online Garden Designs looks to bloom and grow via partner network: The Co Kildare company is developing a contractor network, focusing on expansion in Dublin, Cork and the UK https://www.businesspost.ie/news-focus/online-garden-designs-looks-to-bloom-and-grow-via-partner-network/

• PropTech Today – By laying stable foundations today we will reap infinite possibilities https://www.estateagenttoday.co.uk/breaking-news/2023/6/proptech-today–by-laying-stable-foundations-today-we-will-reap-infinite-possibilities-in-tomorrows-proptech-powered-world

• AI Takes Center Stage in CRE – The technology’s ups and downs were all the rage at the BOMA New York Proptech Conference & Expo this week. https://www.commercialsearch.com/news/ai-takes-center-stage-in-cre/

• Exploring the Impact of Proptech on Traditional Real Estate Investment Strategies https://offplanpropertyexchange.com/news/how-technology-is-disrupting-traditional-real-estate-investment-models/2696/

• Proptech: Emerging opportunities in an untapped market – Here are some of the themes and trends spotted in the real estate sector in recent years for proptech startups to tap into.Read more at: https://yourstory.com/2023/06/proptech-startups-opportunities-real-estate-emerging-trends

• Sir Robert McAlpine firm will use Buildots AI technology to analyse data from its UK sites, captured by wearable 360-degree cameras, and will generate true-to-life project progress reports to help to identify risks of delays and opportunities for gains https://buildindigital.com/sir-robert-mcalpine-adopts-buildots-ai-tech/amp/

• 3D printing can deliver better buildings: Robotic 3D printing offers a solution to some of the biggest challenges facing the construction industry today, writes Julian Ware, UK & Ireland Sales Manager for ABB Robotics https://www.theengineer.co.uk/content/opinion/comment-3d-printing-can-deliver-better-buildings

• AI chatbot ChatGPT has been used to design a large mixed-use building with a green roof and a swimming pool as a research project.: Hickok Cole project architect Jack Lynch said the experience had left him “super excited” about the potential of AI design https://www.dezeen.com/2023/06/23/hickok-cole-chatgpt-aitopia/

• Exploring the Future of PropTech in Real Estate Investment – The Impact of Blockchain Technology on Real Estate Transactions https://offplanpropertyexchange.com/news/exploring-the-future-of-proptech-in-real-estate-investment/2748/

ENERGY, CLIMATE & ENVIRONMENT

• Sales of air-conditioning units rose by 150 per cent as Ireland sweltered last week — but experts warned of the effect on the country’s “fragile” national grid. https://www.thetimes.co.uk/article/concern-for-fragile-power-grid-as-sales-of-air-con-units-soar-20lbvbc6c

• Solar 21 spent less than 50% of allotted funds on EFW plant, says accountant: Remaining money earmarked for proposed energy from waste plant went on management fees or project fees to related companies, according to Barry Robinson https://www.businesspost.ie/news/solar-21-spent-less-than-50-of-allotted-funds-on-efw-plant-says-accountant/

RESIDENTIAL PROPERTY NEWS (including PRS)

• An Post looking for right mortgage product to deliver for customers: The semi-state expects to have news on entering the mortgage market in the near future as the company announced earnings before deductions increased 15 per cent in its 2022 results https://www.businesspost.ie/article/an-post-looking-for-right-mortgage-product-to-deliver-for-customers/

• Solo first-time buyer needs to earn €67,000 to get a house, report shows https://extra.ie/2023/06/20/news/irish-news/solo-first-time-buyer

• HAP properties decrease in most areas: Search your locality using the Irish Times interactive map: Number in each electoral area ranged from 32 in Granard to 1,543 in the North Inner City of Dublin: https://www.irishtimes.com/ireland/housing-planning/2023/06/23/most-areas-saw-decrease-in-number-of-hap-properties-last-year/

• Blanchardstown Apartment Fire Prompts Insurance Warning https://www.irishrealestate.news/blanchardstown-apartment-fire-prompts-insurance-warning/ 

• Property prices have more than doubled since their lowest point in early 2013, with the median price of residential property measured at €313,000 in Q2 https://businessplus.ie/industry-type/real-estate-property/increased-supply-moderate-bpfi/

• Tenants feeling less secure in accommodation, Threshold survey shows: Half of renters pay more than 30% of their income on rent, with 45% of respondents saying their rent had increased in the past year https://www.irishtimes.com/ireland/housing-planning/2023/06/21/tenants-feeling-less-secure-in-accommodation-threshold-survey-shows/

• Church of Ireland-backed scheme to address affordable housing shortage seeks up to €4,000 a month in rent:Nine-unit project in Rathmines was delivered ‘to address the shortage of affordable housing’ in the area, according to church’s website https://www.irishtimes.com/business/2023/06/21/church-of-ireland-backed-affordable-housing-scheme-seeks-up-to-4000-a-month-in-rent/

• High-end semicircular home atop a Dalkey hill for €4.75m: Detached five-bed on 1.25 acres of lawn and woodland on Mount Salus Road has sea views from almost every room https://www.irishtimes.com/property/residential/2023/06/22/the-semicircle-of-life-atop-a-dalkey-hill-for-475m/

• Carrickmines scheme offers eight luxury bungalows via online bidding: The Glenamuck Road properties, developed by Ursula Homes, come in four house types and will be available for bids online via the Auctioneera platform https://www.businesspost.ie/property/carrickmines-scheme-offers-eight-luxury-bungalows-via-online-bidding/

• Cork City Council refuse permission to let 48 student flats become residential as owners say no change means ‘consequent danger of liquidation’ – ‘It has become increasing difficult for the facility to operate to its originally intended use and remain financially viable’ https://www.corkbeo.ie/news/local-news/cork-city-council-refuse-permission-27171734

• 202 new homes launched across Cork city | Cork Independent https://www.corkindependent.com/2023/06/21/202-new-homes-launched-across-cork-city/

• Loughrea saw largest rise in HAP properties in Galway last year https://connachttribune.ie/loughrea-saw-largest-rise-in-hap-properties-in-galway-last-year/

• Portlaoise in Laois is continuing to expand rapidly and there is a plethora of new A-Rated houses on sale and under construction in existing housing estates, averaging around €350,000 each. https://www.leinsterexpress.ie/story-telling/property/1231904/property-watch-a-rated-houses-in-laois-town-at-3-for-1-million.html

• Westmeath County Council 22-unit affordable housing scheme on Lake Road in Moate: The homes being offered “at a price that is lower than market value,” with the specific price in each case being determined “in accordance with the income of the purchaser” https://www.westmeathindependent.ie/2023/06/21/twenty-two-affordable-homes-being-offered-in-new-moate-estate/

• Georgian beauty in need of a makeover in Clonmel: Knocklofty House and Estate, including the main house which extends to over 2,045 square metres, numerous other buildings and 102 acres of land, is on the market at €1.6 million https://www.businesspost.ie/property/georgian-beauty-in-need-of-a-makeover-in-clonmel/

• Mary Kennedy’s stylish new downsized home: It takes courage, energy, trust and a positive attitude to downsize. So she summoned all her resources and bought a new, smaller and more modern home very near her old home and imbued it with her personal style https://m.independent.ie/life/home-garden/interiors/my-favourite-room-a-tour-of-national-treasure-mary-kennedys-stylish-new-downsized-home-in-south-dublin/a2075247204.html

• On the market: your weekly guide to homes for sale around the country: These five houses in Dublin – including Blackrock, Glenageary, the Coombe, Rathfarnham and Glasnevin – offer the potential to extend, subject to planning permission https://www.businesspost.ie/property/on-the-market-your-weekly-guide-to-homes-for-sale-around-the-country-35/

• Hidden Sligo gem for €295k, €1.75m Dublin penthouse and our pick of new houses for sale https://www.thetimes.co.uk/article/hidden-sligo-gem-for-295k-1-75m-dublin-penthouse-and-our-pick-of-new-houses-for-sale-nfqftzjkv

COMMERCIAL PROPERTY NEWS

• Dublin property deals suffer setback – Investment property deals worth in excess of €280 million have either stalled or been withdrawn from the Dublin property market in recent weeks. https://www.thetimes.co.uk/article/dublin-property-deals-suffer-setback-wl8s2lh0r

• French investor pays over €26m for B&Q’s Liffey Valley flagship store: Purchaser secures ownership of property from Aviva and Iput in the face of competition from four other parties https://www.irishtimes.com/property/commercial-property/2023/06/21/french-investor-pays-over-26m-for-bqs-liffey-valley-flagship-store/

• Retail parks to benefit from new house builds across Ireland https://m.independent.ie/business/commercial-property/paul-mcneive-retail-parks-to-benefit-from-new-house-builds-across-ireland/a395402990.html

• Penneys opens huge new store in Dundrum Town Centre: The new Penneys store is 60% larger following a €16m investment by the retailer. https://www.newstalk.com/news/penneys-opens-huge-new-store-in-dundrum-town-centre-1477786

• Argos to close 30 remaining stores as it exits Irish market: ‘I’ll miss it dreadfully. It was my favourite way to shop,’ says one loyal customer in Dublin https://www.irishtimes.com/business/2023/06/24/argos-to-close-30-remaining-stores-as-it-exits-irish-market/

• Seller seeks €500,000 for high profile office/industrial site: The .81 acre site at IDA Swords Business Park comes with zoning that permits uses including office, retail, research and development, conference centre and training centre https://www.businesspost.ie/property/seller-seeks-e500000-for-high-profile-office-industrial-site/

• Offers of over €1.5m sought for high-profile Santry complex: Two properties brought to market by Quinn Agnew in Dublin present commercial, retail and residential investment opportunities https://www.businesspost.ie/property/offers-of-over-e1-5m-sought-for-high-profile-santry-complex/

• Former Mulligan’s Bar in Cork city for sale for €600,000- You could buy the building and put desks in there in the morning https://www.irishexaminer.com/property/commercial/arid-41167534.html

• Former Newmarket pub among Cork properties set to go under the virtual hammer at BidX1 online auction https://m.independent.ie/regionals/cork/news/former-newmarket-pub-among-cork-properties-set-to-go-under-the-virtual-hammer-at-bidx1-online-auction/a59833724.html

• Former convent building offers unparalleled views out over Galway Bay https://connachttribune.ie/former-convent-building-offers-unparalleled-views-out-over-galway-bay/

• Well-known and respected pub in Kilkenny for sale https://www.kilkennypeople.ie/news/property/1230304/well-known-and-respected-pub-in-kilkenny-for-sale-see-inside.html

• Generous shopfront improvement grants available in Wexford town https://m.independent.ie/regionals/wexford/wexford-district/generous-shopfront-improvement-grants-available-in-wexford-town/a649288572.html

• Singaporean duo line up bid for Brennans’ Kerry hotel: Sheen Falls owners Quek and Loh eyed purchase of rival before it was for sale https://www.thetimes.co.uk/article/singaporean-duo-line-up-bid-for-brennans-kerry-hotel-f7hdxn3f0

• A PROPERTY of nearly 50,000 sq ft is on the market in Tralee town centre. The property consists of 52 apartments, two office suites and a multi storey car park with 390 spaces. http://traleetoday.ie/significant-town-centre-investment-property-on-the-market-in-tralee/

INTERNATIONAL PROPERTY NEWS

• Ilke Homes files administration notice: Modular house builder ilke Homes has filed a notice of intention to appoint an administrator as a deadline to save the cash-strapped business approaches. https://www.constructionenquirer.com/2023/06/21/ilke-homes-files-administration-notice/

• Institutional firms are pulling back from the U.S. housing market—just look at Starwood’s decision to shop 2,000 single-family rentals https://fortune.com/2023/06/18/housing-market-loses-appeal-for-wall-street-type-home-buyer/

• The US office real estate crash will be so sharp and deep that Capital Economics thinks office values are unlikely to recover by 2040 https://fortune.com/2023/06/23/commercial-real-estate-crash-office-values-unlikely-to-recover-by-2040-says-capital-economics/

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/