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5 things
'No property bubble' and RTÉ selling up: 5 things to know in property this week
This week’s round-up of Ireland’s most vital property news
EACH WEEK, WE give you the most vital pieces of property news from the seven days just gone, from rent hikes to new builds.
Here’s what’s been happening in the world of Irish property this week, from disagreements about ‘overvalued houses’ to controversial plans for a new Dublin skyscraper.
1. Johnny Ronan’s tower block plan slammed as ‘highly obtrusive’
Proposals for a 22-storey Tara Street tower block have been called out by conservation group An Taisce, who say the building would be an ‘intrusion’ on the Dublin skyline.
Developer Johnny Ronan lodged plans to build an 88m block – including a hotel and a rooftop bar – on a site adjoining Tara St DART station. If the building is greenlit, it’ll be the capital’s tallest storied building, topping Google’s 67m Dublin HQ.
2. Multimillion-euro project in Cork’s ‘Victorian quarter’
A Cork hotel group has plans for a €50m project to expand the historic Metropole Hotel on MacCurtain St. As part of the proposed development, Trigon Hotels will build a sister hotel, The M, on nearby Harley St.
The proposed Metropole expansion includes new retail units, a penthouse, rooftop bar and an additional 84 rooms.
3. What property bubble? Houses not overvalued, says Central Bank
The head of financial stability at the Central Bank says houses here are not currently over-priced.
Despite a rise of 10.5% in house prices in the year to April 2017, Mark Cassidy says prices are still well below their last property bubble peak. “One method we look at is the level of houses prices compared to where we think they should be,” he told RTÉ News.
4. Derelict flats in Dublin transformed into social housing
Eleven new units of social housing opened this week in Dublin city centre, providing secure living space for homeless people and others in need.
The St Agatha’s Court apartments in north Dublin were developed out of a derelict block of flats which was scheduled for demolition, and the project will be managed by homeless charity The Peter McVerry Trust.
5. RTÉ sells of part of Montrose HQ for €100m
After going on sale at the start of the year, a nine-acre plot of land at RTÉ’s Donnybrook headquarters has sold for €107.5m. Irish developer Cairn Homes says it plans to build 500 apartments on the site.
The plot sold for well above its original guide price of €75m. RTÉ is selling off the land to help solve its ongoing financial issues.
And finally, this week’s property buzzword…
Property can be a complicated topic, and every week we decode yet another word, to give you the upper hand in conversations with estate agents (and fellow house-viewers). This week it’s rent pressure zone, an area identified as having particularly high rents. Ireland has 14 areas listed as RPZs. Under current Irish legislation, rent in an RPZ can only rise annually by a certain percentage.
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