Irish Property News Update
‘Unwarranted delays’ in purchasing property
According to this report by the Institute of Professional Auctioneers & Valuers, over 60% of IPAV members are experiencing delays in conveyancing of up to 4.5 months. Various reasons are proffered by the frustrated buyers. They blame the solicitors for not using email, for not preparing the paperwork before the property goes sale agreed, and generally being inefficient and lacking thought for commercial realities.
Irelands First Online Property Auction
Allsop Ireland recently concluded Ireland first online property auction. A 71% success rate was achieved with 46 out of 65 properties sold. Total sales totalled €6.85m. This is a fantastic development for property sales in Ireland as it raises the bar for transparency in the Irish property market. A bar that needed some lifting. Register with allsopireland.ie to receive updates on future auctions.
Deutsche Bank back in the game
The Irish Independent is reporting that Deutsche Bank are preparing a €175m commercial mortgage backed securitization (CMBS). This is the first Irish CMBS since 2006. Anyone who did invest in 2006 got badly burned of course but it’s presumed that there will be better value to be had this time around. What could possibly go wrong. More details here.
Skills shortage in construction?
Dr Joe Harrington, head of the School of Building and Civil Engineering at the Cork Institute of Technology, thinks so. He’s quoted as saying there is “very likely, a skills shortage, particularly at graduate level”. As reported in The Irish Examiner here.
Other Property News
It’s hard to find a buyer for Sean Quinn’s Russian assets as reported in the Irish Times here
Some interesting numbers reported on by the Irish Examiner here. 91 people paid property tax on over 100 properties each. 5 of those paid for over 500 homes each.