Weekly Property Round-Up July 31st, 2022

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: 

• Curious about TikTok for business? So were we… Property District has teamed up with Hear Me Roar Media and award-winning TikTok agency Nonsensical to deliver groundbreaking campaigns for Ireland-based construction and real estate companies. Contact amey@propertydistrict.ie 

• Six reasons to think twice about the new scheme for first-time buyers – New shared equity scheme aims to bridge affordability gap but it could drive prices higher  https://www.irishtimes.com/your-money/2022/07/26/six-reasons-to-think-twice-about-first-home/

• ‘Ridiculous’ to exclude rural homes from new vacant grant scheme  https://www.leitrimobserver.ie/news/home/870555/ridiculous-to-exclude-rural-homes-from-new-vacant-grant-scheme.html

• Planning review set to make building homes easier for young people, Taoiseach says: Micheál Martin laments ‘shockingly high’ house prices and rules out serving in government with Sinn Féin https://www.irishtimes.com/politics/2022/07/25/planning-review-set-to-make-building-homes-easier-for-young-people-taoiseach-says/ 

• Process for An Bord Pleanála appointments ‘must change’, says Taoiseach  https://www.irishexaminer.com/news/arid-40925336.html Also: An Bord Pleanála rules out reopening Hyde planning files – Minister to receive report on former deputy chairman of board: https://www.irishtimes.com/ireland/housing-planning/2022/07/25/hyde-cases-cannot-be-reopened-say-planners/  

• Report into alleged conflicts of interest regarding An Bord Pleanála’s Paul Hyde delivered  https://www.irishexaminer.com/news/arid-40928732.html

• Call for investigation into potential bid-rigging of public works contracts  https://www.galwaydaily.com/news/call-for-investigation-into-potential-bid-rigging-of-public-works-contracts/?amp

• Daft.ie sends mobile billboard to estate agents conference after being excluded:  Ipav has accused Daft of overcharging members for listings and informed it that it would not be welcome at its yearly event in the Hodson Bay Hotel  https://www.businesspost.ie/news/daft-ie-sends-mobile-billboard-to-estate-agents-conference-after-being-excluded/

• Government warned of soaring Metrolink costs: Estimated costs for the rail line are between €7 and €12.25 billion, but the Major Projects Advisory Group believes that planning issues, soaring costs and lengthy delays could almost double that figure  https://www.businesspost.ie/news/government-warned-of-soaring-costs-and-lengthy-delays-to-metrolink-project/

• Government won’t restrict data centres but outlines conditions: Energy burden created by centres acknowledged https://www.irishexaminer.com/news/politics/arid-40928012.html Also: Taoiseach: No moratorium on data centres but they must source own backup energy  https://www.irishexaminer.com/news/arid-40923650.html

• Burke orders South Dublin council to scrap plans for ban on new data centres: Minister of State for Housing made rare intervention criticising councillors for plans to zone data centres as ‘not permitted’  https://www.businesspost.ie/news/burke-orders-south-dublin-council-to-scrap-plans-for-ban-on-new-data-centres/

• State’s data centre won’t be completed until 2025: No contractor has yet been appointed to build the facility in Co Kildare, which has been delayed due to planning and energy issues  https://www.businesspost.ie/news/states-data-centre-wont-be-completed-until-2025/

• David McWilliams: Here’s a way to lower houses prices and make all Irish people richer: Imagine the impact of a wealth fund with €3,000 accruing to every citizen, every year?  https://www.irishtimes.com/opinion/2022/07/30/david-mcwilliams-heres-a-way-to-lower-houses-prices-and-make-all-irish-people-richer/

• Engineering body in favour of pursuing Shannon LNG terminal: New report from Irish Academy of Engineering says major infrastructural developments, including roads and a 5G network, are necessary to ensure balanced regional development  https://www.businesspost.ie/news/engineering-body-in-favour-of-pursuing-shannon-lng-terminal/

• Open Call for IV Edition of Living Places – Simon Architecture Prize 2022  https://www.archdaily.com/986032/open-call-for-iv-edition-of-living-places-simon-architecture-prize-2022

• E-bike battery chargers ‘significant’ fire risk to flat complexes, Council exec warns – Charging the batteries that power these vehicles have already caused fires inside people’s homes  https://www.dublinlive.ie/news/dublin-news/e-bike-battery-chargers-significant-24582564.amp

• Fears island of Ireland faces ‘new carve-up’ by mining companies: Campaigners warn of damage as concessions now cover over a quarter of land on both sides of border  https://www.theguardian.com/environment/2022/jul/25/fears-island-ireland-faces-new-carve-up-mining-companies

• Irish tech’s young guns: This year’s 30 under 30. From app creators to robotics businesses and everything else you can think of in between, Connected’s annual list of 30 under 30 offers a sample of the most exciting young tech entrepreneurs in Ireland now  https://www.businesspost.ie/connected/irish-techs-young-guns-this-years-30-under-30/

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

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

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

SUNDAY LISTEN

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

In the Proptech Hot Seat on iPropertyRadio.com this week I chat to Antony Slumbers about the evolution of #SpaceasaService (the trillion dollar hashtag!) since the pandemic and what ‘flexible’ looks like for contemporary business.

Despite talk of a proptech recession by some in the VC space, Antony is bullish about the potential of the sector and the role it will play in decarbonising real estate and helping portfolio owners achieve their ESG targets

Watch back: https://youtu.be/CNshOqVDZCQ 

Listen back: https://ipropertyradio.com/proptech-hot-seat/ 

Produced by Hear Me Roar Media

Listen back to all shows at https://ipropertyradio.com 

PLACEMAKING

OPEN PUBLIC CONSULTATIONS AND COMMUNITY ENGAGEMENT

• Dart+ West project application to be submitted to An Bord Pleanála: Services from Connolly/Spencer Dock to Maynooth and M3 Parkway could open by 2029, Irish Rail says  https://www.irishtimes.com/ireland/dublin/2022/07/25/dart-west-project-application-to-be-submitted-to-an-bord-pleanala/

• College Green civic plaza project ‘halted’ due to EU procurement rules, council says: Decision made to re-advertise for architects due to extension of traffic-free zone  https://www.irishtimes.com/ireland/dublin/2022/07/25/college-green-civic-plaza-project-halted-due-to-eu-procurement-rules-council-says/

• Sinn Féin leader lodges appeal against third phase of €500m Dublin city centre project: Latest stage of Hammerson scheme involves demolition of buildings and structures on Moore Street and Lane  https://www.irishtimes.com/business/2022/07/25/sinn-fein-leader-lodges-appeal-against-third-phase-of-500m-dublin-city-centre-project/

• Plans submitted for ‘Guinness Quarter’  https://www.rte.ie/news/business/2022/0729/1312964-plans-submitted-for-guinness-quarter/

• New town named Clonburris to be built near Dublin city centre  https://www.breakingnews.ie/amp/ireland/new-town-named-clonburris-to-be-built-near-dublin-city-centre-1342137.html

• Inflation kicks Bohemians FC Dalymont Park plan into touch  https://www.thetimes.co.uk/article/inflation-kicks-bohemians-fc-dalymont-park-plan-into-touch-t32cllfh0

• BusConnects plan a ‘gamechanger’ for Cork says economist. The plans include approximately 93 km of bus lane/ bus priority and 112 km of cycle facilities across the city.  https://www.echolive.ie/corknews/arid-40925960.html

• The government’s plan to build brand new harbour by West Cork town: ‘The proposed small craft harbour development will be an all-tide access harbour that will provide mooring facilities for 32 commercial and leisure fishing vessels’  https://www.corkbeo.ie/news/local-news/governments-plan-build-brand-new-24626228

• Closure of post office leaves Cork Gaeltacht village without shop: The retirement of Bernie Murphy after 29 years as postmistress in Cill na Martra  sees the doors close at the only general shop in the village https://www.irishexaminer.com/news/munster/arid-40928585.html

• Ballymoney pilot project highlights the importance of locally-led initiatives for enhancing biodiversity  https://m.independent.ie/regionals/wexford/news/ballymoney-pilot-project-highlights-the-importance-of-locally-led-initiatives-for-enhancing-biodiversity-41869834.html

• Irish locals find themselves being priced out of market leaving ghost town reality: The problem has only been deepened with the introduction of remote working https://www.galwaybeo.ie/news/property/irish-locals-find-themselves-being-7395370

• The Gluas: Could a ‘very light’ rail system end Galway’s gridlock and become the city’s Luas? A feasibility study is set to be carried out but campaigners fear it will take a “Dublin-style” approach.  https://www.thejournal.ie/galway-gluas-very-light-rail-5827989-Jul2022/

• Scheme to house a family on Inis Meáin for a year generating ‘huge’ interest: The scheme, which includes free rent, has received 560 applications so far.  https://www.thejournal.ie/inis-meain-family-rent-free-scheme-5827889-Jul2022/

• From Iceland to Galway: The creation of Ireland’s next subsea cable  https://www.siliconrepublic.com/comms/subsea-cable-iceland-ireland-galway

• Calls for “hybrid model” approach to Athlone to Galway Greenway  https://galwaybayfm.ie/galway-bay-fm-news-desk/calls-for-hybrid-model-approach-to-athlone-to-galway-greenway/

• Going Places: Kells, County Meath – The rise of remote working means many office workers can now live outside the big cities. Barbara Egan visits one town that is reaping the benefits  https://www.thetimes.co.uk/article/going-places-kells-county-meath-njp3p3gqx

• Claremorris Tennis Club unveils new indoor court  https://www.con-telegraph.ie/2022/07/28/claremorris-tennis-club-unveils-new-indoor-court/

• Placemaking through Play: Designing for Urban Enjoyment  https://www.archdaily.com/985771/placemaking-through-play-designing-for-urban-enjoyment/62d93ed63e4b311721000004-placemaking-through-play-designing-for-urban-enjoyment-image

• Living up High: Why Do We Love Penthouses and Rooftops So Much? https://www.archdaily.com/985510/living-up-high-why-do-we-love-penthouses-and-rooftops-so-much

• CCCB Announces the 5 Finalists for the European Prize for Urban Public Space 2022  https://www.archdaily.com/985931/cccb-announces-the-5-finalists-for-the-european-prize-for-urban-public-space-2022

CONSTRUCTION & DEVELOPMENT NEWS

• Housing output surges almost 60% above pre-Covid levels – CSO says 7,654 new homes were built between April and June, the highest number since records began in 2011  https://www.irishtimes.com/business/2022/07/28/housing-output-surges-almost-60-above-pre-covid-levels/

• Housing Minister: Plan will be developed to help owners of Celtic Tiger-era apartments with defects – As many as 100,000 homes are estimated to be impacted.  https://www.thejournal.ie/apartment-defects-report-5827841-Jul2022/

• Billions in remediation works cannot be levied on builders, report finds: Working group on defects in housing report states ‘not feasible retrospectively to impose a penalty on the individual firms responsible for defects’  https://www.irishtimes.com/ireland/2022/07/27/billions-in-remediation-works-cannot-be-levied-on-builders-report-finds/

• London rebound foreshadows a different kind of market for Ireland  https://www.independent.ie/business/commercial-property/london-rebound-foreshadows-a-different-kind-of-market-for-ireland-41872746.html

• The Best Ways for Irish Construction to Recruit Top Talent – Property District https://propertydistrict.ie/the-best-ways-for-irish-construction-to-recruit-top-talent/

• An Bord Pleanála delays decision on plan for 881 apartments at Dundrum shopping centre: Hammerson subsidiary is seeking permission to build 881 apartments in the south Dublin village amid strong local opposition  https://www.irishtimes.com/business/2022/07/25/an-bord-pleanala-delays-decision-on-plan-for-881-apartments-at-dundrum-shopping-centre/

• Dutch embassy makes legal bid to dam up homes: ABP rejected an appeal by the Dutch embassy in May – The Netherlands is seeking to take a judicial review against An Bord Pleanala over a planned residential development beside it’s residence in Foxrock https://www.thetimes.co.uk/article/dutch-embassy-makes-legal-bid-to-dam-up-homes-lx7vdxw66

• Holmpatrick backers want to put tortuous planning saga behind them https://m.independent.ie/business/commercial-property/holmpatrick-backers-want-to-put-tortuous-planning-saga-behind-them-41878759.html

• Court hears developer appears to have abandoned student accommodation scheme in Cork: Local residents opposed the demolition of an existing structure at Orchard Road near the main campus of University College Cork  https://www.irishexaminer.com/news/munster/arid-40925903.html

• Council go-ahead for new Tesco supermarket in Cork town – The retail giant has been given permission to develop a 3,739sqm retail unit in the heart of the town.   https://www.echolive.ie/corknews/arid-40924442.html

• New Irish housing plans for social, affordable homes submitted for major town: The final decision will be announced soon  https://www.galwaybeo.ie/news/new-irish-housing-plans-social-7385158

• Plans submitted for Tuam housing development  https://www.galwaydaily.com/news/housing/plans-submitted-for-tuam-housing-development/

• Lidl Ireland submits plans for new Portumna store  https://galwaybayfm.ie/galway-bay-fm-news-desk/lidl-ireland-submits-plans-for-new-portumna-store/amp/

• NUI Galway watersports centre proposal sent to planners  https://connachttribune.ie/nui-galway-watersports-centre-proposal-sent-to-planners/

• Planning permission being sought for 86 new homes in Limerick  https://www.limerickleader.ie/news/home/871847/planning-permission-being-sought-for-86-new-homes-in-limerick.html

• Jobs boost for Limerick and Clare as Siemens confirms €7m investment in new facility  https://www.limerickleader.ie/news/business/868700/jobs-boost-for-limerick-and-clare-as-siemens-confirms-7m-investment-in-new-facility.html

• Bids invited for contract to build new €9 million Laois school  https://www.leinsterexpress.ie/news/home/865424/bids-invited-for-contract-to-build-new-9-million-laois-school.html

• New apartments planned for Laois town https://www.leinsterexpress.ie/news/local-news/869259/new-apartments-planned-for-laois-town.html

• ‘Eyesore’ property in Claremorris town to be redeveloped for retail and homes  https://www.con-telegraph.ie/2022/07/25/eyesore-property-in-claremorris-town-to-be-redeveloped-for-retail-and-homes/

• Leader in operating theatres expands in Ireland https://www.timesandstar.co.uk/news/20292006.leader-operating-theatres-expands-ireland/

• BAM has launched an electric vehicle charging infrastructure business for developers and local authorities.  https://www.constructionenquirer.com/2022/07/29/bam-launches-ev-charging-business/

• Developers have €13m in Celtic Tiger debt written off in High Court rulings  https://m.independent.ie/irish-news/developers-have-13m-in-celtic-tiger-debt-written-off-in-high-court-rulings-41866828.html

• Breedon Group records revenue of €798m for first half of 2022: The building services group behind Lagan construction released its interim results today, showing a 29% year on year profit increase  https://www.irishexaminer.com/business/companies/arid-40927442.html

• Developer Michael O’Flynn blocked from raising objections to insolvency case of neighbour: At issue before High Court is an alleged debt of €750,000 plus interest  https://www.irishtimes.com/business/2022/07/25/developer-michael-oflynn-blocked-from-raising-objections-to-insolvency-case-of-neighbour/

• Letterkenny businessman heads up new modular construction firm: Paul McGlinchey is promoting modular accommodation buildings as the ‘perfect tool’ to the housing crisis following his appointment at CEO of Common Developments Ltd., a new subsidiary of MVP-Venture Capital (Hong Kong).  https://www.donegaldaily.com/2022/07/25/letterkenny-businessman-heads-up-new-modular-construction-firm/amp/

• GLENN’S WOODTURNING BUSINESS IS A FABULOUS CARLOW SUCCESS STORY  https://carlow-nationalist.ie/2022/07/25/glenns-woodturning-business-is-a-fabulous-carlow-success-story/

• Press Up to open its first British hotel in historic Birmingham building: Paddy McKillen jr and Matt Ryan plan to convert the Methodist Central Hall into a 150-bed hotel  https://www.businesspost.ie/news/press-up-to-open-its-first-british-hotel-in-historic-birmingham-building/

PROPTECH, ESG, MMC & CONSTRUCTION INNOVATION

• Proptech Ireland is updating the database of 2022 Irish technology providers for the built environment – From smart design and planning right through to the smart property transaction, where does your Irish-led or Ireland-based proptech  or MMC business sit?  Pease take five minutes to add or update your details to our internationally-shared listing here: SIGN UP HERE: *https://prop-tech.ie/register/ * and email product or service details to hello@prop-tech.ie

• Five locations across four counties selected as sites for modular homes to house refugees: Locations in west Dublin, Cork and Cavan among those identified for use  https://www.irishtimes.com/ireland/2022/07/28/five-locations-across-four-counties-selected-as-sites-for-modular-homes-to-house-refugees/

• Tantek4D, a digital engineering company headquartered in Sligo, is to create 30 new jobs and open an office in the US.  https://www.techcentral.ie/tantek4d-to-create-30-jobs-in-sligo/

• Irish digital property sales platform picks up momentum  https://aimgroup.com/2022/07/26/irish-digital-property-sales-platform-offr-accelerates-expansion/

• Sunderland proptech firm achieves 66 per cent growth following recruitment drive: Sunderland based ConTech and PropTech specialist clixifix, has announced that they have achieved a 66 per cent growth in subscription revenues over the last year. https://bdaily.co.uk/articles/2022/07/26/sunderland-proptech-firm-achieves-66-per-cent-growth-following-recruitment-drive

• PropTech Today: why most agents aren’t getting the most out of their PropTech  https://www.estateagenttoday.co.uk/breaking-news/2022/7/proptech-today-why-most-agents-arent-getting-the-most-out-of-their-proptech?source=newsticker

• Proptech provider Credas certified as digital identity provider for UK background checks | Biometric Update https://www.biometricupdate.com/202207/proptech-provider-credas-certified-as-digital-identity-provider-for-uk-background-checks

• Proptech VCs Hit a Pause – As the larger tech sector has experienced a valuation reset, venture capital investors in proptech are taking a much more careful stance, wanting to see a clear path to profits.  https://www.wealthmanagement.com/proptech/proptech-vcs-hit-pause

• PropTech Lettings Hub teams up with Digital ID supplier  https://www.lettingagenttoday.co.uk/breaking-news/2022/7/proptech-lettings-hub-teams-up-with-digital-id-supplier

• Robotics Firm Funded for Green Building Automation: Automated design and manufacturing coming to the construction industry https://www.iotworldtoday.com/2022/07/27/robotics-firm-funded-for-green-building-automation/

• Mycelium Materials: The Future of Growing our Homes  https://www.archdaily.com/985570/mycelium-materials-the-future-of-growing-our-homes

• A property technology company plans to spend £1 billion buying up 3,000 “fixer-uppers” across Britain from private landlords which it plans to renovate and rent out to families.  https://www.thetimes.co.uk/article/immos-1bn-mission-to-fix-up-properties-g6l836200

• Graphisoft launches new strategic roadmap for 40 year anniversary  https://www.pbctoday.co.uk/news/digital-construction/bim-news/graphisoft-launches-new-strategic-roadmap-for-40-year-anniversary/113516/

• BIM explained – Building Information Modelling as the future of construction  https://morethandigital.info/en/bim-explained-building-information-modelling-as-the-future-of-construction/amp/

• JLL Spark’s Raj Singh Still Can’t Believe Proptech’s Potential: The computer scientist and consultant leading JLL’s $340 million venture arm says demand is still growing. And, if you have a blockchain idea, call him.  https://commercialobserver.com/2022/07/jll-spark-raj-singh-proptech/

• Fifth Wall raises $500m to counter ‘underinvestment’ in climate  https://placetech.net/strategy/fifth-wall-raises-500m-to-counter-underinvestment-in-climate/amp/

• Built acquires commercial lending platform Nativ – FinLedger https://finledger.com/articles/built-acquires-commercial-lending-platform-nativ/

• Proptech Improves Employee, Asset Performance While Giving Residents the Autonomy They Demand – REBusinessOnline https://rebusinessonline.com/proptech-improves-employee-asset-performance-while-giving-residents-the-autonomy-they-demand/

• Latchel raises $16.7M for maintenance workflow platform: Company says funds will bolster third-party integrations and resident service tech. https://finledger.com/articles/latchel-raises-16-7m-for-maintenance-workflow-platform/

• SPAC Global Star Acquisition files for a $80 million IPO, targeting fintech and proptech – Renaissance Capital https://www.renaissancecapital.com/IPO-Center/News/93924/SPAC-Global-Star-Acquisition-files-for-a-$80-million-IPO-targeting-fintech-

• Proptech startup PropShare raises $47 mn in funding from WestBridge Capital, others | Startup Story https://startupstorymedia.com/proptech-startup-propshare-raises-47-mn-funding/

• Melbourne proptech CreativeCubes.Co invests $5m in IT infrastructure to house thousands of companies in their co-working space https://proptechnews.com.au/proptech-creativecubes-co-invests-5m-in-it-infrastructure-to-house-thousands-of-companies-in-their-co-working-space/

• Yabonza collapses into liquidation as the Aussie tech sector continues to feel the heat https://www.smartcompany.com.au/industries/property/yabonza-liquidiation-tech-sector/

RESIDENTIAL PROPERTY NEWS (including PRS)

• Smaller back gardens could reduce new house prices by 20%: New guidelines on high-density home building could mean that average prices fall to €310,000 if the size of gardens in newly built houses is cut by a third  https://www.businesspost.ie/news/smaller-back-gardens-could-reduce-new-house-prices-by-20/

• First-time buyers forced €30,000 more into debt in just twelve months  https://m.independent.ie/business/personal-finance/property-mortgages/first-time-buyers-forced-30000-more-into-debt-in-just-twelve-months-41866833.html Also: House hunters’ spending power drops by 9% as average house price continues to rise – House hunters now have an average of €27,000 less to spend on a home compared to this time last year.  https://www.thejournal.ie/housing-mortgages-5825390-Jul2022/ 

• Fewer first-time buyers will be able to use ‘Help to Buy’ under new Government plans https://m.independent.ie/business/personal-finance/property-mortgages/fewer-first-time-buyers-will-be-able-to-use-help-to-buy-under-new-government-plans-41864345.html

• PTSB and AIB stake their claims in the redrawn landscape of Irish banking: With Ulster Bank and KBC exiting Ireland, Permanent TSB still has a long way to go to close the gap on AIB, and Bank of Ireland, as it looks to grow into a third pillar bank  https://www.businesspost.ie/news-focus/peter-odwyer-ptsb-and-aib-stake-their-claims-in-the-redrawn-landscape-of-irish-banking/

• Rates rising – is to too late to fix?  https://www.rte.ie/news/business/2022/0731/1313144-rates-rising-is-it-too-late-to-move-to-a-fixed-rate/

• THE rental crisis has worsened with costs for new tenancies shooting up by 9.2pc in the first three months of this year when compared to the same period last year.  https://m.independent.ie/business/personal-finance/latest-news/rents-surge-by-9pc-as-housing-crisis-worsens-41867732.html

• More landlords being ordered to bring Dublin properties up to ‘minimum standards’, figures show: Tenants forced to ‘put up with’ damp, mould, rotting floors and broken heating, charities say  https://www.irishtimes.com/ireland/social-affairs/2022/07/25/more-landlords-being-ordered-to-bring-dublin-properties-up-to-minimum-standards-figures-show/

• Almost two thirds of rent increase notices examined by Threshold found to be invalid  https://www.irishexaminer.com/news/arid-40925345.html

• Will new rules help or hinder renters? Lengthy tenancies should be good for tenants but there may be unexpected consequences https://www.irishtimes.com/life-style/2022/07/16/will-new-rules-help-or-hinder-renters/

• RTB moves to reimburse landlords over flawed online system: Fines wrongly imposed for late registration of tenants on new annual system are to be refunded following a number of complaints  https://www.businesspost.ie/news/rtb-moves-to-reimburse-landlords-over-flawed-online-system/

• Climate Minister Eamon Ryan has asked Paschal Donohoe for a VAT cut on insulation materials and heat pumps to make retrofitting more affordable. This would be on top of grants announced as part of the Government’s National Retrofit Plan in February.  https://extra.ie/2022/07/25/news/ryan-asks-for-vat-cut-to-help-families-afford-retrofit-costs

• iPPi’s X-ray analysis of property market shows strong growth across country  https://www.businesspost.ie/property/ippis-x-ray-analysis-of-property-market-shows-strong-growth-across-country/

• House changes hands for more than €12m in biggest sale of 2022 so far: Villa-style property in south Dublin was the long-time home of the late property developer Peter Cosgrave and his family  https://www.irishtimes.com/property/residential/2022/07/28/house-changes-hands-for-more-than-12m-in-biggest-sale-of-2022-so-far/

• Would you buy a luxe kitchen from a van? Try before you buy by booking a mobile showroom. It’s the chichi club on wheels  https://www.thetimes.co.uk/article/would-you-buy-a-luxe-kitchen-from-a-van-76dcx8c6z

COMMERCIAL PROPERTY NEWS

• Why Ireland’s strong economy will help it weather market turbulence: Caution set to prevail as economy adjusts to global challenges, but Ireland remains well positioned to leverage the success of key global growth sectors and productivity gains over the last decade https://www.businesspost.ie/property/why-irelands-strong-economy-will-help-it-weather-market-turbulence/

• Commercial Property: Irish property sees mixed performance in Q2  https://m.independent.ie/business/commercial-property/irish-property-sees-mixed-performance-in-q2-41869981.html

• Hammerson’s rent collections show signs of recovery as Irish occupancy rates rise  https://m.independent.ie/business/irish/hammersons-rent-collections-show-signs-of-recovery-as-irish-occupancy-rates-rise-41873523.html

• Iput secures largest suburban office letting of 2022 at Carrickmines Park in south Dublin: HSE signs 15-year lease on two floors at the Iveagh Building while Thérapie Clinic expands existing operations  https://www.irishtimes.com/business/2022/07/27/iput-secures-largest-suburban-office-letting-of-2022-at-carrickmines-park-in-south-dublin/

• Heitman invests in Irish self-storage platform U Store It  https://realassets.ipe.com/news/heitman-invests-in-irish-self-storage-platform-u-store-it/10061259.article

• Dublin’s Victoria Secret store suffered €7.5 million hit due to pandemic  https://www.breakingnews.ie/amp/ireland/dublins-victoria-secret-store-suffered-e7-5-million-hit-due-to-pandemic-1343508.html

• Dublin shoe shop closes after 85 years as footfall declines in capital: Curran’s Shoe Repairs contains three generations of tools, machinery and ephemera, not to mention “a lifetime of memories”  https://www.irishtimes.com/ireland/dublin/2022/07/26/dublin-shoe-shop-closes-after-85-years-as-footfall-declines-in-capital/

• 100 Buildings: Why Stephen Court should be saved  https://www.rte.ie/culture/2022/0725/1312127-100-buildings-why-stephen-court-should-be-saved/

• Two major property investment deals worth €60m combined completed in Cork city: Oz retailer Harvey Norman buys retail element of O’Flynn Group-developed Eastgate scheme in Cork for close to €24m as an investment, while a fund spends €114,000 per student bed space in c €40m deal by Munster Technological University off city’s Model Farm Road  https://www.irishexaminer.com/property/commercial/arid-40927955.html

• Cork’s famous Counting House is now open for rental enquiries: The group are inviting people to express an interest in office, retail, and hospitality space on the site https://www.corkbeo.ie/news/property/corks-famous-counting-house-now-24631348

• Transformation of landmark Market Street building nearing completion  https://connachttribune.ie/transformation-of-landmark-market-street-building-nearing-completion/

• Iconic West Wicklow pub goes up for sale  https://wicklownews.net/2022/07/iconic-west-wicklow-pub-goes-up-for-sale/

• Mercury man involved in deal to buy Kinnegad hotel  https://www.thetimes.co.uk/article/mercury-man-involved-in-deal-to-buy-kinnegad-hotel-pbwk35wxh

• Court refuses to grant injunction over purchase of Co Mayo retail units  https://www.breakingnews.ie/amp/business/court-refuses-to-grant-injunction-over-purchase-of-co-mayo-retail-units-1343464.html Also: Court refuses to grant injunction restraining purchase of Co Mayo retail units: ‘Highly unusual’ for proceedings such as these to be brought against purchaser rather than vendor, judge says  https://www.irishtimes.com/business/2022/07/29/court-refuses-to-grant-injunction-restraining-purchase-of-co-mayo-retail-units/

• WeWork is designing a more grown-up form of co-working, says global head of design Ebbie Wisecarver, as the brand reacts to the pandemic and puts greater focus on large enterprise clients.  https://www.dezeen.com/2022/07/27/wework-design-strategy-ebbie-wisecarver-interviews/

INTERNATIONAL PROPERTY NEWS

• Inside the secretive market of elite UK country estates – There are 50 country piles with at least 100 acres and price tags of more than £10 million on the market  https://www.thetimes.co.uk/article/inside-the-secretive-market-of-elite-country-estates-66dhf6f89

• The best places to buy a European holiday home in a cooler climate: Some expats are swapping life in Provence for Normandy to escape soaring temperatures https://www.thetimes.co.uk/article/the-best-places-to-buy-a-european-holiday-home-in-a-cooler-climate-6nj8qdg5g

• Almost half of the UK’s surveyors and property agents believe that the market for offices, shops and warehouses is in the early stages of a downturn. https://www.thetimes.co.uk/article/commercial-property-market-has-entered-a-downturn-agents-warn-6f0x39pwb

• UK Build to Rent attracts £890m investment in Q2 2022: New research shows that strong investor momentum continues in the UK Build to Rent market, with £890m invested in Q2 2022. https://btrnews.co.uk/uk-build-to-rent-attracts-890m-investment-in-q2-2022/

• The UK Government is seeking views on balancing the needs of the tourism industry in England and understanding the benefits of short-term and holiday lets, whilst assessing the challenges it may pose to the housing market.  https://www.propertymark.co.uk/resource/impact-of-holiday-lets-on-housing-market-consultation.html

• Groundwork and building contractor Ellicon Construction has collapsed. Some 52 people were made redundant ahead of the appointment of administrators from Quantuma.  https://www.constructionnews.co.uk/financial/administrations/groundworks-specialist-collapses-with-loss-of-52-jobs-27-07-2022/

• American architects select 10 of the country’s most influential buildings  https://www.dezeen.com/2022/07/28/america-most-influential-buildings-architects/

• Microsoft builds circular data centres of the future  https://biomarketinsights.com/microsoft-builds-circular-data-centres-of-the-future/

• Saudi Arabia’s new mirrored city looks like a huge dystopian wall in the desert: Have a good gawk at Saudia Arabia’s plans for a ‘linear city’  https://www.theverge.com/2022/7/26/23278795/saudi-arabia-neom-the-line-mirror-design-plans-pictures-renders

• Inside Gwyneth Paltrow’s Carefully Curated Real Estate Portfolio: The Goop founder has invested millions into the places she calls home https://www.architecturaldigest.com/story/inside-gwyneth-paltrow-real-estate-portfolio/amp

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/

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