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Dublin: 3 °C Wednesday 26 February, 2020
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Beastly blizzards and a new owner for Citywest: 5 things to know in property this week

Irish homes and businesses were on lockdown thanks to an extreme weather warning.

IT CAN BE tough to keep up with the property news from around the country, especially in the middle of a blizzard.

We may not be able to control the weather, but we can bring you a property cheat sheet: five of the week’s biggest stories in one place.

This week, a huge Dublin hotel gets a takeover, new mortgage stats are revealed, and the country goes on blizzard alert.

1) Tetrarch Capital buy out Citywest Hotel

tetrach capital Source: Tetrach Capital

Tetrarch Capital, an Irish investment firm, has bought out US investors to gain full control of the Citywest Hotel, Fora.ie reports. While the cost of the buyout was not divulged, it was supported by a €60 million loan from a US investment firm, Starwood Capital.

Citywest is the biggest hotel in Ireland, with 764 rooms, 30 event spaces, an 8,000-seat convention centre, and an 18-hole golf course.

2) Irish homes on lockdown as Storm Emma hits

Storm Emma arrives Snow in Phibsboro, Dublin on Wednesday. Source: RollingNews.ie

Starting on Tuesday night with subzero temperatures and some snow, the Beast From The East continued to cause disruption throughout the country all week long. Flights out of Dublin Airport were grounded from Wednesday onwards and a Met Eireann Status Red warning saw people urged to stay in their homes on Thursday and Friday.

The Dáil has been suspended until Tuesday of next week, and many public transport services were suspended or severely curtailed. The bad weather is set to see us into the weekend, with freezing temperatures and snow expected. All week long at TheJournal.ie, we’ve been charting the progress via a liveblog.

3) Councils will need to fine themselves over vacant sites

rolling news Source: RollingNews.ie

Last year’s vacant sites register sought to boost building around the country, but it has become clear that many of the sites are in the hands of local authorities – effectively requiring councils to put their sites on their own vacant site registers. This could see the councils fined if the land is not moved on.

Housing policy analyst Mel Reynolds said that the sites are mainly owned by different departments within each council (eg. housing, transport), and those departments will be fined individually.

4) CEO of last remaining National Broadband Plan bidder reisgns

File Photo A new study has found that broadband speeds can be up to 36 times slower in some parts of the country compared to others. The data also found that the county with the slowest connectivity on average is Longford while the county with the fastest Source: Laura Hutton/RollingNews.ie

Enet, the last company bidding on the National Broadband Plan, has seen its head, Conal Henry, step down suddenly. In a statement, Henry said the reasons why he stepped down were “not important”.

Responding to Henry’s resignation, Enet said it did not expect the news to impact on its bid for the National Broadband Plan contract. The tender has made headlines recently after Eir unexpectedly pulled out of the running.

5) Mortgage approvals to see 20% growth in 2018

A recent report from Banking and Payments Federation Ireland has found that mortgage approvals have continued their upward trend in 2018. Approvals are up 20% from January 2017, taking into account mortgage growth and last year’s figures, according to Business World.

Goodbody Stockbrokers forecasts an overall year-on-year growth on 20% for 2018 versus 2017 but adds that there is a need for “ongoing growth in new housing supply”bto catch up with medium term household demand.

And finally, this week’s property buzzword…

We’re breaking down the complicated world of property jargon, one buzzword at a time. This week, it’s a Sheila’s Maid, one of which you’ll find in this week’s Dream Home. A Sheila’s Maid is a turn-of-the-century device for drying clothes, often suspended from the ceiling in the home. They’ve seen a resurgence in recent years, as they’re more eco-friendly than a tumble dryer!

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