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Rent hike legislation to be brought to Cabinet next week: 5 things to know in property right now

Plus, a new report says Dublin is one of Europe’s ‘best bets’ for real estate investment.

EACH AND EVERY week, we put together a round-up of the week’s biggest property news stories around Ireland.

Stay on the real estate pulse with our five-minute digest, featuring the vital news from the week just gone.

This week, Dublin City Council announced plans to spend €500,000 on a ‘weed control service’ – while the move to reprimand landlords who push rents above legal limits is gaining traction.

1. Planned new laws will punish landlords who raise rents above legal limit 

Project Ireland 2040 Source: RollingNews.ie

Legislation which will see landlords who raise the rent more than the legally allowed limit reprimanded will be brought to Cabinet on Tuesday, Minister for Housing Eoghan Murphy confirmed this week.

In April, Murphy announced proposed new measures that would form part of the new Residential Tenancies Bill. Among these is a planned law making it an offence for landlords with properties in Rent Pressure Zones (RPZs) to raise the rent above the legally allowed 4%. 

2. Dublin is one of Europe’s ‘best bets’ for real estate, says PwC

shutterstock_511347598 Source: Shutterstock/slawomir.gawryluk

The expansion of tech giants such as Facebook and Google is turning Dublin into one of the top property markets in Europe. That is according to a new report from professional services firm PwC, which ranked Dublin as one of the “best bets in Europe” for real estate investment and development in 2019.

The Irish capital placed third out of 31 cities, behind Lisbon and Berlin, with Madrid and Frankfurt rounding out the top five. The report looked at the total real estate market, including residential and commercial property.

3. New College Green Plaza application en route next year

4236Dublin scenes_90540161 Source: Leah Farrell/RollingNews.ie

Dublin City Council plans to lodge a fresh application for a public plaza at College Green in Dublin city centre in 2019. The council’s Assistant Chief Executive Dick Brady told councillors at a meeting this week that the council will submit a new application to An Bord Pleanála – which rejected the council’s original plans in October – in the new year.

The proposal for a European-style plaza at College Green was rejected by the board due to concerns about the knock-on effect it would have on traffic in general, and on buses in particular.

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4. Dublin City Council to spend €500k on a ‘weed control service’ 

shutterstock_630630323 Source: Shutterstock/Floki

Dublin City Council is seeking to award a contract for a weed control service worth €500,000. The contractor will be required to spray roads, laneways, footways, medians and other areas under the remit of the council – covering 1,051km of roads and 94km of laneways across the capital.

The council says it reserves the right to terminate the agreement at any time if the delivery of the service is not being provided at an acceptable level.

5. Kildare landbank goes on the market for €17m

shutterstock_401923501 Source: Shutterstock/Dmitrijs Kaminskis

A 23-acre landbank in Maynooth, Co Kildare has gone on the market for €17 million through joint agents Cushman & Wakefield and Sherry FitzGerald Brady O’Flaherty, reports the Irish Times.

The 23 acres for sale are part of the recently rezoned 81.5 acres in the Railpark area, east of the town centre, where a residential scheme of up to 800 units looks set to be built.

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