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Hundreds queue for one rental property in Dublin as Irish capital’s housing shortage in crisis

Voice Of EU



Over 150 potential tenants queued to view a single rental property in Dublin last night as Ireland grapples with a housing crisis.

A long queue formed along St Brendans Road in Dublin on Tuesday night, with over 100 people queuing for a viewing at the three-bedroom house at 8.30pm. 

Within 30 minutes, even as the sun set, a further 50 people joined the queue to view the property, which costs €1,850 a month, in the city.

Conor Finn, who posted footage of the long queues, tweeted that he had waited for an hour in the queue before leaving without viewing the property.

‘An hour later and I’ve left the queue after no real movement or chance of viewing the house tonight,’ Finn said on Tuesday night at 9.30pm. ‘People were still joining the end of the queue as I left.’

Ireland’s economy is booming as the republic offers low corporation tax rates to tech and pharmaceutical companies such as Google – and pandemic-enhanced revenues from those companies has meant the republic is enjoying a €8bn corporate tax windfall.

But employees from these companies have flooded into the country, meaning the demand for properties in Ireland have soared. They are also able to afford to pay higher prices for houses and renting a property, meaning costs have soared.

This, coupled with a shortage of properties, has meant Ireland is facing a housing crisis and one estate agents in Dublin have even had to introduce a lottery system for viewings after they received 1,200 applications for one home.

Over 150 potential tenants queued to view a single rental property in Dublin last night as Ireland grapples with a housing crisis

Over 150 potential tenants queued to view a single rental property in Dublin last night as Ireland grapples with a housing crisis

A long queue formed along a street in Dublin on Tuesday night, with over 100 people queuing for a house viewing at around 8.30pm

A long queue formed along a street in Dublin on Tuesday night, with over 100 people queuing for a house viewing at around 8.30pm

A long queue formed along a street in Dublin on Tuesday night, with over 100 people queuing for a house viewing at around 8.30pm

Demand for rental accommodation in Dublin has grown from already sky high levels in recent months – to such a degree that Ireland’s largest private landlord could have recently filled a new apartment block 30 times over, its chief executive said on Thursday. 

Chronic supply shortages pushed Irish rental properties to a new record low this month, with just 716 homes available to a population of 5.1 million people as of August 1, property website said in a report on Wednesday last week.

Irish Residential Properties REIT (IRES) Chief Executive Margaret Sweeney told Reuters that it received 600 requests to view 20 new apartments it listed last month near Dublin’s city centre.

The 61-unit development was fully occupied within a week of the builders completing the project, she added.

‘We’re definitely seeing much greater demand, there is a real shortage of good available accommodation. We’ve seen it increasing month-on-month,’ Sweeney said in a telephone interview.

‘It’s coming through in the fundamentals, unemployment is even lower than it was pre-COVID, there’s been quite strong FDI (foreign direct investment). We’ve a very young population as well as less emigration than previous decades.’

Estate agents Brock Delappe in Dublin said they have been forced to operate a ‘lottery system’ when choosing who can view properties because they have been inundated with applications.  

Within 30 minutes, even as the sun set, a further 50 people joined the queue to view the property in the city.

Within 30 minutes, even as the sun set, a further 50 people joined the queue to view the property in the city

Within 30 minutes, even as the sun set, a further 50 people joined the queue to view the property in the city

Ireland is facing a housing crisis due to a shortage in houses coupled with soaring demand

Ireland is facing a housing crisis due to a shortage in houses coupled with soaring demand

David Brock, an estate agent at the firm, said that there have been 1,200 applications for a single property.

‘The knock-on of that is, while the rent is low, you can only rent it out to one person and then you have got 1,999 disappointed people,’ Brock told Newstalk

‘When we’re doing the lettings and it comes to that, we need to operate a lottery system, which is unfair as well. You meet a lot of people who are desperate.’ 

While Ireland built too many homes in the wrong places in the 2000s, supply has since constantly fallen short of demand and rents have long passed their previous peak, limiting prospective buyers’ ability to save a deposit.

A years-long mismatch between low supply and high demand in Ireland has been compounded by two shutdowns of the construction sector in the past 18 months to slow the spread of Covid-19.

The resultant stalling in the building of new homes and a high number of well-paid employees at tech companies moving to Ireland has contributed to house prices rising again and rents increasing. 

In 2009, there were over 23,400 homes available to rent in Ireland – nearly 8,000 in Dublin and 15,500 elsewhere. In contrast there were less than 300 homes to rent in Dublin and 424 elsewhere on August 1 this year. 

Ronan Lyons, who wrote the report, said: ‘A resurgent economy over the last year has accentuated the chronic shortage of rental housing in Ireland.

‘The shortage of rental accommodation translates directly into higher market rents and this can only be addressed by significantly increased supply.’

Last month, Irish officials claimed Britain’s Rwanda policy has triggered a surge in refugees arriving in Ireland, reports The Telegraph.

But that is just one factor – the Irish government said that the country has seen an increase of refugees due to the pandemic and the war in Ukraine.

The unprecedented number of refugees arriving in Ireland has put pressure on the country’s housing crisis, despite generous offers to host Ukrainian families.

The shortage of accommodation has become so critical that around 4,300 Ukrainian refugees are set to be displaced this month, reports the Irish Independent. They are being housed in hotels and hospital accommodation. 

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Barings provides €72m loan for social housing portfolio (GB)

Voice Of EU



Barings has provided a €71.9m (£62.9m), 15-year loan to finance the acquisition of a social housing portfolio in England by Domus Social Housing Ltd (Domus). Provided under its separate account with investor Phoenix Group, the UK’s largest long-term savings and retirement business, it is Barings’ first real estate debt exposure to affordable housing in Europe. 


Domus and Fiera Infrastructure Inc, were advised by Excellion Capital on the milestone transaction in which Domus acquired the portfolio, consisting of 54 properties in London, the midlands and the northwest of England with more than 850 beds in the underlying units. The assets are let to UK housing providers that specialise in managing homes for residents with a range of needs, including those experiencing homelessness and domestic abuse. There are over 320,000 people estimated to be sleeping rough, in homeless shelters or in other temporary housing in the UK, according to analysis from Shelter in 2018.


Chris Bates, Head of Europe Real Estate Debt Origination at Barings, said: “Having been actively lending against UK and European residential property for some time now, we were keen to explore opportunities in the affordable housing sector and believe this portfolio is a substantially attractive one to launch us into the market. We are increasingly seeking out opportunities to invest in residential property, given that it provides a long-duration, reliable income that hedges against rising inflation, and are interested in a range of asset classes such as affordable housing, student accommodation, build-to-rent and the private rental sector.”


Sam Mellor, Managing Director and Head of Europe & Asia – Pacific Real Estate Debt at Barings, said: “Increasing our exposure in affordable housing is the right thing to do from both a social impact and a financial investment perspective, reflecting both Barings’ values as a company and our investors’ priorities. With a housing crisis in the UK, as across much of the world, the social case is crystal clear. Barings has significant expertise and experience in the affordable housing sector in the U.S., upon which we’ve drawn for this investment, and we’re eager to continue to combine our global research capabilities with our on-the-ground knowledge to seek to secure returns for our investors.”


Prabjot Mann, Head of Property at Phoenix Group, said: “Phoenix is delighted to have provided €71.9m (£62.9m) for Barings’ first loan supporting affordable housing projects in Europe. Phoenix Group is committed to investments that have a clear social benefit and this loan forms part of our growing portfolio of investments in affordable, supported and social housing. This funding will provide housing to those most in need, and is fully aligned with our approach to responsible investment.”


Alina Osorio, President of Fiera Infrastructure, said: “Domus is a new social infrastructure platform focused on providing critical shelter and support to the most vulnerable members of the community. The investment addresses the social housing supply imbalance in the UK by providing quality accommodations in the areas most at need. We plan to grow our footprint through additional acquisitions, which have been identified and secured in areas experiencing housing supply shortages. We are pleased to have worked with Barings on this milestone financing and look forward to witnessing its significant and measurable social impact on the individuals and communities in which Domus operates.”


Gareth Taylor, Director at Excellion Capital, said: “We are delighted to support Domus Social Housing with its acquisition by working with Barings to provide funding of socially responsible and much needed supported housing across the UK. These properties give the unhoused and most vulnerable individuals in our society the accommodation and the specialist care they require.”

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How to sell your home in 2023: Ten top tips

Voice Of EU



Energy price worries, double-digit inflation, strikes, war and a new government — there’s a lot going on right now, and it’s all beginning to sap the confidence of sellers and buyers.

The market is still robust, with Halifax this month reporting that house prices are 11.5 per cent higher than a year ago, and the typical home now costs a record £294,260. 

But some potential sellers aren’t convinced and believe it’s better to wait until spring to see if buyer confidence returns.

Holding off: The housing market remains robust, but some potential sellers aren't convinced, and believe it's better to wait until spring to see if buyer confidence returns

Holding off: The housing market remains robust, but some potential sellers aren’t convinced, and believe it’s better to wait until spring to see if buyer confidence returns

Of course, the cuts to stamp duty that Prime Minister Liz Truss and Chancellor Kwasi Kwarteng have announced may change a few minds.

But research by savings website VoucherCodes suggests that rising costs have forced 11 per cent of all potential buyers to delay by at least a year.

And a separate study by Nationwide Building Society says seven in ten would-be first-time buyers are putting their plans on ice for some months at least.

So if you’re looking to sell and prevent your home from languishing on the market for months on end, it may be best to spend the next six months getting into pole position for the market in 2023. 

Here are our ten top tips…

1. Take top-quality photos

Choose your estate agent now and make sure they take photographs of your home as soon as possible, while the weather is still relatively good. 

Then it will look its best regardless of when you decide to list it — and you can choose to start marketing at short notice if the conditions are right.

2. Help your buyer

‘Create a pack including everything you can to reassure buyers and cut delays,’ says Clare Coode, an agent with Stacks Property Search, a buying agency.

‘This should include, for example, a certificate for your wood burner, up-to-date electrical certificates, planning permissions, building regulation sign-offs, information about ownership of boundary walls and documents related to access and rights of way.’

3. Fix a mortgage deal

With interest rates rising, and likely to increase for another 18 months according to commentators, securing a competitive multi-year, fixed-rate mortgage in principle now makes sense. 

But many of these deals have to be acted upon within a few months, so ensure you’re in a position to buy before the deadline expires.

4. Boost energy efficiency

This is a key issue for buyers, even after Liz Truss introduced a financial package to ease the burden of increased energy costs.

‘Double glazing, improved insulation or a new boiler could be achieved in a few months, and would likely boost both the appeal and asking price of your home,’ says Location, Location, Location star Phil Spencer. 

‘There are also solar panels, but these won’t add enough value to recover their cost in the short term.’

5. Update the kitchen

Consumer group the HomeOwners Alliance says the kitchen is worth more per square foot than any other room in the house, so it’s worth making it look tip-top.

Spend autumn and winter refacing the cabinets and smartening up the walls and floor. 

But don’t fit a new kitchen — you won’t recover the cost if you sell soon and an installation hitch could derail plans.

6. Be competitive

Try not to pay too much attention to any one house price index, but look at the overall trend and be prepared to set a competitive asking price in the New Year.

Many estate agents say an asking price at the lower end of your expectations will encourage rival buyers to bid against each other — good news for any seller. 

And an overly ambitious price may see the home stuck on the market, especially during a cost of living crisis.

7. Try a neutral restyle

Declutter, of course — but do more than that. ‘If your interior is looking a little dated in style, then redecorate in line with current trends,’ says Alex Lyle, director of estate agency Antony Roberts, based in West London.

‘But try not to be too ‘out there’ as this may put off some potential buyers. Likewise, if carpets are looking a little tired, think about replacing them or switching to wooden flooring.’

8. Spruce up the garden

‘Assess how badly the garden suffered from the drought,’ says Josephine Ashby of John Bray Estates, an estate agent based in North Cornwall.

‘Something planted in the autumn should be thriving by spring. Outside space is important, so doing anything to spruce it up will be rewarded. 

Fresh gravel, a trellis to hide eyesores, dramatic pots and cleaned-up furniture with pretty cushions are all easy fixes.’

9. Remember the lights

‘Swap old halogen lights for LED fittings,’ says Emma Barkes of Stacks Property Search. ‘These use 80 per cent less energy to produce the same amount of light.

‘Make the change early so you can demonstrate lower winter bills and also to give you time to paint the ceilings, as the fittings will almost certainly be a different size.’

10. Finish old projects 

There’s no excuse for outstanding repairs if you have six months to deal with them, but remember that it can take longer than you think to get a tradesman in.

Maintenance firm HelpmeFix says it typically takes four weeks to get a bricklayer or roofer, and at least a week to get a plumber to do a routine boiler check.

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CBRE IM acquires two logistics assets in Madrid (ES)

Voice Of EU



CBRE Investment Management has acquired two new logistics assets in Madrid, Spain, owned by DWS, with a total gross lettable area of 67,859m².


The first asset, located in Meco, was completed in Q2 2020 and offers 51,969m² of gross lettable space with a LEED Silver rating. The second, in Torrejon, was completed in Q4 2019 and provides 15,890m² of gross lettable space with a LEED Gold rating. Both properties are already leased under triple net leases to leading tenants including a German automotive component manufacturer, a national kitchen equipment distributor and an international sustainable energy company. They both also have EPC ratings of A.


Both assets boast excellent locations with easy access to the A-2 and R-2 highways, and good connection with the M-50, Madrid’s outermost ring road. A driving distance of just 30 minutes to Madrid’s city centre means the assets are well positioned to accommodate, amongst others, tenants with a last-mile approach. The assets have been delivered to high technical and environmental specifications, and also benefit from the increased penetration of e-commerce in Spain and the lack of grade A logistics properties in the area.


Antonio Roncero, Head of Transactions for Iberia at CBRE Investment Management, said: “This acquisition was a rare opportunity to secure an income-producing grade A logistics portfolio through an off-market process. The Madrid logistics sector is attractive due to the potential growth of occupier demand versus an acute shortage of supply. Despite current economic headwinds, well located, high-quality and sustainable assets such as these are well placed to take advantage of ongoing rental growth in the logistics sector.”


Manuel Ibanez, Head of Real Estate Iberia at DWS, pointed out: “In 2017 at DWS we bet on the logistics sector and structured a forward purchase agreement with ICC, which culminated in the purchase of the two newly developed warehouses in 2019 and 2020. Following the leasing of both assets, we decided to divest, closing the circle of this deal, which will be profitable for our investors and is part of DWS’s value add strategy. We will continue working to find investment opportunities in key locations and strategic sectors such as logistics, residential and offices, strengthening our presence in Spain”.


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