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This week’s vital property news: An Irish builder goes public and a church covered in Nicki Minaj

Everything you need to know in one quick guided tour.
Jun 11th 2015, 5:18 PM 2,941 0

House Sign2 (4)

THE PAST WEEK has seen something of a historical event, with the first initial public offering by an Irish builder in 20 years.

There was also shrewd advice from an association of mortgage lenders on what house buyers should watch out for when taking out a mortgage, and how not to be taken in by flashy incentives.

The Big Movers

Initial public offering 

This week Cairn Homes became the first Irish builders to go public in 20 years and gained €20 million in value on its first day on the market.

The company raised around €400 million before being launched on the London Stock Exchange. The company was only set up last year by builder Michael Stanley and financier Alan McIntosh and will be focusing its building efforts on urban areas.

The last Irish house builders to go public was McInerney Holdings in 1996.

Cairns How Cairn Homes stock looked earlier this week Source: London Stock Exchange

Glitzy offers 

Potential buyers have been warned by the Association of Expert Mortgage Advisors (AEMA) to be careful when taking out loans and not to be “swayed by the lure of instant gratification”.

These include banks offering one-off payments for legal fees or a reduction in rates on other financial products.

On the attitude that potential buyers should take, Director of the AEMA Ken Murray said, “You can’t just look at the offer at face value – you must see what’s behind it and start asking questions – only then will you be able to make an informed decision and be confident in your approach.”

Moving home?

If you’re feeling bad about moving back home despite being well into adulthood, you’re not on your own.

A quarter of 25- to 34-year-olds are moving back in with their parents to save money for a deposit on a house. This is according to new research carried out by Aviva Home Insurance. The survey is said to demonstrate a changing attitude towards home ownership by young people in Ireland.

It was also found in the study that only 17% of those asked who were renting planned to do so long term.

home ownership Source: TheJournal.ie

Under Construction

  • Revenue has named a list of 103 people who defaulted on their tax for the first quarter of 2015. This includes a landlord who under-declared on VAT and had to pay out €2.65 million. 
  • Markree Castle in Co Sligo has changed hands for the first time in more than 350 years.   

Repro Free - Markree Castle's resident flock of sheep The castle and its grounds

Des Res

The California mansion of founder of Whitman Capital LLC, Doug Whitman, has come onto the market for $20.7 million (€18.36 million), Business Insider reports. Its owner was jailed in 2012 for insider trading charges. 

All pictures courtesy of Pacific Union’s Tom LeMieux 

And Finally…

In a very bizarre turn of events, a church in Finland has been covered in life-sized cut outs of popstar Nicki Minaj. Rather than being a cutting edge architectural development, it is actually a promotional stunt for the singer’s first show in the country, reports Curbed. 

Read: Linking the past to the present – with a glass box

Also: Mount Juliet’s new owners are planning a €10 million revamp after ‘significant’ losses

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Michael Sheils McNamee

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