Quotes of the Week

“(They) believe that rents are well underpinned by existing market imbalances and Ireland’s demographic potential. Their funding models and investment objectives make them willing to pay high prices to access such secure income streams. Understandably, this is causing frustrations for private buyers who are attempting to compete.” – John McCartney, BNP Paribas Real Estate?–?Independent –?https://www.propertyweek.ie/page_elements/newsforward.php?id=31961

“There is a real danger that unless these issues can be dealt with without further delay, the storm clouds of rising inflation could scupper many prospective buyers.” – Pat Davitt , IPAV – The Irish Times – https://www.propertyweek.ie/page_elements/newsforward.php?id=32210

“The process goes on for about two years, and the public gets to submit at every level, but then, late in the day, along comes Mr Planning Regulator and says: you can’t be doing that.... There is no way that any housing built on any of that strip of land [– the Killiney-Dalkey coast] would help solve the housing crisis. They would be utterly unaffordable to those on low and middle incomes who are seeking to buy houses in this area. They would be really stratospheric in price.” – Melisa Halpin, People before Profit Councillor – The Irish Times – https://www.propertyweek.ie/page_elements/newsforward.php?id=32211

“When you say the rents out loud, it still makes me draw breath a bit, but unfortunately those are the costs of the [construction] market. The rents are about one-third less than what you would pay for a similar apartment in the area.” – Tuath chief executive Seán O’Connor – The Irish Times – https://www.propertyweek.ie/page_elements/newsforward.php?id=32216

"These examples of brand new rental homes suggest little reluctance on the part of landlords or tenants to bring these homes into use. At a rate of one per day, some might argue that it would take all year for the Drumcondra development to be fully occupied. This is, however, largely a function of policy. Ireland's rental controls are designed for a rental sector with 'mom and pop' landlords, owning one or two units each. It is for that reason that rent controls extend, nominally at least, across tenancies. However, within the professional rental sector, the threat of your landlord evicting you "so their niece can go to college" does not exist: the property's owner wants you there as long as you'll stay. The figures show that it is certainly not a question of whether Ireland's new rental homes will be occupied, but rather how fast." – Ronan Lyons –?https://www.propertyweek.ie/page_elements/newsforward.php?id=32218

"A jaded two-bed former Corpo end-of-terrace house at 29 St Columbanus Avenue in Dublin 14 dating from the late 1940s to early 1950s. St Columbanus estate is an example of an address that has been changed by the social media ‘address mobbing’ phenomenon. Historically it was always Milltown. But because most of Milltown is on the other side of the Dodder in D6, the address trolls have long howled foul whenever residents sold up listing their long-held true address." – Mark Keenan –?Independent – https://www.independent.ie/life/home-garden/fix-it-up-its-all-about-the-address-for-tired-former-corpo-in-need-of-a-revamp-41310791.html

“I’m sick and tired of looking at ‘Blossom Way’ developments and no connection to the area at all. I’d really like to see bit of effort put in, in relation to keeping the culture and the history of the area. I’d like to see more of an impact and an interaction with local historians in relation to naming.” – Christy Burke, Independent Councillor –?The Irish Times – https://www.propertyweek.ie/page_elements/newsforward.php?id=32228

"Really pleasing to see the completion of this important letting on Ireland's premier retail street. My colleague Sarah Coyle deserves all the credit for bringing this deal to a successful conclusion, supported by our leasing advisors Savills Ireland and Bannon, especially Kevin Sweeney. We very much welcome the LEGO Group to our portfolio and I (and my kids) look forward to contributing to their 2022+ turnover." – Brendan O'Regan, head of property funds at Irish Life Investment Managers –?https://www.propertyweek.ie/news_new.php?story=32234