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Tennis ace Maria Sharapova in housing fraud probe: 5 things to know in property this week
Plus, Trinity College students have been slammed as ‘bad neighbours.’
THE WORLD OF property in Ireland and worldwide is constantly changing, and can be a lot to keep up with. Thankfully, we’re here to help. Each Friday, we create your “cheat sheet” for property news, collecting together five of the week’s biggest stories.
This week, tennis ace Maria Sharapova is in trouble over luxury developments in India, and plans for a proposed hotel off St. Stephen’s Green are dashed…
1. Tennis star Maria Sharapova investigated for housing fraud
Sharapova, a five-time Grand Slam winner, is in hot water this week as police in India begin investigations into a failed luxury housing development that she endorsed.
The complex, named Ballet by Sharapova, promised “a tennis academy, a clubhouse and a helipad” to prospective buyers. However, the development appears to have been abandoned by builders upon collecting the funds. Sharapova has not yet commented on the case.
2. UK bill could reward long-term renters by giving them larger mortgages
A bill is to be launched in the UK House of Lords today, Friday, in an attempt to have a person’s rental records included amongst the criteria used to assess their credit score.
In theory, the bill, launched by Lord John Bird, founder of the Big Issue magazine, could see long-term renters rewarded for their years of rental payments with better mortgage terms. The plans got a resounding thumbs up in TheJournal.ie’s daily poll yesterday.
3. Hotel plans for Howl At The Moon site shot down
Plans to build a boutique hotel on the former site of Howl At The Moon, a nightclub on Lower Mount Street, have been quashed by An Bord Pleanála.
The site was reportedly purchased by Press Up Entertainment for €3.2 million, and initially had permission granted. However, complaints surrounding the impact on the area, which is a Georgian conservation site, changed the board’s mind.
3. Certification system needed for rental sector, says Threshold CEO
John-Mark McCafferty, CEO of rental charity Threshold, has called for a “NCT-style certification” for all rented properties to ensure they meet minimum legal requirements.
This comes in the wake of calls for change in the Irish rental sector, which many see as in crisis. McCafferty also advocates for “severe” penalties for renting an uncertified property “so that there is no excuse for being outside the system”.
5. Trinity accommodation changes halted by “bad neighbours” complaint
Trinity College’s attempt to rent out accommodation to tourists at their student residences over the summer months has been stalled by more than a dozen Dartry residents.
The university recently applied for permission to use three blocks of Trinity Halls for tourism purposes, leading to the complaints. Locals said that there is no policing of student behaviour and that the university accommodation has been a “bad neighbour” since opening in the 1990s.
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 stamp duty, a term you’ll see on every property advertised in Ireland. Stamp duty is tax paid by the purchaser of a property, and it’s calculated depending on the value of the property.
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