An Irish Reit has applied for permission to build 492 apartments in South Dublin. The mixed use development will be located at Rockbrook in Sandyford. If given the go-ahead, Rockbrook will house 827 apartments in total.
An EU study claims that 99% of all homes in Paris are apartments. This is in stark comparison to Dublin where 60% of the housing stock are houses.
The Central Statistics Office is now encapsulating both cash and mortgage based property transactions for the first time since its inception in 2011. This will lead to a sharper picture of what is happening in the residential property market as almost 50% of property purchases are from cash buyers. Previously, their statistics were based on those drawing down mortgages only.
The Property Industry Ireland believes that just 14,000 residences will be completed by year-end, falling markedly short of the Government’s 25,000 target. Q2 2016 saw a 17% rise in newly constructed homes.
A survey by AA Life Insurance reveals that over 50% of people buying their homes for the first time are now aged 35 or over. The survey had 11,000 participants.
Prices of the average home in central Dublin – the semi-detached, have risen 2.75% in Q3 and are now up 3.7% when compared to the same period in 2015. Prices of the same home in north Dublin are up 3% in Q3, up 5% vs the same period in 2015. South Dublin had an increase of 1.4% for Q3. Lack of supply has been attributed to the sharp increases.
In a survey by REA, cash buyers have dropped 3% nationwide to 33%.
Activate Capital has enough funds to commit to 1,200 homes in Dublin in a joint venture between the State-backed ISIF and KKR, a world leader in investment. The first of the new homes are due for release in October 2016.