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Dublin: 10°C Thursday 21 October 2021

Dublin's skyscraper saga and prices higher than ever: 5 things you need to know in property this week

Along with 3,500 new hotel rooms in Dublin and a €100million project in Galway.

EACH FRIDAY, WE round up five of the most crucial developments in Irish property, so you can always stay in the know (and have something to chat about in the queues for house viewings).

Here’s what’s on our radar this week, from average house prices that are higher than they were during the  boom to home improvement grants for the elderly to 3,500 new hotel rooms in Dublin.

1. Are we in another property bubble? Yes, says Gavin Mendel-Gleason

For Sale Signs. Source: Sam Boal

Gavin Mendel-Gleason has warned that average house prices in Ireland have exceeded those at the peak before the last financial crisis. According to the Workers’ Party representative, as we now stand with the average house costing €338k, nine times the average annual salary. During the last peak average, house prices were €311k.

2. Dublin’s skyscraper saga continues

Source: JSA/Dublin City Council

Will Dublin get a new skyscraper, courtesy of notorious property developer Johnny Ronan? He should, according to consultancy firm Knight Frank – which told the council the €88m structure adjoining Tara Street Dart station and including a 110-bedroom hotel and rooftop bar would help Dublin in the international “war for talent”.

3. The government is giving almost €60 million towards home improvements for older people

shutterstock_167975882 Source: Shutterstock/Photographee.eu

The government is allocating almost €60 million this year to older people and people with a disability living in private houses. Minister for Housing Simon Coveney announced a €59.8 million allocation for housing adaptations for older people and people with a disability. The Housing Adaptation Grant scheme allocates housing aid for older people, housing aid for people with a disability and mobility aid grants.

4. Dublin will get 3,500 new hotel rooms within two years – assuming they’re all built

shutterstock_45238099 (1) Source: Shutterstock/Mariusz Gwizdon

More than 3,000 new hotel rooms will be available to book in Dublin by the end of 2019 – if they all go ahead as planned. That’s according to a study by real estate agency Savills, which looked at new hotels and extensions in the capital that are either in the planning process, have received permission, or are under construction. Assuming projects that are pending approval are given the green light, the capital will see 1,500 new hotel rooms come on stream by the end of 2018 with another 2,000 slated for the following year.

5. Will Galway’s docks be redeveloped?

Source: Galway City Council

Several of Galway’s leading business figures have weighed in behind plans to build a landmark €100 million development in the city’s docks. The project would include four large office blocks, as well as 2,000 sq m of retail space and restaurants, and is estimated to be worth €100million. But it faces both local opposition and objections from the nation’s primary conservation body.

And finally, this week in property jargon…

This week, it’s an architrave, a feature from classical architecture that describes mouldings framing the top of a door, window or other rectangular opening in a home.

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