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5 things
Debate over new homes at Poolbeg: 5 things to know in property this week
Plus Dublin’s iconic Screen Cinema is no more.
THE WORLD OF property moves quickly, and so it can be hard to keep up. But never fear: each week, we put together a five-minute digest of the week’s biggest stories, from government policy updates to new builds.
This week, it’s looking more likely that the Poolbeg area will get 900 new homes, and property tax changes come to light.
1) Affordable home laws spark debate at Poolbeg
“Intense discussions” are currently underway between Dublin City Council and receiver Deloitte over the number of affordable homes to be included in a development plan for the Poolbeg peninsula.
The draft Poolbeg Strategic Development Zone is to have 3,500 homes fast-tracked in the future. Almost 900 of these are slated to be affordable housing, but Deloitte has objected to the figure, as it’s well over the legal minimum of 10% required for new schemes.
2) The once-iconic Screen Cinema is no more
Demolition of the Screen Cinema in Dublin 2 began on Wednesday – a long-standing cultural landmark in the city, it closed its doors in 2016. Dublin City Council have approved a 10-storey building for the sire, which will include a café, offices, a 500-seater venue and a restaurant.
The Screen opened in 1984, and made its name by focussing on non-mainstream films as well as classic cinema.
3) Homeowners safe from property tax changes until 2020
Finance and Public Expenditure Minister Paschal Donohoe said that changes to the local property tax system will not affect homeowners until 2020. Property tax is currently based on the market value of a house, and in 2015, the rate was frozen until 2019.
It is feared that a jump in tax is likely when the tax unfreezes next year. But Donohue has said otherwise, describing the planned changes as “moderate” and “affordable.”
4) Our housing market has ‘shades of Celtic Tiger’
Merrion economist Alan McQuaid has said that there are “shades of the Celtic Tiger” in Ireland’s housing market, predicting a similarly disastrous property bubble. This comes after reports that prices nationwide have risen by 13% in the last year.
McQuaid said that “prices are only going one way in the short-term until the supply issue is resolved” and that the current demand is a huge risk. The measures taken by government are slow to come through, meaning that “as we wait…prices will continue to rise”.
5) Murphy: Building new apartments still ‘a challenge’
The demand for apartment living has never been higher, but building large blocks remains “a challenge from a cost point of view” according to Housing Minister Eoghan Murphy. He also said that thousands of new apartments are needed to alleviate the property crisis.
A report published today showed that building residential property is simply less attractive for builders due to costs incurred. The government seeks to address the scarcity as a matter of priority, “to help stimulate residential delivery at more affordable pricing levels, particularly in Dublin”.
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 concertina wall, a design feature you’ll spot in one of this week’s Virtual Reality tour. Concertina walls are moveable, and are created from a number of either single or double panels that form a robust, durable folding wall that’s easy to use and quick to deploy.
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