EVERY WEEK WE round up five of the biggest goings-on in the world of Irish property, to keep you in the loop (and give you something to chat about as you queue for house viewings).
Here’s what’s on our need-to-know list this week, from building costs to planning rows.
1. Dublin is one of the ten most expensive cities to build in
Building costs are higher in Ireland’s capital than in Paris or Madrid, according to a new international survey by Turner & Townsend. Out of 43 markets around the world, Dublin ranked in the top ten with costs of an average of €2,358 per square metre, with costs jumping by 7% during the year.
2. No mortgage fund? Stop eating avocado toast
Saving for your own home could be as easy as quitting your brunch habit, at least according to one Australian millionaire. Speaking on Aussie news show 60 Minutes, property tycoon Tim Gurner blasted young people’s unrealistic expectations about business and property, criticising this generation for wasting money on expensive coffee and “smashed avocado on toast.”
Gurner later defended his comments, saying his own climb up the property ladder was “incredibly difficult” despite financial aid from his family.
3. Ireland’s next property crash ‘will happen within seven years’
This country is in the midst of yet another property boom-and-bust cycle, Karl Deeter predicted in the Irish Examiner this week. The financial advisor says the property market is constantly in “disequilibrium,” whether supply is racing to catch up with demand, or demand is falling short of supply.
Deeter suggests using higher tax rates to make property prices more reasonable and, in turn, “de-risk” the economy.
3. Developers bid for prime land on RTÉ’s Montrose campus
Several Irish developers have launched first-round bids on the 8.64-acre site being sold by RTÉ at its Donnybrook complex. Savills are opening bids at €75 million, but sources tell The Irish Times that offers are expected to climb as high as €90 million.
Among the bidders are Cork developer Michael O’Flynn and Treasury Holdings founder Richard Barrett. It’s thought the site may house a residential property development once sold.
5. Sandyford plans for 467-unit apartment complex shot down
One of Ireland’s largest private property investment funds, Ires Reit, is still hopeful about plans to build 467 new apartments in Dublin 18, despite the first proposal being roundly shot down. Ires Reit this week launched an appeal against Dún Laoghaire/Rathdown Council’s refusal to grant permission for the project, located in Sandyford.
A spokesperson for the fund says the new development will help in addressing the capital’s housing supply crisis, and will tick a box in Sandyford’s Urban Framework Plan.
And finally, this week in property jargon…
Convince estate agents that you know your stuff with our bluff-worthy word of the week. This week, it’s gazumping, whereby a prospective buyer wins a house by offering a higher bid than that already officially accepted by the seller. It’s not illegal, but it is frowned upon, so steer clear and pray it doesn’t happen to you.
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