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Dublin: 10 °C Sunday 17 February, 2019
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This week's vital property news: The weird effect of Central Bank rule changes

Everything you need to know in one quick guided tour.

shutterstock_2294105 Source: Shutterstock/John Leung

SOME WEIRD EFFECTS from the Central Bank’s new mortgage regulations are already being seen.

In one area of Dublin, the cost of a three-bedroom semi dropped drastically on the back of the new measures.

There has also been news that the iconic Harcourt Street Garda station is set to change hands. The building is currently leased to the Office of Public Works and fully operated by An Garda Siochána.

The Big Movers

Construction industry 

Positive news about growth in the construction industry continued this week – despite growth slowing for a third month in a row.

The Construction Purchasing Managers’ Index, which tracks activity, showed a drop to 57.1 last month from a 63.1% in December.

The index shows that growth has taken place in the industry for 17 consecutive months. Stronger monthly activity rises were shown to have taken place in the commercial industry.

Harcourt Street 

The Harcourt Street Garda station – considered to be a landmark – is set to change hands.

Hibernia REIT plc announced earlier in the week that it had arranged to acquire the property from Gangkhar Ltd plc for €70 million.

harcourt street Harcourt Street Garda Station

The building is currently leased to the Office of Public Works (OPW) and used entirely for Garda activity.

The OPW have extended a request to continue the leasing of the building so it continues in its current use.

Cheap houses?

The new rules on mortgage lending seem to have started to have an impact on house prices – with one area of Dublin seeing a €20,000 decrease in the cost of property.

In anticipation of their introduction, prices in the final quarter of last year dropped in Lucan, where the average three-bedroom house went from €300,000 to €280,000.

This is according to a survey released by the Real Estate Alliance which represents chartered surveyors. They expect to see house prices rise by 6% in Dublin this year. 

Under Construction

alan kelly Source: TheJournal.ie/Órla Ryan

  • As part of a plan to make the city greener, Dublin City Council has announced plans to install solar panels on tops of a number of its libraries and public buildings. 
  • What’s the first thing you’d get a city in need of a revamp? A red-light district perhaps? Rome’s getting one…  
  • Phibsborough village is set to have architectural controls placed upon it by Dublin City Council, the Irish Times reported this week. Commercial and residential business owners will face tight controls if they want to change their properties. 

Des Res

Looking forward to your holidays already? Business Insider this week took a look at the best new hotels in the world. The choices were checked with visits to each destination. Here is a selection of some of the 22. The full list can be found here. 

This week's vital property news: The weird effect of Central Bank rule changes
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  • Scene Maker: 25hours Hotel Bikini Berlin

  • Far-Flung Fantasy: Cape Weligama, Sri Lanka

  • Indie Darling: Drake Devonshire Inn, Prince Edward County, Ontario

  • Instant Classic: Four Seasons Resort Orlando, FL

  • Far-Flung Fantasy: Alila Jabal Akhdar, Oman

  • Safari Shake-Up: Sandibe Okavango Safari Lodge, Okavango Delta, Botswana

  • Style Setter: Hotel Sahrai, Fez, Morocco

  • Style Setter: Sublime Comporta, Comporta, Portugal

  • A-List Escape: The Brando, Tetiaroa, French Polynesia

Finally…

It isn’t very often that you hear someone actively trying to have a site’s Unesco world heritage status removed. That is what David Black is doing, and writes about it this week in The Guardian.

He contends that the city has undervalued its historic centre and that a range of new buildings are a destructive force the city. The removal of its Unesco status is hoped to prevent further changes.

Read: New letting agency will pay tenants not to leave properties in a state

Also: Landmark Dublin garda station to be sold for €70 million

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