PROPERTY ROUND-UP JULY 16TH, 2023

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: 

• Republic entered technical recession in first quarter, confirms Central Statistics Office: Multinational activity contracted by 9% amid global headwinds https://www.irishtimes.com/business/2023/07/14/domestic-economy-expanded-by-more-than-expected-in-2022/?utm_source=newsshowcase 

• Real Estate Is Most Distressed Sector in Europe, Study Finds: Inflation, higher debt servicing costs adding to pressures. Also, UK registers highest level of corporate distress in Europe https://www.bloomberg.com/news/articles/2023-07-13/real-estate-is-most-distressed-sector-in-europe-study-finds

• Irish more worried about housing and immigration than peers in the EU: Eurobarometer survey compares attitudes across the European Union https://m.independent.ie/business/irish/irish-more-worried-about-housing-and-immigration-than-peers-in-the-eu/a1979213935.html

• Excellent insight into how AHBs and developers are delivering at scale 👏 ‘How approved housing bodies became the hero of homes – As institutional money withdraws from the sector, AHBs swoop in to save the day — with the help of private developers’https://www.thetimes.co.uk/article/how-approved-housing-bodies-became-the-hero-of-homes-qxnj98dz8

• Taoiseach stresses ‘progress’ on housing as he defends lifting of eviction ban: The government has today announced a €150mn fund to tackle long-term property vacancy and dereliction which it says will help expand housing supply. https://www.thejournal.ie/irish-government-housing-policy-update-6115809-Jul2023/

• Can offices form part of the solution to Dublin’s housing shortage? There is an assumption that there is an oversupply of recently built office accommodation in Dublin city centre https://www.irishtimes.com/property/commercial-property/2023/07/12/can-offices-form-part-of-the-solution-to-dublins-housing-shortage/

• Independent valuation scrapped as promised protections for renters delayed https://www.irishexaminer.com/news/arid-41179915.html

• Major flaws in derelict property grant: “…due to a dispute with banks and their unwillingness to provide mortgages according to the terms of the scheme, just one single person was able to draw down the grant despite over a hundred approved applications” https://www.offalyindependent.ie/2023/07/12/major-flaws-in-derelict-property-grant-scheme/

• What one Dublin social homes project tells us about the housing crisis: From a collapsed public-private partnership to years of back-and-forth between officials over funding, the site illustrates the good, the bad and the ugly of public housing delivery. https://thecurrency.news/articles/115956/heaven-after-19-years-of-torture-what-one-dublin-social-housing-project-tells-us-about-the-housing-crisis/

• Credit unions call for levy to rescue mortgage holders stranded with vulture funds: Head of ILCU says 22,000 borrowers, being charged up to 9 per cent rate, are in danger of defaulting unless supported to switch lender https://www.businesspost.ie/article/credit-unions-call-for-levy-to-rescue-mortgage-holders-stranded-with-vulture-funds/

• Multinationals Send Ireland’s Economic Growth Into Reverse https://businessplus.ie/economy/multinationals-economic-growth/

• Northern Ireland property market need political impetus – report https://www.propertywire.com/news/northern-ireland-property-market-need-political-impetus-report/

• Painfully slow progress means plan to retrofit 500,000 homes needs a rethink: Difficulties from high costs to the lack of availability of tradesmen make Government’s residential retrofit target look unachievable https://www.irishtimes.com/business/2023/07/10/opinion/

• New RTÉ boss Kevin Bakhurst opens door to sale of Montrose HQ campus as part of radical overhaul https://m.independent.ie/irish-news/new-rte-boss-kevin-bakhurst-opens-door-to-sale-of-montrose-hq-campus-as-part-of-radical-overhaul/a1046909091.html Also: Crunching the numbers on sale of Montrose: The 23.5-acre site could garner RTÉ €180 million, but the protected status of some buildings would complicate any adaptation for residential use https://www.businesspost.ie/news/rtes-choice-crunching-the-numbers-on-sale-of-montrose/ 

• Remediation of houses with defective blocks could cost €2bn without fully resolving issues: Engineering Ireland to tell Oireachtas committee that more research needed on mica and pyrite https://www.irishtimes.com/politics/2023/07/12/remediation-of-houses-with-defective-blocks-could-cost-2bn-without-fully-resolving-issues/

• Real estate in the world’s superstar cities has not kept up with shifts in behaviour caused by the pandemic. The cities’ vibrancy is at risk, and they will have to adapt. https://www.mckinsey.com/mgi/our-research/empty-spaces-and-hybrid-places#/

• Action is urgently needed to save our ailing stock exchange: With Ireland’s public markets operating at a disadvantage compared with Britain and the US, a meaningful intervention is imperative https://www.businesspost.ie/analysis-opinion/action-is-urgently-needed-to-save-our-ailing-stock-exchange/

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. 

Want to have your industry podcast included or be a guest on our shows? Reach out to us at hello@ipropertyradio.com. Last year, we hit a massive 7.5 million digital impressions across our brands and this figure is growing – 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/

This week on iPropertyRadio… 

#Property Roundup

#PropertyRoundup host Carol Tallon chats to Chris White, Development Manager for Circle Voluntary Housing Association. Chris joins Carol to discuss designing and delivering good social housing at scale in Ireland and the key considerations and strategies. These considerations include accessibility and inclusivity, community space and amenities and energy efficiency and sustainability.

Chris also talks how establishing collaborative partnerships between governments, developers, architects, contractors and AHBs is essential for ensuring all angles are covered.

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

#Proptech Hot Seat

*Demystifying Proptech*

In the iPropertyRadio.com Proptech Hot Seat with host Carol Tallon this week is Chris Coleman-Brown, CEO of Cureoscity. Chris joins us to discuss demystifying proptech and making it effective, the future of the market- better customer experience, and the need for collaboration. 

Listen back to the full interview to hear about Cureoscitys milestone project, 8 Bishopsgate!

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

#BreakingGround

This week on #BreakingGround host Carol Tallon chats to Michael Ashcroft, Founder and Simon Herod, Head of International of EstimateOne to discuss how EstimateOne helps construction clients through the eTenders process. Many of the team come from construction backgrounds themselves which makes this a truly helpful platform for the industry by the industry. 

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/

NEWSTALK 

Landlord inviting tenant to bid on property ‘worse than tokenistic’ – Proposed legislation requiring landlords to invite their tenants to place a bid on their property is unhelpful for both parties: 

Listen back 👉https://www.newstalk.com/news/landlord-inviting-tenant-to-bid-on-property-worse-than-tokenistic-1485753

PLACEMAKING

OPEN PUBLIC CONSULTATIONS AND COMMUNITY ENGAGEMENT

• Putting People at the Heart of Place ESG: An important aspect of placemaking centres around sustainability. This means designing and maintaining public spaces in an environmentally friendly way that preserves natural resources for future generations. 🔗https://placeengage.com/putting-people-at-the-heart-of-place-esg/

• David McWilliams: Are you one of Ireland’s Outsiders or Insiders? In a litany of projects paid for by the average citizen, cost overruns are blithely accepted and more money seems to shift from the Outsiders to the Insiders https://www.irishtimes.com/opinion/2023/07/15/our-system-serves-insiders-and-locks-out-the-outsiders/

• Public transport is the key to great cities and Ireland is lagging far behind with our car-clogged urban areas https://m.independent.ie/business/commercial-property/paul-mcneive-public-transport-is-the-key-to-great-cities-and-ireland-is-lagging-far-behind-with-our-car-clogged-urban-areas/a1369340371.html

• ‘It’s all about design’ – Can better planning help crime-proof our cities? https://www.newstalk.com/news/its-all-about-design-can-better-planning-help-crime-proof-our-cities-1486396

• It is high time for dirty, druggy Dublin city to clean up its act: Radical action is required to regenerate the centre of our capital – ideally a multi-agency approach to oversee its long-term social and economic regeneration https://www.businesspost.ie/analysis-opinion/shane-coleman-it-is-high-time-for-dirty-druggy-dublin-city-to-clean-up-its-act/

• Council dragging its feet on pedestrianisation study: In its 2022-2028 strategic plan, DCC committed to the pedestrianisation of South William Street. A perfect spot for a pedestrian-only street. But there was a catch…https://www.businesspost.ie/news-focus/bonkers-bureaucracy/

• €7m fund to bring 19 derelict properties in Fingal back to life as housing https://m.independent.ie/regionals/dublin/dublin-news/7m-fund-to-bring-19-derelict-properties-in-fingal-back-to-life-as-housing/a163676468.html

• Plan for home on front lawn of Sorrento Road house must be scaled back – Neighbours have opposed John Feeney’s plan for exclusive Dalkey address https://www.irishtimes.com/business/2023/07/12/plan-for-home-on-front-lawn-of-sorrento-terrace-house-must-be-scaled-back/

• More regeneration for Cork as new retail space and apartments planned for historic Patrick St property: An experienced developer has plans to rebuild the shop and possibly turn to upper floors into new city centre apartments https://www.corkbeo.ie/news/property/more-regeneration-cork-new-retail-27298249

• Cork’s city councillors have approved the disposal of a  part of the city’s Bishop Lucey Park to a Freemasons group despite objections. https://www.irishexaminer.com/news/munster/arid-41180695.html Also: Rumours of our powers have been greatly exaggerated: Cork Freemasons break silence over €1 Bishop Lucey Park deal – The transfer of 54sqm of green space to the group is one of the most contentious disposals in recent years https://www.irishexaminer.com/news/munster/arid-41184310.html 

• Cork ranked in top 25 cities worldwide for quality of life – No other Irish city cracked the top 100 https://www.corkbeo.ie/news/cork-ranked-top-25-cities-27326278

• Transport authorities express concerns on Bish school move https://connachttribune.ie/transport-authorities-express-concerns-on-bish-school-move/

• Galway City Council remains silent on shocking cost of two ‘parklets’  https://connachttribune.ie/galway-city-council-remains-silent-on-shocking-cost-of-two-parklets/

• Development of next phase of Inis Oírr pier has been approved https://connachttribune.ie/development-of-next-phase-of-inis-oirr-pier-has-been-approved/

• Re route applied along The Wicklow Way https://wicklownews.net/2023/07/re-route-applied-along-the-wicklow-way/

• Trouble in paradise as residents of idyllic Wexford seaside village call for action on a litany of issues https://m.independent.ie/regionals/wexford/news/trouble-in-paradise-as-residents-of-idyllic-wexford-seaside-village-call-for-action-on-a-litany-of-issues/a1293483594.html

• €6.5million to tackle vacancy and dereliction in Wexford https://www.southeastradio.ie/e6-5m-to-tackle-vacancy-and-dereliction-in-wexford/

• Major projects are in the pipeline for Fethard on Sea including a revamp of ‘The Hall’ and a dock for the replica Helen Blake lifeboat. https://m.independent.ie/regionals/wexford/new-ross-news/co-wexford-village-is-set-for-major-revamp/a1789656007.html

• Wexford County Council veto plan to develop glamping site in Enniscorthy https://m.independent.ie/regionals/wexford/enniscorthy-news/wexford-county-council-veto-plan-to-develop-glamping-site-in-enniscorthy/a33113649.html

• Kildare County Council asked to buy building so it can be used by community https://www.kildarenow.com/

• New Boyne Gateway project aims to enhance Southgate area of Drogheda https://m.independent.ie/regionals/louth/drogheda-news/new-boyne-gateway-project-aims-to-enhance-southgate-area-of-drogheda/a1341886927.html

• Concerns raised as Mountrath in line for a newly designated Emergency Accommodation Centre https://www.laoistoday.ie/2023/07/10/concerns-raised-as-mountrath-in-line-for-a-newly-designated-emergency-accommodation-centre/

• No money for path to link new houses to Laois village https://www.ireland-live.ie/news/laois-live/1249444/no-money-for-path-to-link-new-houses-to-laois-village.html

• TWENTY SIX modular homes to house Ukrainian refugees are now in place on a site at Clonminch on the outskirts of Tullamore. https://www.ireland-live.ie/news/offaly-live/1249305/twenty-six-modular-homes-for-ukrainian-refugees-now-in-place-at-offaly-site.html

• New “Peatway” Planned for Tipperary Village https://www.tippmidwestradio.com/2023/07/10/new-peatway-planned-for-tipperary-village/?cn-reloaded=1

• Under 700 people residing on inhabited islands in Kerry https://www.radiokerry.ie/news/under-700-people-residing-on-inhabited-islands-in-kerry-338513

• Eirgrid vow to engage with Wexford fishermen over offshore wind farm plans https://m.independent.ie/regionals/wexford/wexford-district/eirgrid-vow-to-engage-with-wexford-fishermen-over-offshore-wind-farm-plans/a391807978.html

CONSTRUCTION, MMC & DEVELOPMENT NEWS

• Construction activity is starting to pick up after a 10-month lull, as asking prices for new homes gather steam. https://m.independent.ie/business/irish/building-is-picking-up-as-irish-cost-pressures-start-to-abate/a1400252864.html

• MMC Ireland (https://mmcireland.ie/) : ‘Rapid-build technologies to facilitate delivery of 1,800 social homes: Department of Housing to target new prefabricated processes to speed up housing construction’ https://www.irishtimes.com/business/2023/07/12/rapid-build-technologies-to-facilitate-delivery-of-1800-social-homes/

• The Irish Minister of State at the Department of Agriculture, Food and the Marine has called for Ireland to join the Timber in Construction Working Group  https://www.pbctoday.co.uk/news/mmc-news/minister-calls-ireland-join-timber-construction-working-group/129635/

• Calls for law change to stop contractors with history of delays working on State projects https://www.irishexaminer.com/news/arid-41183917.html

• Industry Review: Surveyors & the Construction Sector https://www.newstalk.com/podcasts/down-to-business/industry-review-surveyors-the-construction-sector

• Lotus Investment launches €250m housing fund – Launch comes two months after firm’s Israeli backer acquired full ownership of Dublin-based business https://www.irishtimes.com/business/2023/07/13/lotus-investment-launches-250m-housing-fund/

• Also- Meitav Dash from Israel has acquired full control of niche property lender Lotus Investment Group, which operates from Mespil Road in Dublin 4. Lotus IG was established in 2013 and says that it has lent over €400m to Irish property developers and investors. https://businessplus.ie/industry-type/real-estate-property/meitav-dash-doubles-down-at-property-lender-lotus-ig/

• Kingspan expects to post record profit for first half of the year  https://www.irishexaminer.com/business/companies/arid-41180872.html

• Building giant Sisk’s pre-tax profits fell by 40pc as inflation bit last year: Ireland’s largest builder saw revenues grow to over €1.73bn https://m.independent.ie/business/irish/building-giant-sisks-pre-tax-profits-fell-by-40pc-as-inflation-bit-last-year/a1331105667.html

• BAM rejects allegations of under-performance on Children’s Hospital construction – BAM said that changes to the design of the hospital have delayed it in giving a new completion date. https://www.thejournal.ie/childrens-hospital-ireland-6116920-Jul2023/

• Cabinet approval to go to tender for the new National Maternity Hospital at St Vincent’s, this approval enables the HSE to deploy its tender strategy to find a bidder to construct the new 244-bed  hospital https://irishbuildingmagazine.ie/2023/07/14/green-light-for-new-national-maternity-hospital-project-to-go-to-tender/

• Supreme Court to consider when developer can defend permission An Bord Pleanála no longer backs: Community group is appealing over decision to allow Ardstone Homes to defend approval it received for 241 Dublin apartments https://www.irishtimes.com/business/2023/07/13/supreme-court-to-consider-when-developer-can-defend-permission-an-bord-pleanala-no-longer-backs/

• Planning approved for 578 homes in Inchicore five years after project was first announced: An Bord Pleanála grants approval for Dublin City Council cost-rental regeneration project at former St Michael’s estate https://www.irishtimes.com/ireland/housing-planning/2023/07/11/planning-approved-for-578-homes-in-inchicore-five-years-after-project-was-first-announced/

• Planning granted for €345m housing scheme on former RTÉ lands in Donnybrook https://www.breakingnews.ie/amp/ireland/planning-granted-for-e345m-housing-scheme-on-former-rte-lands-in-donnybrook-1502084.html 

• Negligence suit over Greenside Building tips towards €9m: Brochure promises an “iconic office block of notable distinction overlooking St Stephen’s Green”. But the €51m build now faces a multi-million litigation, over an allegedly defective concrete mix https://thecurrency.news/articles/123054/negligence-suit-over-greenside-building-tips-towards-e9-million/

• Latest plan to redevelop ferry terminal sunk by ‘insufficient’ details as costs spiral to €8m: Scheme to turn Dún Laoghaire site into co-working office space has been stalled continually after original developer pulled out of the project https://www.businesspost.ie/news/latest-plan-to-redevelop-ferry-terminal-sunk-by-insufficient-details-as-costs-spiral-to-e8m/

• Simon Coveney defends €1.5m for unbuilt events centre in Cork: Spending records, released under Freedom of Information (FoI) legislation, show that between April 2014 and May 2023, a total of €1,492,178.64 has been spent on the project https://www.echolive.ie/corknews/arid-41180968.html

• Council serves up legal action over alleged Supermac’s plaza planning breaches: Westmeath authority refused fast food group retention, while officials in Galway consider taking court case over road safety rules, signage and wastewater treatment https://www.businesspost.ie/article/council-serves-up-legal-action-over-alleged-supermacs-plaza-planning-breaches/

• Master plan for Kingston lands will include community centre and pitches https://connachttribune.ie/master-plan-for-kingston-lands-will-include-community-centre-and-pitches/

• Approval for new ‘high-end’ wine bar in Salthill https://connachttribune.ie/approval-for-new-high-end-wine-bar-in-salthill/

• Apart-hotel approved despite Appeals Board inspector’s concerns https://connachttribune.ie/apart-hotel-approved-despite-appeals-board-inspectors-concerns/

• Planning for Carna whiskey distillery challenged by environmental charity https://www.advertiser.ie/galway/article/136567/planning-for-carna-whiskey-distillery-challenged-by-environmental-charity

• Planning granted for 98 homes as part of 349-unit development on Limerick city’s northside https://www.limerickpost.ie/2023/07/11/planning-granted-for-98-homes-as-part-of-349-unit-development-on-citys-northside/

• Lidl Ireland GmbH has applied for permission for the development of 12 residential units and for partial change of use to increase the net retail floor area at its retail store on Boghall Road, Bray. https://m.independent.ie/regionals/wicklow/bray-news/lidl-lodges-plans-for-12-homes-at-wicklow-store/a257699235.html

• KILDARE: Almost 50 new homes planned for Naas area https://www.kildarenow.com/news/home/1245434/kildare-almost-50-new-homes-planned-for-naas-area.html

• Planning for ten houses at major Portlaoise estate appealed https://www.ireland-live.ie/news/laois-live/1247267/planning-for-ten-houses-at-major-portlaoise-estate-appealed.html

• THE government have taken a significant step towards accelerating the development of the strategic development zone (SDZ) at Knock airport. https://www.con-telegraph.ie/2023/07/11/positive-news-for-knock-airport-sdz-development/

• Housing plan in Cavan town appealed to An Bord Pleanála https://www.northernsound.ie/news/housing-plan-in-cavan-town-appealed-to-an-bord-pleanala-218409

• Planning sought for 6 housing units in Monaghan https://www.northernsound.ie/amp/news/planning-sought-for-6-housing-units-in-monaghan-218698

• Plans for derelict Granard houses to be knocked for new housing development https://www.shannonside.ie/news/plans-for-derelict-granard-houses-to-be-knocked-for-new-housing-development-226536

• Affordable housing scheme will be built in Tipperary’s largest town: Helping hand for people to get on the property ladder https://www.tipperarylive.ie/news/home/1244848/affordable-housing-scheme-will-be-built-in-tipperary-s-largest-town.html

• Planning granted for 30 metre high asphalt plant in Tipperary https://www.tipperarylive.ie/news/home/1248330/revealed-planning-granted-for-30-metre-high-asphalt-plant-in-tipperary.html

• Planning sought to renovate derelict Celtic Tiger-era development on Valentia Island https://www.radiokerry.ie/news/planning-sought-to-renovate-derelict-celtic-tiger-era-development-on-valentia-island-338753

• Electrical engineering company STS Group wins an AWS Ireland “Horizon Award” https://www.aboutamazon.eu/news/electrical-engineering-company-sts-group-wins-an-aws-ireland-horizon-award

• Woodie’s and Chadwicks parent company Grafton posts rise in revenue despite cost pressures hitting households: Grafton shares surged more than 5% after the The DIY retailer and building materials company posted £1.2bn (€1.4bn) in revenue for the first two quarters, a 3.2% rise on the same period last year. https://www.irishexaminer.com/business/companies/arid-41181652.html

• “We must dispel the idea that there is only one way of becoming a qualified architect” – Apprenticeships should be more widely available in architecture to provide a route into the profession for people from more diverse backgrounds https://www.dezeen.com/2023/07/11/apprenticeships-ayo-ambali-opinion/

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

• The building site of the future… from design and production, right through to site management 5G, BIM, big data, automation, artificial intelligence, drones, offsite construction, green, VR, AR, XR… what are we missing?  🔗 prop-tech.ie 

• Founders, if you read nothing else today, read this! ‘What many founders are getting wrong about their competitor analysis: Stop the bad competitor slides! https://sifted.eu/articles/competitor-analysis

• People on Wexford’s housing list will now be able to ‘bid’ for houses on online portal https://m.independent.ie/regionals/wexford/new-ross-news/people-on-wexfords-housing-list-will-now-be-able-to-bid-for-houses-on-online-portal/a585629909.html

• Blockchain and proptech are transforming real estate security https://betanews.com/2023/07/10/blockchain-and-proptech-real-estate-security/

• Can the Construction Industry Be Disrupted? https://hbr.org/2023/07/can-the-construction-industry-be-disrupted

• AI in construction: have your say https://constructionmanagement.co.uk/ai-in-construction-have-your-say/

• US Perspective: Construction Technology Becomes a Focus of Federal Infrastructure Funding: Biden-Harris administration to fund digital tech that saves time and money. https://www.forconstructionpros.com/equipment/article/22867038/construction-technology-becomes-a-focus-of-federal-infrastructure-funding

• Suffolk Technologies, a venture capital firm affiliated with $5B national construction firm Suffolk, has closed its first fund, earmarking $110M toward innovation in the real estate industry https://www.bisnow.com/national/news/proptech/5b-construction-companys-venture-capital-affiliate-raises-110m-to-invest-in-cre-tech-119775

• Square Yards arm PropVR partners Unreal Engine to develop 3D solutions for realty sector https://www.devdiscourse.com/article/technology/2524139-square-yards-arm-propvr-partners-unreal-engine-to-develop-3d-solutions-for-realty-sector

• Belgium’s Amavi Captial acquires Sweden’s SF Ventures, doubles proptech portfolio: After launching their inaugural fund at €60 million two years and a few months ago, Belgium’s Amavi Capital is expanding into the Nordics via a portfolio acquisition. https://tech.eu/2023/07/13/belgiums-amavi-captial-acquires-swedens-sf-ventures-doubles-proptech-portfolio/

• Proptech Company Matterport To Cut 170 Jobs, Reduce Office Space https://www.bisnow.com/san-francisco/news/proptech/matterport-to-cut-170-jobs-119760

• ‘Survive to thrive’: CRE startups fight in an industry still reeling from the pandemic: JLL Spark VC talks about the challenges proptech startups face: ‘Ride through this rough period’ https://www.bizjournals.com/charlotte/inno/stories/inno-insights/2023/07/13/commercial-real-estate-startups.html

• Prop Tech Innovates the Answer to “What’s This House Worth?” – Today’s AVMs do not suffer from the same shortcomings as yesterday’s real estate technology https://www.corelogic.com/intelligence/prop-tech-innovates-the-answer-to-whats-this-house-worth/

• Proptech company Renosy introduces income, expenditure simulation tool – AIM Group https://aimgroup.com/2023/07/07/proptech-company-renosy-introduces-income-expenditure-simulation-tool/

• Entrata shores up tenant credit reporting with Rent Dynamics: Multifamily proptech Entrata acquired Rent Dynamics, which offers software that assists landlords in reporting positive rent history to credit bureaus and other features, Entrata says https://www.inman.com/2023/07/13/entrata-shores-up-tenant-credit-reporting-with-rent-dynamics/

• Proptech firm Inspace completes $6M Series A raise https://connectedremag.com/newsletter/proptech-firm-inspace-completes-6m-series-a-raise/

• Proptech Firm Latch Slashes Workforce Nearly 60% https://www.bisnow.com/national/news/technology/proptech-firm-latch-slashes-workforce-nearly-60-119749

ENERGY, CLIMATE & ENVIRONMENT

• Ireland at risk of breaking carbon budget limit as emissions fell only 2% last year: Staying within the first carbon budget will require an “extremely challenging annual reduction” of 12.4% in 2023, 2024 and 2025. https://www.thejournal.ie/ireland-emissions-2022-epa-report-6117762-Jul2023/

• Ireland’s efforts to establish renewable offshore energy has reached a “significant milestone” with the launch of the new Maritime Area Regulatory Authority (Mara) https://www.irishexaminer.com/news/arid-41182744.html

• Bank of Ireland provides €90m of finance to two wind projects https://m.independent.ie/business/irish/bank-of-ireland-provides-90m-of-finance-to-two-wind-projects/a416753939.html

• Rethinking Urban Development: Densifying Cities for Accelerated Climate Action https://www.archdaily.com/1003021/rethinking-urban-development-densifying-cities-for-accelerated-climate-action

• Eirgrid vow to engage with Wexford fishermen over offshore wind farm plans https://m.independent.ie/regionals/wexford/wexford-district/eirgrid-vow-to-engage-with-wexford-fishermen-over-offshore-wind-farm-plans/a391807978.html

• Plans for two green hydrogen production projects unveiled https://www.rte.ie/news/business/2023/0714/1394513-bord-na-mona-green-hydrogen-plant/

RESIDENTIAL PROPERTY NEWS (including PRS)

• Property asking prices pick up after three quarters of decline: Easing of mortgage borrowing rules for first-time buyers and ongoing Government supports are underpinning prices, says MyHome.ie report https://www.irishtimes.com/business/2023/07/10/property-asking-prices-pick-up-after-three-quarters-of-decline/

• More firms ‘becoming reluctant landlords’ to try to attract and house staff, says Ibec: In its pre-budget submission, the business lobbyist urged the Government to set up national infrastructure fund https://m.independent.ie/business/irish/more-firms-becoming-reluctant-landlords-to-try-to-attract-and-house-staff-says-ibec/a405316360.html

• Tenants facing eviction would have 90 days to bid for properties under proposed law: Approach set out in forthcoming Bill believed to have low risk of breaching constitutional rights of landlords https://www.irishtimes.com/politics/2023/07/11/tenants-facing-eviction-would-have-90-days-to-bid-for-properties-under-proposed-law/

• “The State is effectively trying to reintroduce gazumping, a practice that the market doesn’t like, despite some rhetoric out there…That’s not the kind of property market that anybody wants, whether they’re a first-time buyer or somebody trading up/down” https://www.newstalk.com/news/landlord-inviting-tenant-to-bid-on-property-worse-than-tokenistic-1485753

• Rents the state pays for social homes is set to rise by up to 16 per cent: Government opposition says state is actively ‘acting against public interest by pushing up rent levels’ due to decision to link rents to inflation https://www.businesspost.ie/politics/rents-the-state-pays-for-social-homes-is-set-to-rise-by-up-to-16-per-cent/

• 19 derelict Fingal properties to be brought back to life with €7m funding: The properties will be offered for private sale to individuals who commit to using them as a home https://www.dublinlive.ie/news/dublin-news/19-derelict-fingal-properties-brought-27311958.amp

• Keys to unlocking your first home with state scheme https://m.independent.ie/business/personal-finance/keys-to-unlocking-your-first-home-with-state-scheme/a1390531018.html

• Five-bed country residence on market for €695,000 https://ipropertyradio.com/five-bed-country-residence-on-market-for-e695000/

• A 750-Acre Irish Estate Is Selling for the First Time in Several Hundred Years: The €13.5 million Barne Estate in County Tipperary includes a manor house built in the 17th century https://www.mansionglobal.com/amp/articles/a-750-acre-irish-estate-is-selling-for-the-first-time-in-several-hundred-years-4621f03b

• Live out your Addams Family dreams in this Dublin mansion that’s had a price drop https://evoke.ie/2023/07/12/life-style/dublin-mansion-setauket

• From tech HQ back to a grand home in Wicklow: An entrepreneur made Overdene the home for his business — now the refurbished property is back to its residential roots and on the market for €1.35m https://m.independent.ie/life/home-garden/from-tech-hq-back-to-a-grand-home-in-wicklow/a1586492291.html

• Jennifer Sheahan: How I applied the seven principles of interior design to my own home- Home of the Year winner shares how these principles worked as a decor reference in her renovated artisan’s cottage https://www.irishexaminer.com/property/homeandgardens/arid-41181091.html

• €7.5 million guide price for 250ac holding in The Curragh https://thatsfarming.com/farming-news/the-curragh-property/

• The best sinks to buy in 2023 – From Ikea basics to £14,000 a luxe basin https://www.thetimes.co.uk/article/the-best-sinks-to-buy-in-2023-65lqhnbzs

COMMERCIAL PROPERTY NEWS

• Irish Commercial Property Dealmaking Slumps to Near-Record Low: Spend in first half of 2023 more than halves to €985 million- Decline in transactions accelerated in the second quarter https://www.bloomberg.com/news/articles/2023-07-11/irish-commercial-property-dealmaking-slumps-to-near-record-low?utm_source=website

• Take-up of industrial and distribution facilities in Dublin falls 30%: Activity in the sector in first six months level with 2022, which turned out to be the second strongest year on record https://www.irishtimes.com/business/2023/07/14/take-up-of-industrial-and-distribution-facilities-in-dublin-falls-30/ 

• People returning to towns and shopping centres in significant numbers: Migration towards online shopping platforms slowing after surge in popularity during Covid lockdowns https://www.irishtimes.com/your-money/2023/07/10/people-returning-to-towns-and-shopping-centres-in-significant-numbers/

• ‘The tenants are our talent’: Meet the Dublin landlord putting the traders first: George’s Street Arcade owner Gwen Layden is more like a curator, nurturing a mix of businesses to ensure the Victorian shopping centre remains diverse https://www.irishtimes.com/property/interiors/2023/07/01/the-tenants-are-our-talent-meet-the-dublin-landlord-putting-the-traders-first/

• A total of €91 million worth of Irish hotel transactions completed in the second quarter, across six separate deals, while a total of €135 million of capital was deployed on Irish hotels in first half 2023. https://www.businessworld.ie/news-from-ireland/Irish-hotel-transactions-increase-in-second-quarter-575779.html

• Revamped GPO could have space for 900 civil servants: Briefing note prepared by OPW for Department of Public Expenditure and Reform outlines potential for historic building in terms of development https://www.businesspost.ie/news/revamped-gpo-could-have-space-for-900-civil-servants/

• Google delays move to landmark towers intended for up to 2,500 workers: Members of staff at Google will have to wait at least another year before moving into the company’s landmark triplet towers in the Dublin docklands https://www.thetimes.co.uk/article/google-delays-move-to-landmark-towers-f8k30pk08

• South African investors in €13m deal for Dublin industrial property: Unit at Vantage Business Park is a two-minute drive of the M50 and 11 minutes from the Port Tunnel https://www.irishtimes.com/property/commercial-property/2023/07/12/south-african-investors-in-13m-deal-for-dublin-industrial-property/

• M7 Real Estate secures 100% occupancy at Dublin 4 office block: St Vincent’s Hospital agrees new long-term lease on space at the Nutley Building on Merrion Road https://www.irishtimes.com/property/commercial-property/2023/07/12/m7-real-estate-secures-100-occupancy-at-dublin-4-office-block/

• Large-scale logistics facility in Dublin 15 to let at €800k per annum: Unit 200 Northwest Business Park features level access doors to front and rear making it ideal for parcel delivery operations https://www.irishtimes.com/property/commercial-property/2023/07/12/large-scale-logistics-facility-in-dublin-15-to-let-at-800k-per-annum/

• Tenant TEG snaps up two units in Belgard Road Industrial Estate – Electrical wholesaler to open its 11th outlet following deals brokered by industrial property specialist Harvey https://www.businesspost.ie/property/tenant-teg-snaps-up-two-units-in-belgard-road-industrial-estate/

• Holland & Barrett sublets warehouse to DHL https://m.independent.ie/business/commercial-property/holland-and-barrett-sublets-warehouse-to-dhl/a271075387.html

• H&M Home is coming to Ireland and will open in Cork first: H&M Opera Lane will offer its Home concept from September 8, with a Dublin store to introduce H&M Home later this year https://www.irishexaminer.com/property/homeandgardens/arid-41184163.html

• West Cork hotel becomes seventh property in Ireland to become a member of Relais & Châteaux – The property is one of ten new member hotels and the only Irish hotel added to the worldwide association this year. https://www.echolive.ie/corknews/arid-41181823.html

• New butchers shop in Knocknacarra to create 20 jobs https://galwaybayfm.ie/galway-bay-fm-news-desk/new-butchers-shop-in-knocknacarra-to-create-20-jobs/

• Commercial properties in Co Louth: The Rosewood Country Club in Ravensdale includes a two-storey detached house and an income-generating mast as part of the sale, while the Northend bar, in Louth town, comes with a four-bedroom self-contained apartment https://www.businesspost.ie/property/two-successful-commercial-properties-with-extras-available-in-co-louth/

• Brennan brothers considering ‘best bids’ in their €20.5m hotel duo sale: Best and final bids received on The Park Kenmare and The Lansdowne and now under consideration https://www.irishexaminer.com/property/commercial/arid-41183020.html

• US company sets sights on Kerry hotel and islands in legal battle with billionaire owner: The High Court granted permission to MCG California LLC to serve proceedings on Jacqui Safra https://www.irishexaminer.com/news/munster/arid-41181436.html

• New to the market – stunning turnkey gastro pub in the heart of north Clare: Kilshanny House is gloriously located within 9kms of both the quaint harbour village of Liscannor and the seaside town of Lahinch. https://www.ireland-live.ie/news/clare-live/1249576/clare-property-watch-gourmet-pub-is-the-special-of-the-day.html

INTERNATIONAL PROPERTY NEWS

• Fancy a place in the sun? Here’s how to buy your dream holiday home – From apartments in Portugal and Spain to a ski base in France, here’s everything you need to know https://www.irishtimes.com/property/residential/2023/07/13/a-place-in-the-sun-top-tips-for-buying-your-dream-holiday-home/

• Denis O’Brien unveils plans for three new developments in Quinta do Lago: Businessman’s exclusive seafront resort aims for younger clientele with state-of-the-art sports facilities and continued sustainability focus https://www.businesspost.ie/property/denis-obrien-unveils-plans-for-three-new-developments-in-quinta-do-lago/

• UK construction output drops for third month running https://www.constructionnews.co.uk/data/construction-output-drops-for-third-month-running-13-07-2023/

• UK property developer giants join call for planning reset https://www.constructionenquirer.com/2023/07/13/property-developer-giants-join-call-for-planning-reset/

• ‘I love developing, contracting, designing’ – Gary Neville on his journey from pitch to property https://www.building.co.uk/interviews/i-love-developing-contracting-designing-gary-neville-on-his-journey-from-pitch-to-property/5124072.article

• ‘It’s amazing to see’: trusses for Notre Dame’s new roof arrive by barge: Four years on from fire that devastated Paris landmark, oak trusses weighing seven tonnes each are winched into place https://www.theguardian.com/world/2023/jul/11/its-amazing-to-see-notre-dame-cathedrals-new-roof-arrives-by-barge

• US report: ‘We just don’t hire women’: In the construction industry, discrimination runs rampant –  US government report documents that women and people of color are being denied jobs, harassed and subjected to other workplace abuses https://19thnews.org/2023/07/construction-industry-women-people-of-color-discrimination/ 

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/