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Dublin: 9°C Wednesday 27 January 2021

Four-day queues for new Dublin homes: 5 things to know in property this week

Plus, the number of Irish mortgages currently in arrears of five years or more.

PROPERTY IN IRELAND is big business, and the fast pace of it all makes it tricky to keep up sometimes. Each week, we summarise the biggest stories from the Irish property market, to catch you up in five minutes.

This week, Dubliners camp out in an effort to secure a home, and Athlone’s long-vacant Texas Shopping Centre gets a facelift.

1) ‘It’s mental’: House hunters queue overnight in Clonsilla

pastedimage-43816 Source: TheJournal.ie

Homes in the Beechwood development in Clonsilla, Co Dublin go on sale today – but a few wannabe homeowners have been waiting in line since Monday. The 25 units – priced between €300 and €500k – have attracted attention thanks to their proximity to local schools, as well as their size.

Estate agent Kelly Walsh has not commented. Some of the house hunters told TheJournal.ie that they had already organised a system to prevent people skipping the line.

2) This Dublin 2 laneway has sparked a planning war

google-maps Source: Google Maps

An appeal was lodged to An Bord Pleanála by the owners of Number 9, Ely Place this week, after Dublin City Council approved a redevelopment at the adjoining Number 10. The owners of Number 9 claim they have a right of way to the laneway, which will be infringed if the proposed property is built.

Dublin City Council originally gave planning permission to Number 10 on a number of set conditions, as the building is a protected structure. A decision is expected in the coming months.

3) New report recommends restructuring of mortgages in arrears

Source-Shutterstock-Antonio Guillem Source: Shutterstock/Antonio Guillem

According to a new report co-authored by the Deputy Head of the Central Bank, over 13,000 mortgages in Ireland have been in arrears for over five years.

The report offers loan restructuring as one key solution to the problem, and notes that 87% of restructured loans began performing again afterwards. Around 120,000 home loans have been restructured in recent years.

4) New life on the site of Dublin’s Tripod and Crawdaddy

Sam Boal Source: Sam Boal/RollingNews.ie

The vacant Tripod, Crawdaddy and Chocolate Bar clubs are finally set to be overhauled by Dublin property mogul Clancourt Holdings. The group acquired the vacant properties in 2016, and now has been cleared to develop a mixed-use restaurant, retail and office area here.

The acquisition comes as part of Clancourt’s plan to create an €850 million ‘Covent Garden-style district’ in Dublin city centre. Called ‘Opera Quarter’, the proposed area will encompass the land around the National Concert Hall and the old Harcourt Railway Station.

5) Athlone’s Texas Shopping Centre to get a facelift this year

google-maps-athlone Source: Google Maps

Bennett Construction has met with government to finalise its redevelopment of Texas Shopping Centre in Athlone, with a view to re-opening the centre in a year’s time. The centre, which has been vacant since the recession, was snapped up by the company at the end of last year.

According to the company, Bennett has an “extensive refurbishment” planned to “tidy up” the externals aspects of the building and will also carry out work to ensure the building is fully watertight.

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 maintenance fee, something you may not have heard of if you’ve been living in a standalone property all your life. Maintenance or management fees are commonplace in apartment buildings to cover overall upkeep, heating, lighting and more.

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