Hundreds of build-to-rents in Cherrywood: 5 things to know in property this week

And what the local property tax may cost you if it increases.

IT’S BEEN AN EVENTFUL week in the world of property, and we want to make sure you’re in the know about all of it, in digestible, bite-sized pieces.

From UCC’s €350 million investment to the 1,250 build-to-rent complex planned for Cherrywood to what changes in local property tax may mean for your pocket – there has been a lot of change in real estate.

Here’s everything that you may you’ve missed this week…

1. UCC €350 million investment plan will create more than 500 construction jobs over next five years

shutterstock_100034045-4 Shutterstock / Luis Santos Shutterstock / Luis Santos / Luis Santos

University College Cork (UCC) has unveiled a €350 million investment plan which will create more than 500 construction jobs in Cork over the next five years.

It includes the construction of new student accommodation, a world-class outdoor sports facility and a modern student hub. There will also be new buildings for the clinical medical school, the dental school, a creative hub and Cork University Business School.

2. Ireland’s biggest landlords set to take on Cherrywood apartment project

original (6) Hines Hines

A major town-centre development in south county Dublin is likely to attract interest from Ireland’s biggest private landlords.

US property giant Hines submitted a planning application to build more than 1,250 apartments for the first stage of the new Cherrywood project. However, the properties will only be offered under a ‘build-to-rent’ scheme, meaning individual apartments won’t be up for sale.

3. Ireland will need 550,000 more homes by 2040

shutterstock_303143519 Shutterstock / 1000 Words Shutterstock / 1000 Words / 1000 Words

Ireland will need 550,000 more homes and 660,000 more jobs for a one million increase in population by 2040. Of the one million extra people, 25% are projected for Dublin and another 25% across Cork, Limerick, Galway and Waterford.

The government has published a draft of its long-term strategic planning framework for future growth and prosperity, Ireland 2040 – Our Plan. According to the draft national planning framework this will enable all four cities to grow their population and jobs by 50-60%.

4. The Local Property Tax may increase

shutterstock_527162170 Shutterstock / Watchara Ritjan Shutterstock / Watchara Ritjan / Watchara Ritjan

The Local Property Tax (LPT), which came into effect in 2013, is a charge on all households in the State (owners are liable, but those who are renting are excluded), and this week, we calculated how much an increase could cost homeowners.

The LPT is a self-assessed tax where the homeowner calculates the amount of tax they owe based on a rough estimation of the value of their property. You can see Revenue’s valuation guide for estimating your home’s worth here.

5. Eight suspects have been identified over sale of Nama Project Eagle portfolio

shutterstock_686363737 Shutterstock / Kouze59 Shutterstock / Kouze59 / Kouze59

The UK agency leading the investigation into the £1.2 billion sale of Nama’s Northern Ireland “Project Eagle” property portfolio says it has identified eight suspects.

The National Crime Agency in the UK says that the investigation into the loan portfolio to a US investment fund in 2014 was a “complex” one. The agency took over the investigation in 2015. In a statement to TheJournal.ie, it said that it will brief the inquiry into the sale next month.

And finally, this week’s property buzzword…

We’re breaking down the mystifying world of real estate jargon, one buzzword at time. This week it’s retrofit: Interior designers/architects are helping people to improve the space that they’ve got by retrofitting. It can include improvements in technology, energy efficiency, lighting, and electrical systems that bring your home up to standard.