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'Don't call it a burst bubble': 5 things to know in property this week
Plus big changes for Dublin 7′s Stoneybatter village.
IT’S ALWAYS WORTH keeping an eye on the world of property, regardless of whether you’re a developer, homeowner, or wannabe homeowner. That’s where we come in. Each Friday, we collect five of the week’s biggest property stories, so you can catch up on what’s been happening in the Irish property market.
Here’s what’s been going on this week, from new developments in Dublin to recent findings about the Irish market from Daft.ie.
1. Housing prices show no change in late 2017 – but don’t call it a burst bubble
Economist Ronan Lyons has dubbed 2017 “a year of two halves” for the Irish property market. His comments come after the publication of the year’s final Daft.ie report, which found that while the average price of a home in Ireland rose by 8.8% in the first six months of the year, this slowed in the second half, with little to no changes.
With some parts of the country reaching pre-2007 prices, Lyons warned that unless things change, “we will be stuck in a sprawl model” due to rising demand for urban homes.
2. The Help-to-Buy scheme has cost a lot more than expected
The government’s Help-to-Buy scheme, introduced last year, is already over budget. The scheme provides eligible new buyers with a grant of €20,000 and was intended to cost €50 million – however, as of November 2017, an extra €5.5 million has been spent on it.
Help-to-Buy has received over 11,000 applications since it began. Critics of the scheme claim that it will increase the price of properties, and that the government should focus on social housing.
3. €200m project in Dublin 8 stalled to save old pub…
An Taisce has objected to a proposed redevelopment of Newmarket Square, citing a need to save existing “historic structures”. The redevelopment, which received planning permission last month, would see new offices, apartments and a microbrewery added to the area.
An Taisce claim that the old pub and buildings like it are important “in breaking down the effects of large-scale new developments”. A decision will be made later this year.
4. …while Stoneybatter will get a six-storey apartment block
Richard Barrett, formerly of the Celtic Tiger-era firm Treasury Holdings, has secured planning permission for a new apartment complex in Stoneybatter, Dublin 7. His company, Bartra Capital Group, intends to build 23 apartments in total, over seven stories.
This week, Dublin City Council ruled that the seventh story could not be built, and that they had “serious concerns in relation to the height, scale and massing of the development”.
5. Ireland’s property market is one of the fastest-growing in the world
Ireland is the sixth-fastest-growing property market in the world, reports The Irish Times this week. This is according to the Global Property Guide, which ranks Ireland’s growth as behind countries such as Iceland, Hong Kong and Canada.
House prices in Ireland rose by 7.6% this year, and are expected to rise – albeit more slowly – in 2018, due to tighter Central Bank rules on loan-to-income ratios.
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 HRV, or Heat Recovery Ventilation. It’s a ventilation system designed to bring in fresh filtered air from outside, while retaining a comfortable room temperature, to prevent staleness or dampness. You’ll find a HRV in one of our featured properties this week, The Sandpiper in Lucan, Co Dublin.
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