Latest news with #SavillsIreland
Irish Examiner
26-06-2025
- Business
- Irish Examiner
Stamp duty of 2% needed to unlock stalled housing investment, says Savills
The Government need to revert commercial stamp duty from 7.5% back to 2% to unlock stalled investment and accelerate its housing delivery, Savills Ireland has said. Publishing its pre-budget submission, the property advisor warned that persistently high transaction costs are dampening investment in the commercial property sector, while buyer supports that haven't kept pace with inflation are making it harder for first-time buyers to access new homes. It is also recommending the Government update the Help-to-Buy (HTB) scheme threshold from its current €500,000 cap to at least €621,000, reflecting the level it would be today if it had kept pace with inflation since the scheme's introduction in 2017. Consumer inflation has surged by 24.2% in that time, Savills said, but the threshold has remained unchanged which it says has eroded the scheme's effectiveness. "Reverting commercial stamp duty to 2%, as it was between 2011 and 2017, would send a strong signal that Ireland remains a competitive, investor-friendly location," said Mark Reynolds, Managing Director of Savills Ireland. "At a time when international capital is more selective, cost matters, and so does confidence." Ireland currently has one of the highest commercial property transfer taxes in Europe, making it less attractive for investors compared to peer markets, Savills warned. "For example, at a 7.5% rate, an investor acquiring a property yielding just 3.75%, effectively loses two full years of rental income to stamp duty," it added. 'This means more and more new homes are simply out of reach under the current HTB limit,' said Mr Reynolds. 'Updating the threshold to align with inflation will directly support buyers and help maintain a pipeline of viable new housing supply in urban areas where demand is highest." In addition to stamp duty and the HTB scheme, Savills is also calling for Uisce Éireann's statutory remit to be expanded to enable the proactive delivery of water infrastructure, and is urging the Government to update Ireland's construction labour modelling to reflect the reality of the stated 50,000-unit annual housing target, alongside investment in training and guarantees that apprenticeships are completed within four years.
Irish Independent
19-06-2025
- Business
- Irish Independent
‘Mahon Point 2.0' promises more apartments, office and retail spaces and jobs
Management says the project has been designed with inspiration from the '15-minute city' model, which enables residents to live, work, shop, and socialise within walking or cycling distance. Named Mahon Point 2.0, it will bring 251 new apartments, in a range of household sizes, with access to open space, play areas, and recreational amenities. Justin Young, centre director at Mahon Point Shopping Centre, said: 'For the last 20 years, Mahon Point Shopping Centre has been the heart and meeting place for Mahon's community and the wider region. We are excited to present a demand-led expansion that enhances Mahon for everyone and looks forward to the next 20 years. 'By placing homes, sustainable transport, and civic amenities at the core of this vision, we hope to create a new chapter in Cork's growth that reflects community values as much as economic ambition.' The development, which will create 365 construction jobs, will also include a purpose-built crèche supporting 64 child spaces. It will also feature a new market square and civic plaza to host the Mahon Point Farmers Market, public events and community activities New retail space will feature with 3,000 sqm to be developed along with a new office block offering over 70,000 sq ft of workspace. Transport will be central to the development with the construction of a multi-storey Car Park with 704 spaces, enhanced pedestrian and cycle infrastructure, segregation from vehicle traffic via an underpass, and future-proofed connectivity for light rail (Luas-style) and BusConnects services. Peter O'Meara, director at real estate company Savills Ireland, said: 'Cork is emerging as an international centre of scale, with a projected population growth of 50-60pc by 2040. With strong demand across residential and retail sectors, this development answers the call for high-quality, integrated spaces that serve both current and future generations.' Members of the public are invited to attend a Public Information Event on the proposed Mahon Point 2.0 development, taking place on Tuesday, July 8 from 4pm to 7pm in the Community Room at Mahon Point Shopping Centre. This event will give local residents, businesses and others the opportunity to learn more about the plans, meet the project team, and ask questions in an informal setting.
Irish Daily Mirror
23-05-2025
- Business
- Irish Daily Mirror
Inside the multimillion euro sales of luxury Irish homes and who's buying them
New data has revealed 2024 was a bumper year for the sale of luxury Irish country homes, with 168 deals worth a whopping €275 million. Property advisor Savills Ireland used the Property Price Register to find out how much prime country homes are going for and who is buying them. Irish prime country homes are defined as transactions greater than €1m and located outside of Dublin, the major regional cities and north Wicklow. Savills said the surge far exceeds the 10-year average transaction value of €139 million, which demonstrates "a robust and growing demand" for high-end rural properties. They shared that the average price of these luxury country homes remained steady at around €1.6 million, which "underscores a stable high-end market". Their report, published in February, noted that these homes are being bought by both domestic and international buyers, who "favour a hybrid working lifestyle with easy access to urban centers". The report shows that Cork emerged as the leader in 2024, with sales totalling approximately €84 million from 35 transactions. Close behind was Kildare, which recorded €64.5 million from 40 deals, followed by Wicklow with €21.6 million from 18 sales. Meath and Kerry also made notable contributions, with €16.4 million and €13.4 million in sales respectively. Other counties making significant sales include Kilkenny, Limerick, Donegal, Tipperary, Mayo and Waterford, highlighting widespread interest across Ireland's rural regions. Cianan Duff, Associate Director at Savills Ireland, commented on the findings, saying: "The 44% growth in transaction value this year is a testament to the enduring appeal of Ireland's prime country homes. Buyers continue to value the unique combination of luxury and privacy that these properties offer." Catherine McAuliffe, Director of Cork Residential, highlighted the county's attractiveness saying: "Cork has particularly stood out this year as a prime destination for high-end residential buyers. Its blend of scenic landscapes and vibrant local economy makes it a top choice for those seeking exceptional country homes." Prime country home sales by county in 2024 Cork: €83.96 million (35 transactions) Kildare: €64.52 million (40 transactions) Wicklow: €21.62 million (18 transactions) Meath: €16.40 million (13 transactions) Kerry: €13.44 million (9 transactions) Kilkenny: €11.69 million (8 transactions) Limerick: €9.18 million (6 transactions) Donegal: €8.63 million (6 transactions) Tipperary: €7.91 million (6 transactions) Mayo: €7.47 million (6 transactions) Waterford: €6.28 million (3 transactions) Wexford: €5.87 million (5 transactions) Sligo: €4.65 million (3 transactions) Louth: €4.61 million (3 transactions) Galway: €4.11 million (3 transactions) Clare: €2.35 million (2 transactions) Carlow: €2.28 million (2 transactions)
Irish Examiner
13-05-2025
- Business
- Irish Examiner
Fast wifi now the top priority for Irish hotel guests
High-speed wireless connectivity is now the top consideration for Irish travellers when booking a hotel, with digital connectivity "a non-negotiable" for most guests. A survey commissioned by property advisor, Savills Ireland, published on Wednesday asked Irish adults which amenities were most important in a hotel stay. Overall, high-speed wifi ranked highest, with 64% of respondents putting connectivity first, followed by on-site dining options, followed by a swimming pool. 'High-speed wireless is now the top hotel must-have of Irish adults today – suggesting that not many truly 'switch off' while away from home," said Savills Ireland director of hotels and leisure, Tom Barrett. "While this is perhaps unsurprising for Gen Z (those aged under 28), who grew up in a digital-first world, it's striking to see older generations just as attached to connectivity. We assume Gen Z are the digital generation, but Boomers are just as reliant on connectivity, if not more so." Men are twice as likely to prioritise a gym or fitness centre (21% vs 12%), the survey found. Women place more value on on-site dining (67%) and swimming pools (55%) than men (55% and 41%, respectively). Environmental responsibility is becoming more important, with most people now saying sustainability would influence their choice of accommodation, but Mr Barrett said there is a "clear generational and gender divide when it comes to the value people place on green credentials". Gen Z is most eco-engaged, with only 28% saying sustainability isn't a factor for them, while 38% for Millennials/Gen Y (those aged 29 to 44), and nearly half (49%) of Boomers (those aged over 60) are indifferent to a hotel's environmental efforts. The nationwide study was carried out by iReach, on behalf of Savills, canvassing 1,000 adults.
Business Post
08-05-2025
- Business
- Business Post
Gen Z and millennials open to more office days - here's what would tempt them back
Commercial Property Gen Z and millennials open to more office days - here's what would tempt them back Killian Woods 05:00 Shane Duffy, director of offices at Savills Ireland, said the findings show 88 per cent of millennials and 98 per cent of Gen Zers would be open to returning to the office more often. Picture: Savills Ireland
