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Dublin: 10 °C Thursday 21 February, 2019
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This week’s vital property news: Repaying bailouts and Bertie Ahern political HQ

Everything you need to know in one quick guided tour.

property ireland Source: Photocall Ireland

THIS WEEK THERE was some good news for the tax payer, with TSB announcing it is set to pay back some of its bailout money.

This came despite the fact that the bank making a pre-tax loss last year.

There was also an interesting opportunity on the Dublin property market – as Bertie Ahern’s old political HQ became available.

The Big Movers

Paying back the bailout 

Permanent TSB has announced plans to pay back €400 million of its tax payer funded bailout when it goes to private investors for more money.

This came despite the bank announcing a pre-tax loss of €48 million for 2014. This was a big reduction on the loss of €668 million it made in the previous year.

After the financial crash the government invested €4 billion into Irish Life and Permanent – which went on to become Permanent TSB. The government were reimbursed €1.3 billion of that money when they sold Irish Life in 2013.

Jeremy Masding Jeremy Masding at Permanent TSB's press briefing for their 2014 results this week Source: Leah Farrell/Photocall

Permanent TSB’s chief executive, Jeremy Masding, said that it was hoped this was the first stage of returning the bank to private ownership.

Bertie Ahern 

Former Taoiseach Bertie Ahern’s old political HQ in Drumcondra came onto the market this week for €595,000. The building, known as St Luke’s, played a central role in Ahern’s political rein.

St. Lukes Source: Lisney

The building was named when the former Taoiseach was giving evidence to the Mahon Tribunal.

The house had its ground floor extended a number of years ago and is currently laid out as office space.

Construction slowdown 

Things in the building business have continued to slow down, with construction in February dropping for the fourth month in a row.

This was according to new figures from the Ulster Bank Construction Purchasing Managers Index which tracks activity in the sector.

There was some cause for optimism however, as over the 18 month period, there had been an overall trend towards growth.

Under Construction

  • A European company trying to match tenants with empty houses is offering surprisingly low rents in popular locations.
  • Plans to provide housing for the homeless in the empty O’Devaney Gardens flats in Dublin have been criticised by a local councillor. 

o'devaney The O'Devaney Gardens flats Source: Photocall Ireland

  • The New Land League group who have been in the headlines for their involvement with the O’Donnell family has been criticised for going against the “spirit and ethos” of the original group.  
  • The Dalata Hotel group has bought another property in Ireland to add ti its expanding group of more than a dozen hotels. 
  • Head of the Irish Mortgage Holders Organisation has predicted as many as 25,000 repossessions could take place in the next two years.  

Des Res

In Australia, house prices are soaring, leaving estate agents to think up some creative ways to get their properties out there.

This €9.4 million property comes onto the market complete with its own 6 minutes video showing off its five bedrooms, eight bathrooms, wine cellar and cinema.

Source: dinglepartners/YouTube

Finally…

This week Frei Otto was named the Pritzker Laureate shortly before passing away earlier this week. The German architect had said during his life that his aimed was to “to design new types of buildings to help poor people especially following natural disasters and catastrophes.”

He is most famous for having designed the 1972 Munich Olympic Stadium.

Read: These hotels look nothing like the photos they post on their websites  

Also: Permanent TSB is going to give a little bit of its bailout money back

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