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A new urban quarter in Dublin: 5 things to know in property this week
Plus is the number of houses being built lower than the official claims?
IT’S BEEN A BUSY week for real estate, and we want to make sure you didn’t happen to miss any of the most important goings on.
From a new urban quarter in St James’s Gate to a residents’ legal challenge over the new runway at Dublin Airport – there have been a lot of developments to take in this week.
Here’s everything you need to know from the ever-changing world of property this week…
1. Diageo is planning a new urban quarter at St James’s Gate
International drinks giant Diageo has announced plans to develop an urban quarter at the site of the Guinness brewery in Dublin. Diageo – which produces Guinness – plans to develop 12.6 acres at St James’s Gate into “one of the most dynamic urban quarters in Ireland and Europe”.
The multinational drinks company said advancements in technology and significant investment meant that it could now brew more beer with less space at the historic brewery.
2. Residents group launch legal challenge over new Dublin Airport runway
The first of three legal challenges to plans for a new €320m runway at Dublin Airport has opened at the High Court. The proceedings arise over the proposed development of a 3,110 metre runway, located on 261 hectares in townlands north and north west of the airport terminal building.
The second runway has been deemed vital to proposals to turn the airport into an international hub.
3. A construction tracker claims the actual number of houses being built is fewer than officials claim
A tracker that measures the number of new houses being built in the State has suggested that the actual number is well below official figures. The tracker is from financial firm Goodbody and bases its figures on the number of Building Energy Rating (BER) certificates registered over a particular period.
Figures from the Department of Housing rely on the number of connections to the electricity grid but Goodbody argues that these may not be accurate. It says this may have been exacerbated by unfinished houses from the financial crisis that have since been reconnected to the grid.
4. Ulster Bank execs have been grilled over tracker scandal
Ulster Bank has identified almost 3,500 customers who were affected by the tracker mortgage scandal, its CEO revealed on Thursday. The scandal saw thousands of customers of a number of financial institutions in Ireland charged higher rates of interest than they should have been.
Appearing before the Oireachtas Finance Committee, senior executives from the bank were questioned by members about progress made in identifying affected customers and compensating them.
5. The cost of new Dublin properties up €39,000 compared to last year
The average asking price of a newly listed property in Dublin is recorded as €366,000 according to property website MyHome.ie’s latest property price report.That represents an increase of €39,000 compared to this time last year.
The mix-adjusted price on newly listed properties in Dublin rose by 1.6% in the third quarter of this year, and is up 11.8% compared to last year. Nationally, prices rose by 0.4% compared to the last quarter, and are up 8.9% year-on-year.
And finally, this week’s property buzzword…
We’re simplifying the confusing world of property jargon, one buzzword at time. This week it’s interstitial space, which refers the places ‘in-between’ – think porches, courtyards and balconies.
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