Tag Archives: city
Property prices in Ireland up over 16% year on year
Residential property prices in Ireland increased by 16.2% year on year in the 12 months to the end of November 2014, the latest official figures show. This compares with an increase of 16.3% in October and an increase of 5.6% recorded in the 12 months to November 2013, according to the data from the Central Statistics Office. But growth could be slowing slightly as prices rose by 0.5% in the month of November compared with an increase of 2.9% recorded in October and an increase of 0.6% recorded in November of last year. In Dublin residential property prices fell by 0.1% in November and were 22.4% higher than a year ago. Dublin house prices fell by 0.1% in the month and were 22.2% higher compared to a year earlier. Dublin apartment prices were 26.8% higher when compared with the same month of 2013. However, a CSO spokesman said it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series. The price of residential properties in the rest of Ireland rose by 1.2% in November compared with no change in November of last year. Prices were 9.6% higher than in November 2013. Despite the recovery house prices in Dublin are still 35.8% lower than at their highest level in early 2007. Apartments in Dublin are 44.3% lower than they were in February 2007 while house price in the city are 37.8% lower than at their highest level in February 2007. The price of residential properties in the rest of Ireland is 41.8% lower than their highest level in September 2007. Overall, the national index is 37.9% lower than its highest level in 2007. Continue reading
Property markets in Dubai and Abu Dhabi set for a stable 2015
Property prices in Abu Dhabi are expected to see a gradual increase in 2015 but not on the scale that was seen in 2104, it is claimed. Leading property firm Cluttons believes there is still some great investor appetite in Abu Dhabi and predicts that new residential schemes will still be popular. It also expects that there will be more off-plan housing launches this year, from the leading firms such as Aldar and TDIC as well as some private developers. But William Neil, head of Cluttons in Abu Dhabi warned that there is a danger that residential rents could continue to go up. ‘With no rental cap in place in Abu Dhabi, if there is a lack of supply then the market could face some of the same issues it faced back in 2007 when rents were so expensive that many people were forced to commute here each day from Dubai,’ he explained. He added that the commercial market is waiting with anticipation to find out what the new rules will be regarding the proposed financial free zone on Al Maryah Island. ‘With Yas Mall now open, we are predicting growth for retail rents in the city. However, with more shopping centres being built on Al Maryah Island and Saadiyat Island, there is a danger over the next three years for oversupply,’ he said. Meanwhile, in neighbouring Dubai the New Year is expected to see a mixed outlook with some sectors of residential property selling well but prices and sales varying depending on location. According to Matthew Green, the head of research and consultancy for the United Arab Emirates at CBRE Middle East the residential market has shown signs of stabilisation over the past six months across both sales and leasing markets. ‘We expect this to be a similar outlook for this year, with the scheduled pipeline of 20,000 new units during the year likely to help constrain rental inflation and add more balance to the sector,’ he said. ‘As has been the trend, a fragmented market will continue, with certain products and locations performing somewhat independently from the wider market. For example, the villa market, which has been relatively stable in recent quarters, could be set for rental deflation in certain areas as a substantial supply of new units starts to emerge from locations such as Jumeirah Park, Arabian Ranches, Dubailand and Jumeirah Golf Estates,’ he explained. ‘The demand for mid to low end residential offerings is expected to remain strong in the short term because of limited supply and high demand. Much of this demand is being generated by solid growth in the services sector, particularly from the retail and hospitality industries,’ he added. Dubai’s commercial office sector saw improvement in 2015 and this is expected to continue into 2015 and Dubai’s position as the headquarter city of choice for global corporates in the Middle East looks set to continue. ‘However, with limited good quality and efficient office properties available in the… Continue reading
Special development corporation set up for strategic west London site
Plans for a major development in West London with up to 24,000 new homes have moved another step closer with the creation of a development corporation at a time when the city needs new housing. The Mayor of London has written to the Secretary of State for Communities and Local Government Eric Pickles confirming his plans to establish the Old Oak and Park Royal Development Corporation (OPDC). The Secretary of State will now lay an order before Parliament in early 2015 to create the OPDC. It is expected that the new body will come into existence with full planning powers over the entire site on 01 April 2015. A vast High Speed 2 (HS2) and Crossrail Station is due to be constructed at Old Oak Common by 2026. The new station will be the size of Waterloo, handling 250,000 passengers a day and acting as a super hub between London and the rest of the UK, Europe and the world. This represents an opportunity to bring unprecedented regeneration to the area and the Mayor believes that the OPDC is the best way to unlock the enormous potential of the site and deliver a £15 billion boost to London's economy over 30 years. The Corporation will act as a single, transparent and robust body to spearhead the regeneration of the 950 hectare site that straddles the boroughs of Hammersmith and Fulham, Brent and Ealing. ‘By 2030 the sprawling industrial land at Old Oak Common could be a thriving new district teeming with tens of thousands of new homes and jobs and a rail station the size of Waterloo. This is a once in a lifetime opportunity to transform this site and there is no doubt that a Mayoral Development Corporation is the best way to unlock its enormous potential,’ said Mayor Boris Johnson. The OPDC will look to emulate the success of the London Legacy Development Corporation that continues to lead the post-Olympic regeneration of Stratford and East London. The Mayor's Office believes that the regeneration opportunity could provide almost 14 per cent of Greater London's employment needs up to 2031. Five of the nation's airports will be linked to the high speed rail network for the first time through the Old Oak Common Station. Central London and Heathrow will be just 10 minutes away, Birmingham will be 40 minutes direct from Old Oak Common and Luton, Gatwick and City Airport will all be within 45 minutes. As well as promoting and delivering physical, social, economic and environmental regeneration, the Corporation will also safeguard and develop Park Royal as a strategic industrial location and attract long term investment to the area, including from overseas. Once established, the proposed OPDC would take on various statutory powers relating to infrastructure, regeneration, land acquisitions and financial assistance. It would also take on planning powers across the Old Oak and Park Royal area, including determination of planning applications. The Corporation will also be able to set a Community… Continue reading
