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Dublin landmark demolition and water charge refunds: 5 things to know in property this week

Plus spikes in high street rent.

Image: antonf

WONDERING IF YOU might have missed an important development in the world of property this week?

Here’s your bite-sized update on all things real estate-related across the country, from a Dublin landmark demolition to the latest on how to get your water charge refund.

1. Irish hotelier wants to demolish a Dublin landmark

tara-towers-hotel Source: Google Maps

Ireland’s biggest hotel group, Dalata, plans to demolish the three-star Tara Towers Hotel it acquired last year. The group behind the Maldron and Clayton brands in Ireland and the UK has submitted a planning application to redevelop the 1.46-acre property located in south Dublin.

The redevelopment will see the creation of a new four-star Maldron hotel with 140 rooms, a restaurant, bar and meeting facilities. The group has also sought to develop 70 residential units on the site.

2. Government plans to refund water charges this autumn

shutterstock_103289048-3-2 Source: Shutterstock/Gts

The Government intends to begin refunding water charges by the autumn, with the majority to be repaid by the end of the year. Sources in the Dáil confirmed that repayments should begin before October’s Budget.

The confirmation comes following comments made by An Taoiseach Leo Varadkar in an interview with The Sunday Independent. Here’s everything we know about how these refunds are going to work.

3. ‘No plans’ to abolish stamp duty for high rent payers

erick-lee-hodge-199317 Source: Unsplash

The Government says it has no plans to change stamp duty for private rental tenants paying over €2,500 a month in rent, despite concerns over increasing numbers of those liable to pay.

Stamp duty is currently payable on private leases when the rent paid to a landlord is above €30,000 per year (€2,500 a month). It is the tenants themselves who are liable to pay this money directly to Revenue. They must file a stamp duty return and pay the related amount.

4. Dublin had one of the world’s biggest spikes in high street rents last year

Grafton Street Source: antonf

Dublin’s prime retail rents have been rising faster than most cities worldwide, according to new research. Rates in the Irish capital were up 10.5% in the year to the end of March 2017, according to a report by commercial property specialists CBRE Ireland.

That increase meant rents for premium Dublin retail sites rose at the fifth-fastest rate of any major city. London topped the list, with prices in the British capital jumping nearly two-fifths during the year.

5. Women ‘forced into homelessness’ due to lack of arrears deals

shutterstock_578192239 Source: Shutterstock/PR Image Factory

Some groups in society are being ignored by processes put in place to protect homeowners. Speaking in a Dáil debate this week, Peadar Tóibín of Sinn Féin gave a number examples of people who are being “forced into homelessness” including women with children separated from their partners.

“Many of them are struggling to pay the mortgage on their own, to keep the roof over their heads. In most cases they are not getting any support from their former partner or the father of their children,” he said.

And finally, this week’s property buzzword…

Property can be a complicated world to navigate, and each week we decipher yet another piece of jargon, to give you the advantage with estate agents (and fellow house-viewers).

This week, it’s pied-à-terre. This is a French phrase that is used to describe a very small apartment in or near the center of the city. Pied-á-terres are sometimes referred to by estate agents as micro-flats. So, now you know what it really means.

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