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Dublin: 15°C Wednesday 6 July 2022

TD calls new town plan 'one of the worst ever': 5 things to know in property this week

Plus Dublin’s skyline could look completely different by 2040.

AN AWFUL LOT can happen in seven days, particularly when it comes to Ireland’s property market. That’s why, each week, we round up the biggest stories hitting the headlines lately.

From controversial town plans to new co-working spaces taking over Dublin’s city centre, here’s a recap of the hottest news stories making the rounds this week, so you’ll be able to hold your own in the house viewing queues.

1. Dublin social housing plan sparks debate

SDZ-Boundary-aerial- Source: Clonburris.ie

new plan to build 8,437 homes between Lucan, Clondalkin and Liffey Valley, has been given the green light – but mayor of South Dublin County Council, Paul Gogarty isn’t happy, calling the plan “one of the worst ever”.

2. Ibec outlines policy measures to address housing shortage

christian-stahl-313383-unsplash Source: Unsplash

The Irish business group Ibec claims that the country hasn’t had a ‘normal’ property market for two decades and has outlined measures to address the country’s shortage of homes.

Earlier this year, the housing crisis was labelled the country’s ‘most pressing issue’ and it was estimated that supply was well short of the 30,000 to 50,000 homes required to address demand.

3. Here’s what Dublin’s future skyline could look like

4072527 Source: Flickr/lennoxmcdough

Dublin’s future skyline could look vastly different, following the recent approval of a major hotel development that exceeds the height limits in the city’s development plan.

Although the go-ahead received some backlash, An Bord Pleanála noted that the eight-storey hotel, set to be constructed on the old site of Ned’s pub in the city centre, is in line with the guidelines set out in the governments Ireland 2040 policy paper.

4. Banks will soon need to let mortgage customers know of cheaper deals

shutterstock_341238059-390x285 Source: Image: Shutterstock/ConstantinosZ

The Central Bank has released some new rules, following 2015′s findings that more than one fifth of borrowers could save money by switching mortgages. From next year, banks will have to let variable rate customers know if they can move to a cheaper rate.

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Analysis of over half a million mortgages found that approximately 16,000 could save over €1,000 in the first 12 months, and around 27,000 switchers have the potential to save in excess of €10,000 over the lifetime of the mortgage.

5. US company to take over Central Bank’s old HQ

image Source: Hines and Peterson

Shared office company WeWork is set to lease Central Bank‘s former headquarters on Dublin’s Dame Street. Just last week, planning was granted to reimagine the building, with plans to introduce a new bar and a 360-degree rooftop restaurant as well as accommodating 1,300 office workers.

The announcement moves in Ireland by WeWork, a US company, which has quickly been increasing its presence in the country over the past few months.

And not forgetting, this week’s property buzzword…

We’re breaking down the complicated world of property jargon, one buzzword at a time. This week it’s dormer bungalow. We hear the word bungalow and automatically think of a home that’s solely made up of a ground floor. A dormer, however, utilises the attic space to create an extra floor – just like this home in Swords, our VR tour for this week.

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