Weekly Property Round-Up, January 15th, 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:

• England just made gigabit internet a legal requirement for new homes / Updated regulations require new properties to be built with gigabit broadband connections and make it easier to install into existing blocks of flats across the UK.  https://www.theverge.com/2023/1/9/23546401/gigabit-internet-broadband-england-new-homes-policy

• State’s First Home Scheme ‘playing catch-up’ with rising house prices – Price ceilings under initiative to help first-time buyers had to be raised as market rose  https://www.irishtimes.com/ireland/housing-planning/2023/01/09/states-first-home-scheme-playing-catch-up-with-rising-house-prices/

• UK house prices are falling: can we expect the same here? UK house prices are set to drop 8% this year, the first annual decrease since 2011, while analysts expect modest growth in Irish market  https://www.irishtimes.com/business/2023/01/10/uk-house-prices-are-falling-can-we-expect-the-same-here/

• Bank of Ireland freezes investor withdrawals from €70m European Real Estate Fund: Move comes as bank writes down value of its main property investment fund  https://www.businesspost.ie/news/bank-of-ireland-freezes-investor-withdrawals-from-e70m-european-real-estate-fund/

• Cliff Taylor: A big financial gap is opening up in the State’s housing plans – The money is out there but it’s vital that it be directed into the right kind of investment and not into wheezes such as ill-considered tax breaks  https://www.irishtimes.com/opinion/2023/01/14/cliff-taylor-a-big-financial-gap-is-opening-up-in-the-states-housing-plans/

• Developers could get tax breaks to build apartments – The government is considering financial incentives to activate 70,000 idle planning permissions, but any such tax breaks would not apply to houses  https://www.businesspost.ie/politics/developers-could-get-tax-breaks-to-build-apartments/

• Government’s €450m subsidy for apartment developers still waiting for European Commission approval: The scheme, which proposes to pay developers €450 million to build apartment projects for purchase by individuals and families, not funds, was launched in 2021, but has been unable to proceed https://www.businesspost.ie/news/governments-e450m-subsidy-for-apartment-developers-still-waiting-for-european-commission-approval/

• Dermot Bannon contacted by building regulator over RTÉ’s Room to Improve:The state’s construction regulator contacted the celebrity architect and Department of Housing about the contents of the hit programme  https://www.businesspost.ie/news/dermot-bannon-contacted-by-building-regulator-over-rtes-room-to-improve/

• Eight in ten (81%) Irish people believe the Local Property Tax (LPT) should be abolished completely.This is according to the first instalment of the latest Taxback.com Taxpayer Sentiment Survey 2023  https://www.businessworld.ie/news-from-ireland/8-in-10-Irish-people-want-property-tax-to-be-abolished-575682.html

• RTB sent details, including PPS numbers, of 350 students to Kerry letting agent: The “sensitive information” sent to the letting agent included PPS numbers, names, addresses, email addresses and rental details  https://www.irishexaminer.com/news/munster/arid-41044556.html

• Modular houses to come on stream as Cabinet briefed on refugee accommodation crisis: Many hotels currently under contract with the Department of Integration will revert to tourist trade in March and April https://www.thejournal.ie/roderic-ogorman-accommodation-for-refugees-5966115-Jan2023/

• Hotels may end refugee contracts with State ahead of tourist season: Tourist businesses around the country are housing some 14,000 refugees at present  https://www.irishtimes.com/business/2023/01/11/hotels-may-end-refugee-contracts-with-state-ahead-of-tourist-season/

• Short-term holiday lets boom in Europe to rise above pre-pandemic levels  https://www.irishexaminer.com/news/arid-41044298.html

• Danny McCoy and Margaret Fleming appointed directors at Iput Real Estate: Fleming has served in a senior role and as a board member of JLL Ireland, while McCoy is chief executive of Ibec  https://www.irishtimes.com/business/2023/01/10/danny-mccoy-and-margaret-fleming-appointed-directors-at-iput-real-estate/

• Damien English resigns as junior minister over 2008 planning application: Fine Gael TD says he informed Taoiseach of decision following questions about planning application from 14 years ago  https://www.irishtimes.com/politics/2023/01/12/damien-english-resigns-as-junior-minister-over-planning-application/

• Coalition rejects call to audit all Ministers’ property interests: Leo Varadkar and Micheál Martin agree with Damien English’s decision to leave office but are not seeking his resignation from Dáil https://www.irishtimes.com/politics/2023/01/13/coalition-rejects-notion-of-seeking-property-interest-assurances-from-ministers/

• Jim Power: Ireland is still able to weather the tech storm – ‘It seems certain that the global tech sector will experience a decline in profits over the coming year. This is likely to undermine corporation tax paid in Ireland but could also have implications for employment in the sector.’  https://www.irishexaminer.com/business-columnists/arid-41043587.html

• Employment at Enterprise Ireland backed firms rose 5% last year  https://www.rte.ie/news/business/2023/0110/1345731-employment-at-enterprise-ireland-backed-firms-rose-5/

• Progress on diversity in business undermined by too few women pursuing STEM careers – BTYSTE forum told: Housing and shortage of venture capital main obstacles to start-up activity in Ireland  https://www.irishtimes.com/science/2023/01/12/progress-on-diversity-in-business-undermined-by-too-few-women-pursuing-stem-careers-btyste-forum-told/

• Important post about identity and life transitions: Aging Men and Irrelevance – Who are we when we’re no longer on top in the outer world?  https://www.psychologytoday.com/us/blog/putting-psyche-back-into-psychotherapy/202301/aging-men-and-irrelevance

If you missed last week’s round-up, you can catch up here: https://propertydistrict.ie/sunday-roundup/

As always, you might let me know if I have missed out on any relevant property news by emailing  carol@propertydistrict.ie.

(Apologies in advance for any typos, it’s difficult to get good help on a Sunday. Also, I use voice to text dictation so just sound out anything that really doesn’t make sense in a strong rural accent and that should help!)

SUNDAY LISTEN

What started as #PropertyMatters, a single 60-minute show on Dublin South FM 93.9FM every Tuesday night, has now evolved into an online station hosting the very best construction, urban planning, property and proptech radio shows and podcasts from around the world. Our new website – produced by Hear Me Roar Media – offers audiences live and recorded access to global built environment content. To have your industry podcast included in the iPropertyRadio line-up, or to contribute as a guest on any of the show on iPropertyRadio.com, email hello@ipropertyradio.com

This week on iPropertyRadio

‘How to buy a Home’ with LIZ O’KANE

On ‘Property Matters’ iPropertyRadio.com this week, we chat to Liz O’Kane – MIPAV MMCEPI, Ireland’s original Buyers’ Agent and host of the new Virgin Media Ireland property show ‘How to buy a Home’, which airs in March 2023

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

Building towards a strong urban centre for Limerick

Sean Golden, Chief Economist and Director of Policy at Limerick Chamber breaks down the ‘what’ and the ‘why’ of Limerick Chamber’s new Strategic Development Pipeline – a vital tool for Mid-West stakeholders, businesses and civilians alike to keep up to date with developments in the region, encouraging accountability, visibility and transparency.

The aim of the SDP is to bring together in one place, information on all the commenced and committed capital investments across Limerick, Clare and Tipperary, giving confidence to those who live here and those who are considering making the Mid-West their business or home, that it is the right move.

Listen back at www.iPropertyRadio.com

Produced by Hear Me Roar Media https://hearmeroarmedia.com

PLACEMAKING

OPEN PUBLIC CONSULTATIONS AND COMMUNITY ENGAGEMENT

• How to engage the community in placemaking in 2023 | PLACEengage  https://placeengage.com/how-to-engage-the-community-in-placemaking-in-2023/
• Ireland leads the way in embracing remote work  https://blog.zoom.us/ireland-embracing-remote-work-report/
• No country for young people? ‘I don’t want to leave. But I have to’  https://www.image.ie/editorial/is-ireland-no-country-for-young-people-i-dont-want-to-leave-but-i-have-to-698663/amp
• Refugee housing plan at Clonliffe College lacks ‘concrete commitments’ one year on from initial offer: Former seminary in Drumcondra now owned by US property multinational Hines thought suitable for up to 620 Ukrainians  https://www.irishtimes.com/ireland/social-affairs/2023/01/14/refugee-housing-plan-at-clonliffe-college-lacks-concrete-commitments-year-on-from-initial-offer/
• Popular 200-year-old Dublin Pub to be demolished under MetroLink plans: The planning application for the massive infrastructure project was lodged with An Bord Pleanala in September last year  https://www.dublinlive.ie/news/dublin-news/popular-200-year-old-dublin-25950487.amp
• Survey records ‘spectacular’ improvement in cleanliness of Dublin city: Mahon in Cork deemed to be the dirtiest place in Ireland  https://www.irishtimes.com/environment/2023/01/09/survey-records-spectacular-improvement-in-cleanliness-of-dublin-city/
• New Dublin cycle schemes will deliver 60km of segregated bike lanes by 2024 – City council outlines 30 infrastructure plans over next few years to provide safer facilities for cyclists and pedestrians https://www.irishtimes.com/ireland/dublin/2023/01/08/new-dublin-cycle-schemes-will-deliver-60km-of-segregated-bike-lanes-by-2024/
• 200 new social homes to be built in Cork under ‘Housing for All’ plan: The government is hoping to build 10,000 social homes a year between now and 2030  https://www.corkbeo.ie/news/local-news/200-new-social-homes-built-25929846
• Plans lodged for new bridge across the River Lee: A separate planning application for the construction of a new purpose-built research facility has also been lodged by UCC and the Tyndall National Institute  https://www.irishexaminer.com/property/planning/arid-41044970.html
• Carna in Connemara chosen for new pilot hackney scheme  https://galwaybayfm.ie/galway-bay-fm-news-desk/carna-in-connemara-chosen-for-new-pilot-hackney-scheme/
• Galway company major task to transform town confirmed as project details unveiled: The project will take two years to be completed  https://www.galwaybeo.ie/news/galway-company-major-task-transform-8010692
• University of Galway launches project to enhance women’s role in rural life  https://www.galwaydaily.com/news/university-of-galway-launches-project-to-enhance-womens-role-in-rural-life/
• New route to be sought as plan to extend Limerick Greenway into city meets a roadblock  https://www.limerickleader.ie/news/home/1007567/new-route-to-be-sought-as-plan-to-extend-limerick-greenway-into-city-meets-a-roadblock.html
• Clare’s returned emigrants and those thinking of coming home urged to get ‘Back for Business’  https://clarechampion.ie/clares-returned-emigrants-and-those-thinking-of-coming-home-urged-to-get-back-for-business/

• 9 Reasons To Visit The Ancient Town Of Kilkenny, Ireland  https://www.travelawaits.com/2848091/things-to-do-kilkenny-ireland/
• ‘One big flood and we’re done for’ hundreds of Tralee homes at risk from flooding https://m.independent.ie/regionals/kerryman/news/one-big-flood-and-were-done-for-hundreds-of-tralee-homes-at-risk-from-flooding-42276872.html

CONSTRUCTION & DEVELOPMENT NEWS

• Construction activity falls for third month running at end of 2022 https://www.irishrealestate.news/construction-activity-falls-for-third-month-running-at-end-of-2022/

• Housing completions to decline as property price inflation falls – SCSI  https://www.rte.ie/news/business/2023/0113/1346384-housing-completions-to-drop-as-price-inflation-falls/

• “Advance purchasing” will be examined as Government wants to see the building of 70,000 apartments, which have already received planning permission in towns and cities.  https://www.rte.ie/news/2023/0110/1345751-housing-meeting/

• Minister Harris gives go-ahead for next phase of proposed capital investment for TU Dublin  https://www.gov.ie/en/press-release/44402-minister-harris-gives-go-ahead-for-next-phase-of-proposed-capital-investment-for-tu-dublin/

• Cairn Homes records rise in revenues despite persistent inflation  https://m.independent.ie/business/irish/cairn-homes-records-rise-in-revenues-despite-persistent-inflation-42271777.html

• Hines 2023 Global Outlook: Disruption Brings Real Estate Opportunities – Report analyzes transaction volume, debt availability and asset pricing and identifies opportunities in the Americas, Asia, Europe  https://www.hines.com/news/hines-2023-global-outlook-disruption-brings-real-estate-opportunities

• Dublin City Council refuses permission to Noel Smyth’s 159 unit rental scheme above Arnotts – The council stated that the proposed scheme would be contrary to their aim of encouraging sustainable residential communities  https://www.thejournal.ie/apartments-dublin-city-centre-5967043-Jan2023/

• Plans for 142-room hotel on Capel Street scaled back: City Id, which acquired a site on Capel Street last year with planning permission for a 142-bedroom hotel, is changing its plans to include aparthotels instead  https://www.businesspost.ie/news/plans-for-142-room-hotel-on-capel-street-scaled-back/

• Coopers Cross office buildings achieve Platinum Smartscore cert: Two Grade A offices in mixed-use scheme are the first in Ireland to meet best in class standard under a new certification standard introduced in 2021  https://www.businesspost.ie/property/coopers-cross-office-buildings-achieve-platinum-smartscore-cert/

• Potential for apartments at €500,000 infill site in Fairview; Site on Richmond Road has excellent transport links and could appeal to developers or private investors  https://www.businesspost.ie/property/potential-for-apartments-at-e500000-infill-site-in-fairview/

• Monkstown development sees 70 objections being lodged – Scheme at Dalguise House envisages 488 units https://www.irishtimes.com/business/2023/01/10/monkstown-development-sees-70-objections-being-lodged/

• ‘I’ve always loved Youghal… the town means a lot to us,’ says developer: Christy Parker talks to a developer whose investments are inspired by childhood memories of the Cork seaside town  https://www.irishexaminer.com/news/munster/arid-41042129.html

• Plans for new Primary Care Centre in Galway City  https://www.galwaydaily.com/news/plans-for-new-primary-care-centre-in-galway-city/

• Rejected Irish shopping centre supermarket appealed as Lidl not giving up new shop plans: Locals thought it was all over but there’s been a last minute update  https://www.galwaybeo.ie/culture/shopping/rejected-irish-shopping-centre-supermarket-7995151

• Rising costs stall new hotel plan for Galway City centre  https://connachttribune.ie/rising-costs-stall-new-hotel-plan-for-galway-city-centre/

• Plans for new housing development in Oranmore  https://connachttribune.ie/plans-for-new-housing-development-in-oranmore/

• Engineering consultancy EDC, which celebrates 20 years in business this year, has announced the opening of a new Galway office  https://irishbuildingmagazine.ie/2023/01/09/engineering-consultancy-edc-opens-new-galway-office/

• New riverside apartment development for Limerick  https://www.live95fm.ie/news/live95-news/new-riverside-apartment-development-for-limerick/

• Plans for huge 178-unit housing development and new crèche in Kilkenny City  https://www.kilkennypeople.ie/news/home/1006703/breaking-plans-for-huge-178-unit-housing-development-and-new-creche-in-kilkenny-city.html

• Apartments plan for Mayo county town site  https://www.con-telegraph.ie/2023/01/10/apartments-plan-for-mayo-county-town-site/

• Long-standing Cork crane company acquired by Wexford firm – The firm has been bought for an undisclosed amount by Wexford-based Kavanagh Crane Hire  https://www.irishexaminer.com/business/companies/arid-41045015.html

• PAT DOHERTY is something of a legend. The founder of Harcourt Developments, he left school at 14, left home in Donegal for London at the age of 19, and started working in construction. From there, he has built an empire  https://www.hospitalityireland.com/amp/features/harcourt-developments-founder-talks-to-emily-hourican-195674

• Euan Miller has been selected for the role of managing director for BAM Properties, after serving as interim MD for several months  https://www.pbctoday.co.uk/news/hr-skills-news/euan-miller-appointed-as-managing-director-for-bam-properties/119877/

• UK Phenna Group buys Maurice Johnson fire safety consultancy: Safety engineering practice has previously worked on high-profile projects such as Google HQ and Dundrum Town Centre  https://www.businesspost.ie/news/uk-phenna-group-buys-maurice-johnson-fire-safety-consultancy/Grafton Group trading profit ahead of analysts’ expectations – Revenue increased by 9.1 per cent to £2.30 billion in 2022 from £2.11 billion the previous year  https://www.businesspost.ie/business/grafton-group-trading-profit-ahead-of-analysts-expectations/
  
• Supply chain communication is key to carbon action  https://www.constructionnews.co.uk/agenda/supply-chain-communication-is-key-to-carbon-action-09-01-2023/

PROPTECH, ESG, MMC & 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

• 20 proptech disruptors selected for £100m housing innovation framework  https://buildindigital.com/proptech-housing-innovation-framework-shed/amp/

• The new-build ‘homes’ where energy scientists play God with the weather: Researchers hope £16m temperature-controlled chamber can stress test green tech to help make houses energy efficient  https://amp-theguardian-com.cdn.ampproject.org/c/s/amp.theguardian.com/environment/2023/jan/12/energy-house-20-tests-tech-that-aims-to-make-homes-greener-and-cheaper-to-run

• 5 construction-focused innovations from CES: From electric and autonomous equipment to AI-powered tracking solutions and cargo-carrying dirigibles, the construction industry’s future was on display in Las Vegas last week https://www.constructiondive.com/news/5-breakthrough-contech-solutions-from-ces-2023/640180/

• Global proptech market is projected to jump from $18.2 billion in 2022 to $86.5 billion in 2023  https://connectedremag.com/uncategorized/3-tips-for-disrupting-the-proptech-sector/

• London-based proptech Fractal Homes nabs $30M to make second home ownership affordable  https://techfundingnews.com/london-based-proptech-fractal-homes-nabs-30m-to-make-second-home-ownership-affordable/

• Let the consolidation begin: With venture markets frozen and profitability tenuous, proptechs turn to one another  https://www.businessinsider.com/proptech-deals-kick-off-year-of-consolidation-2023-1

• Coyote partners with fellow proptech firm to help investors manage deal process: Forbury’s investment modelling tool has been integrated into Coyote’s platform  https://reactnews.com/article/coyote-partners-with-fellow-proptech-firm-to-help-investors-manage-deal-process/

• Proptech Unicorn Habi Raises $6.3 Million to Improve Operations, Portfolio  https://www.bloomberglinea.com/english/proptech-unicorn-habi-raises-63-million-to-improve-operations-portfolio/

• Property-services startup Lessen acquires rival for $950M: Deal for SMS Assist values company above $2B https://therealdeal.com/2023/01/13/property-services-startup-lessen-acquires-rival-for-950m/

• From cloud computing to proptech: DigitalOcean co-founders raise $29M for Welcome Homes  https://techcrunch.com/2023/01/12/from-cloud-computing-to-proptech-digital-ocean-co-founders-raise-29m-for-welcome-homes/

ENERGY, CLIMATE & ENVIRONMENT

• High electricity bills set to last rest of this decade: Delays in wind farm development to constrict supply and ensure elevated prices  https://www.irishtimes.com/business/2023/01/13/high-electricity-bills-set-to-last-rest-of-this-decade/

• Climate Action Plan 2023 strong on aspiration but weak on targets: The plan no longer focuses on mid-century goals for forestry and there are no specific targets for increasing wood construction to displace fossil-based materials https://www.farmersjournal.ie/climate-action-plan-2023-strong-on-aspiration-but-weak-on-targets-743352

• Gresham House launches major new fund to enable Irish and international investors to fund greater forest cover across Ireland  https://www.proactiveinvestors.co.uk/companies/news/1002687/gresham-house-launches-major-new-fund-to-enable-irish-and-international-investors-to-fund-greater-forest-cover-across-ireland-1002687.html

• Wind farms and Dublin Bay – Climate crisis  https://www.irishtimes.com/opinion/letters/2023/01/09/wind-farms-and-dublin-bay/

• The Challenges to Environmental Sustainability  https://startup.info/the-challenges-to-environmental-sustainability/amp/

• The Circular Potential of Fiber Cement Cladding  https://www.archdaily.com/992677/the-circular-potential-of-fiber-cement-cladding

RESIDENTIAL PROPERTY NEWS (including PRS)

• Dublin Property Price Guide 2023: will the market run into turbulence? Rising rents and mortgage rates, landlords selling up and a lack of builders may result in a tough year ahead  https://www.thetimes.co.uk/article/dublin-property-house-price-guide-2023-f205hf7k8

• Dublin 22 house prices 2023: sales take longer to complete  https://www.thetimes.co.uk/article/dublin-22-house-property-prices-ireland-2023-s7vk9mdrx

• Exodus of landlords behind 40pc of house sales as property prices set for massive slowdown: Buy-to-lets being sold are unlikely to be replaced in the rental market  https://m.independent.ie/business/personal-finance/property-mortgages/exodus-of-landlords-behind-40pc-of-house-sales-as-property-prices-set-for-massive-slowdown-42282734.html

• Strong performance for Ires Reit in 2022 as rental demand robust: Company says outlook remains positive despite challenging environment https://www.irishtimes.com/business/2023/01/10/strong-performance-for-ires-reit-in-2022-as-rental-demand-robust/ Also:  Ireland’s largest private landlord reports 99pc occupancy as demand soars  https://m.independent.ie/business/irish/irelands-largest-private-landlord-reports-99pc-occupancy-as-demand-soars-42274672.html
• Bedsit investors make a 200% return flipping properties to investment fund: Nassarius Capital acquired 24 houses divided up into bedsits in Ireland last year for €50.6m  https://www.businesspost.ie/news/investors-make-200-return-selling-irish-bedsits-to-liechtenstein-fund/
• Irish mortgage rates now cheaper than Eurozone average but increases are coming  https://m.independent.ie/business/personal-finance/property-mortgages/how-much-is-your-house-worth/irish-mortgage-rates-now-cheaper-than-eurozone-average-but-increases-are-coming-42278328.html
• ‘Very strong pipeline of mortgage approvals’ – Banking & Payments Federation Ireland: There was a “very strong pipeline of approvals” for mortgages last year, the Chief Executive of Banking & Payments Federation Ireland.  https://www.newstalk.com/news/very-strong-pipeline-of-mortgage-approvals-banking-payments-federation-ireland-1419977
• Is now a good time for first time buyers to apply for a mortgage? Mortgage brokers’ advice on 2023 market: First Time Buyers can now borrow up to 4 times their income  https://www.dublinlive.ie/news/dublin-news/now-good-time-first-time-25953159.amp
• Lifetime lender offers ‘green’ loan to older borrowers – Borrowers must have energy efficient homes or use the loan to improve efficiency https://www.irishtimes.com/business/financial-services/2023/01/11/lifetime-lender-offers-green-loan-to-older-borrowers/
• Availability of rental properties ‘at one of the lowest levels ever’, survey shows https://www.irishexaminer.com/news/arid-41046911.html
• Warning some properties overvalued as major slowdown in Irish house prices predicted – The Society of Chartered Surveyors flagged that high-end homes in Wicklow may be overpriced  https://www.businesspost.ie/news/warning-some-properties-overvalued-as-major-slowdown-in-irish-house-prices-predicted/
• House prices in Cork could rise by 5% in 2023 bucking national trends – The forecast from the Real Estate Alliance says the city and county property market will continue to be difficult for first time buyers in particular https://www.corkbeo.ie/news/property/house-prices-cork-could-rise-25927782
• Cork City has no properties available to rent to people on Hap — report  https://www.irishexaminer.com/news/arid-41046647.html
• Room to Improve? A look at the cheapest houses for sale in Ireland right now  https://extra.ie/2023/01/08/property/cheapest-houses-ireland
• Six properties on sale right now in Cobh: In an occasional series, ADRIENNE ACTON assesses houses currently on sale in different parts of Cork – today, she picks out six properties on the market in Cobh  https://www.echolive.ie/corklives/arid-41043965.html
• Pondering a move to the seaside?  There’s a stylish home hidden inside this handsome former bank building https://www.yaycork.ie/theres-a-stylish-home-hidden-inside-this-handsome-former-bank-building/
• Will it be third time lucky at long-stalled Clonakilty scheme of four big houses? Over €1m expected for high-end hillside four-house site, with detached 3,600 sq ft homes in various states of ‘undress’ since ‘the crash.’  https://www.irishexaminer.com/property/commercial/arid-41046179.html
• ‘I’ll move there if Dermot Bannon designs our house’ – See inside the 1920s farmhouse in Tullamore, Co Offaly, given a whole new lease of life https://www.irishexaminer.com/property/homeandgardens/arid-41044001.html
• 3 bed city home costs €355,000 on average  https://www.corkindependent.com/2023/01/11/3-bed-city-home-costs-e355000-on-average/
• 19ac West Cork holding with derelict house creating a stir  https://m.independent.ie/business/farming/farm-property/munster-farm-sales/19ac-west-cork-holding-with-derelict-house-creating-a-stir-42270171.html
• Galway’s cheapest house costs less than most GAA lotto jackpot prizes as photos show inside: The outside of the two-bed home doesn’t need much work and the inside could be something special after a transformation  https://www.galwaybeo.ie/news/ireland-news/galways-cheapest-house-costs-less-8012543.amp
• 200 vacant properties brought back into use in Donegal  https://donegalnews.com/2023/01/200-vacant-properties-brought-back-into-use-in-donegal/
• Large rural properties more vulnerable to energy price rises  https://www.agriland.ie/farming-news/large-rural-properties-more-vulnerable-to-energy-price-rises/
• Couple transform Lahinch bungalow into light-filled holiday home: Returning to their Irish roots from America, one couple with an eye for cool houses found the ideal spot in Co Clare  https://www.thetimes.co.uk/article/couple-with-an-eye-for-cool-houses-transform-a-lahinch-bungalow-to-a-light-filled-holiday-home-6050bl57f
• Landlord seeks almost €1.5m in damages from Lisney estate agents: Paddy McKeown said he engaged firm to carry out valuations on six properties in Cork  https://m.independent.ie/irish-news/courts/landlord-seeks-almost-15m-in-damages-from-lisney-estate-agents-42287361.html

• New TV show aims to help buyers get on the property ladder: Producer of How to Buy a Home, presented by buyer’s agent Liz O’Kane, is especially keen to hear from people looking to buy in the west  https://www.businesspost.ie/property/new-tv-show-aims-to-help-buyers-get-on-the-property-ladder/
• Inner spaces: the Irish interiors brand that’s championing a love of nature and craft: Superfolk’s creative director Jo Anne Butler on the importance of provenance and quality in Irish craft and homewares  https://www.businesspost.ie/life-arts/inner-spaces-the-irish-interiors-brand-thats-championing-a-love-of-nature-and-craft/
• Let the sunshine in: Irish buyers flock to buy up properties in the Algarve: Some of them are wealthy, some retired and some work from home, but 15,000 Irish people live in Portugal and, with properties generally being cheaper, better weather and the cost of living lower, why wouldn’t they?  https://www.businesspost.ie/property/let-the-sunshine-in-irish-buyers-flock-to-buy-up-properties-in-the-algarve/

COMMERCIAL PROPERTY NEWS

• Underlying threat to commercial property: The increasing popularity of hybrid working is likely to have unpredictable consequences, and some of them will certainly be financial  https://www.irishexaminer.com/opinion/ourview/arid-41043992.html

• A third of Dublin’s available office space is leased out but not being used: ‘Grey space’ is surplus office accommodation that is let but not in use by the tenant  https://www.irishtimes.com/business/2023/01/12/a-third-of-dublins-office-space-lies-dormant-as-tech-giants-cut-jobs/

• Developer Johnny Ronan in €140m deal for Citi’s Dublin HQ: Acquisition of office at 1 North Wall Quay follows accord to build new headquarters for US banking giant  https://www.irishtimes.com/business/2023/01/12/developer-johnny-ronan-in-140m-deal-for-citis-dublin-hq/

• Canadian group in Harcourt Development hunt https://www.irishtimes.com/business/2023/01/08/canadian-group-in-harcourt-development-hunt/

• Aon pre-lets Iput’s revamped former Ulster Bank riverside office block – Deal to occupy 32,000sq ft of city-centre space in new sustainability-focused building a boost for commercial property sector https://www.irishtimes.com/business/financial-services/2023/01/09/aon-pre-lets-iputs-revamped-former-ulster-bank-riverside-office-block/

• Belgian nursing home group Care Property buys Cork centre for €7.5m and ‘aspires for more’  https://m.independent.ie/business/irish/belgian-nursing-home-group-care-property-buys-cork-centre-for-75m-and-aspires-for-more-42285347.html

• Investors viewing a new price landscape: Investors in both the commercial and residential sectors are waiting to see how the political and interest rate environment and markets develop  https://www.businesspost.ie/property/donal-buckley-investors-viewing-a-new-price-landscape/

• Irish serviced office desk sector grew by 10 per cent in 2022: Annual review by Click Offices predicts further 10 per cent increase this year  https://www.businesspost.ie/property/irish-serviced-office-desk-sector-grew-by-10-per-cent-in-2022/

• Bewley’s seeks to renew café lease with Johnny Ronan Group: Bewley’s and RGRE are awaiting High Court judgment in separate case over ownership of Harry Clarke windows in the Grafton Street café  https://www.businesspost.ie/news/bewleys-seeks-to-renew-cafe-lease-with-johnny-ronan-group/

• Refurbished Grade A office building on market for €13m: Verschoyle House on Lower Mount Street has just under 1,600 square metres of office space and two secure tenants  https://www.businesspost.ie/property/refurbished-grade-a-office-building-on-market-for-e1

• Offers in excess of €15m sought for new hotel in Temple Bar: Newly developed property with 38 bedrooms comes with a bar and restaurant and is in a prominent location with a high level of footfall  https://www.businesspost.ie/property/offers-in-excess-of-e15m-sought-for-new-hotel-in-temple-bar/

• Love of coffee and empty kiosk perfect blend for new business: Hannah Murphy stumbled upon the vacant kiosk on Leeson Street and instantly knew it would be a great location for her coffee business  https://www.businesspost.ie/making-it-work/love-of-coffee-and-empty-kiosk-perfect-blend-for-new-business/

• easyHotel to open its first hotel in Smithfield, Dublin: The chain plans to double its current portfolio to 100 properties by 2026 and the opening of the new-build 160-room hotel in Ireland takes easyHotel up to 44 properties across Europe  https://www.businesstravelnewseurope.com/Accommodation/EasyHotel-continues-expansion-with-first-property-in-Ireland

• Colliers opens Munster base in Cork City: Property advisory firm in 63 countries and extends Irish reach https://www.irishexaminer.com/property/commercial/arid-41046191.html

• IKEA planning expansion to Cork this spring: There’ll also be locations in Drogheda and Portlaoise  https://www.corkbeo.ie/news/local-news/ikea-planning-expansion-cork-spring-25961549

• Ronan O’Gara’s former teammate rejects claim that he ‘fleeced’ the Munster legend in pub venture: John O’Driscoll, who played with the Munster star in Cork, filed a High Court affidavit explaining circumstances of his withdrawal of money from company  https://www.businesspost.ie/news/ronan-ogaras-former-teammate-rejects-claim-that-he-fleeced-the-munster-legend-in-pub-venture/

• Jurys name to disappear after 30 years in Galway  https://connachttribune.ie/jurys-name-to-disappear-after-30-years-in-galway/

• Galway premises slammed as ‘totally inappropriate’ approved despite opposition: Several local businesses and residents do not want it to go ahead  https://www.galwaybeo.ie/news/galway-news/galway-premises-slammed-totally-inappropriate-8010444

• AFTER five years in operation, local designer Laura Vaughan has announced the closure of her design studio and gift store in Ennis. The business is to close the doors on its store on O’Connell Street, however the business will continue to trade online  https://clarechampion.ie/designer-to-close-her-ennis-store-but-will-keep-trading-online/

• Jack Foleys licenced premises, bar, function room and restaurant of Convent Street, Abbeyfeale, Co. Limerick, has hit the market  https://www.hospitalityireland.com/amp/pub-bar-nightclub/jack-foleys-of-co-limerick-hits-the-market-195696

• Kilkenny Cafe Of Market Cross Shopping Centre Being Sold  https://www.hospitalityireland.com/amp/restaurant/kilkenny-cafe-of-market-cross-shopping-centre-being-sold-195753

• Former Augustinian buildings in New Ross attracting huge interest from national and international buyers: Charities Regulator must approve the sale before it can be finalised  https://m.independent.ie/regionals/wexford/news/former-augustinian-buildings-in-new-ross-attracting-huge-interest-from-national-and-international-buyers-42272615.html

• Inside Ireland’s newest pub under the hammer as premises more than just bar and restaurant: There’s just one vital piece of information missing though  https://www.galwaybeo.ie/news/property/inside-irelands-newest-pub-under-8021785.amp

• Harcourt to invest €5m in expanding Lough Eske’s five-star luxury hotel  https://m.independent.ie/business/irish/harcourt-to-invest-5m-in-expanding-lough-eskes-five-star-luxury-hotel-42285378.html

INTERNATIONAL PROPERTY NEWS

• UK construction heading for shallow recession in 2023  https://www.constructionenquirer.com/2023/01/11/construction-to-escape-with-shallow-recession-in-2023/

• UK rents rising at fastest rate for seven years  https://www.bbc.com/news/business-64209861

• Subcontractor liable for cladding problems on student blocks https://www.constructionnews.co.uk/legal/subcontractor-liable-for-cladding-problems-on-student-blocks-11-01-2023/

• Amazon to shut three UK warehouses, putting 1,300 jobs at risk – Doncaster, Hemel Hempstead and Gourock sites to close as well as seven delivery sites, as retailer prepares two new facilities  https://www.theguardian.com/technology/2023/jan/10/amazon-shut-uk-warehouses-jobs-doncaster-hemel-hempstead-gourock

• RedFin adds electricity costs to US home listings https://aimgroup.com/2023/01/13/redfin-adds-electricity-costs-to-home-listings/

• Merger in Shared-Apartment Business Creates Industry Leader: Deal between Common of the U.S. and Germany’s Habyt comes as demand for co-living units starts to rebound  https://www.wsj.com/articles/merger-in-shared-apartment-business-creates-industry-leader-11673328096

• Investor interest in U.S. commercial real estate properties, which turned in a record year in 2021, plunged in 2022, according to Colliers and Real Capital Analytics data. The declines worsened toward the end of the year as higher interest rates bogged down investors’ interest in taking on new debt. https://www.bisnow.com/national/news/commercial-real-estate/cre-investment-sales-take-a-steep-dive-117091

• Office developers start to pivot  https://www.linkedin.com/news/story/office-developers-start-to-pivot-6128922/

• Zoning Laws and Their Impact on Urban Planning in the United States  https://www.archdaily.com/994782/zoning-laws-and-their-impact-on-urban-planning-in-the-united-states

• Property Australia:  Will it be any easier to renovate in 2023? https://www.watoday.com.au/property/news/will-it-be-any-easier-to-renovate-in-2023-20230104-p5ca8f.html?ref=rss&utm_medium=rss&utm_source=rss_feed

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/