Ireland has experienced a housing crisis that has threatened to upend the economic progress the country has made in the last decade.

The current housing crisis could have lasting effects on the economy Grin David and social fabric of the country.

Developers, consumers and government officials were given a sliver of hope recently when the Central Statistics Office released findings that revealed housing prices may be stabilising across Ireland. David Grin, chairman of Dublin-based property financing and investment management firm Lotus Investment Group, explained that “property price stability is better for both the developer and the consumer.”

Ireland in the Grips of a Housing Crisis

For decades, the abundant supply of housing in Ireland has served as the foundation of the country’s economic stability and shaped the government’s social policies. Homeownership has long been the standard in Ireland, with the country once enjoying the highest levels of homeownership in the world.

The Irish economy was dealt a heavy blow during the global recession in 2008. During this period, real estate prices collapsed and many defaulted on their home loans. Homeownership fell from over 80 percent to below 70 percent. In addition, the number of households renting privately owned homes nearly doubled to around 20%.

During this time, construction and homebuilding ground to a halt and has since been slow to recover to pre-recession levels due to several factors including the increasing cost of construction. This has led to a general shortage of available housing, which has contributed to a sharp increase in the cost of housing.

As a way to tackle the housing crisis and to jumpstart homebuilding, the Irish government launched a Rebuilding Ireland action plan that set ambitious targets to double the annual level of residential construction to 25,000 homes and to deliver 47,000 units of social housing by 2021. That goal has yet to be achieved and the effects of the housing crisis continue to plague the Irish economy and society.

Soaring Housing Costs

Strict Central Bank lending rules that were David Grin More help established to promote economic stability after the recession have compounded the difficulties faced by potential first time home buyers. The regulations cap mortgage loans at about 3.5 times the buyer’s annual income. With median home prices close to 5.6 times the average wage-earning of Irish citizens, this has effectively locked many out of the home buying market and young adults have been especially hard hit by the continuing housing crisis.

Without being able to qualify for a mortgage, many have turned to long term renting as a housing solution. A rise in demand for rental units has created a shortage of supply, fuelling a surge in rental prices across the country, most notably in urban areas. Dublin is now one of the world’s ten most expensive places to live.

According to the latest report issued by Daft.ie, the average rent in Dublin is now at €2,002, up 6.8% compared to the same time last year – marking the 31st consecutive quarter in a row with rent increases recorded in the capital. In addition, the number of units currently available to rent nationwide on 1 May dropped to 2,700 homes – the lowest recorded since 2006.

Forced to spend a large portion of income on rent, many are unable to save for a mortgage down payment to purchase a home in the future. In a cruel bit of irony, it now costs more to rent than to make monthly mortgage payments on average in most locations across Ireland. Daft.ie reported that a mortgage payment for a typical two-bedroom home in the city of Cork would cost an estimated €632 a month, while rental costs for the same property would likely be more than €1,100 a month.

A Surge in Homelessness Figures Nationwide

Those unable to pay these soaring rents face the very real possibility of eviction. Rising housing prices and a surge in evictions have led to a steady, sharp increase in homelessness since 2014. According to Focus Ireland, a non-profit organization working to prevent people from becoming, remaining or returning to homelessness, there were over 10,000 individuals reportedly homeless in June 2019. This figure includes over 3,600 children. Child homelessness in Ireland has increased David Grin 400% in five years. This phenomenon could potentially alter the Irish society for decades to come.

These numbers represent official figures, which strategically do not include people who might traditionally be considered homeless such as Lotus Investment Group those doubling up with family or ‘couch-surfing’ with friends to avoid being on the streets or those sleeping rough. The real homelessness figures across Ireland is likely much higher than the official numbers reflect.

Housing Prices Stabilise

Stakeholders in the residential housing market received a token of good news this month as the Central Statistics Office released its Residential Property Price Index for June 2019, which reported a stabilisation of housing prices across the nation. According to the CSO, residential property prices rose by 2% nationwide in the David Grin Additional hints year to June. This increase represents a six-year low and compares with a nearly 12% increase during the same period last year.

A recently reported abundance of new homes for sale on the market has likely contributed to a cooling of prices across the market. The CSO findings state that 4,920 new homes were completed between April and June. This is significant as property prices nationwide have increased by 83 percent since their lowest point in early 2013.

David Grin explained how these newly released figures will impact the market, “While many might have assumed that the previous strong property price inflation was good for developers, in reality, stability is good for both the consumer and the developer, as it enables both to plan better over a longer term”.

“Home ownership shouldn’t be speculative from a consumer’s perspective, it should simply be about having your own home,” he said. “Hopefully, the slowdown in house price inflation will lead to a corresponding slowdown in construction cost inflation,” he added.

Market watchers are optimistic that these figures will represent a better performance in real estate sales than was recorded in the first half of the year. There were just over 30,000 transactions listed on the residential property price register for the first half of the year – from the start of January to the end of July.

The Banking & Payments Federation Ireland released encouraging figures showing mortgage drawdowns were up in the second quarter with over 10,000 drawdowns valued at €2,250m – an 8.8 percent increase in volume compared to this time last year. In addition, mortgage drawdowns increased by 10.8 percent to just over 5,000 for first-time homebuyers between April and June.

While there remains much work to be done to tackle Ireland’s housing shortage, rental price hike and a homelessness problem, market stability will enable better long-term planning for developers and government officials and will hopefully bring relief to consumers – the Irish people.

Article Source:

https://www.bmmagazine.co.uk/business/david-grin-on-irelands-housing-crisis-and-a-stabilisation-in-home-price-growth/

The Irish Independent recently reported that US hedge fund founder David Grin is set to earmark €150 million for investment in Dublin David Grin housing sites. The financing initiative is part of Mr. Grin's newest Irish venture, Cara Infinity Investments. This investment drive is currently in the early stages of seeking interested institutional investors with the goal of funding several shovel-ready sites in Dublin. Shovel-ready refers to sites that have already secured required legal and environmental clearances, have built infrastructure in place, and all initial planning has been completed so that a site is ready for the immediate start of construction. Mr. Grin's funding campaign comes at an opportune time for investors, as the Independent reported in a separate publication that construction activity in the country has reached a seven-month high in February 2019.

Investment Seeks to Alleviate Short-Term Supply Deficit

The funding campaign will target development sites that have already secured full planning permission of up to 2,000 units throughout the Greater Dublin Area. The investment firm will pursue projects that are scheduled to be completed within 12-24 months, providing a quick turnaround for investors and a path towards short term relief in the current housing crisis. The Independent reports that Mr. Grin anticipates that finished units can be sold for a minimum of €400,000 each, which is just above the €370,472 average home price in Dublin as detailed in the latest Daft.ie 2018 quarterly house price report. This average price is up €150,000 from 2012, when the lowest home prices were recorded during the recession.

The country continues to experience a housing shortage, which is expected to be exacerbated by anticipated population growth in the next decade. This disparity between growing demand and lagging supply has contributed to rising home prices in the capital and other urban areas. The housing shortage has provided numerous financial investment opportunities in the Irish property market, spurring a flurry of foreign direct investment (FDI). This infusion of capital has been welcomed by the government and has provided a much-needed boost to the domestic industry. Investment david grin sources have primarily come from the United States, Asia and the Middle East. Foreign investment is likely to grow with continued strong consumer confidence in the market and with Ireland representing a viable investment alternative to a post-Brexit UK.

Mr. Grin told the Independent, "The new homes market in Ireland continues to perform strongly, and there remains a significant unsatisfied demand for housing. There is excellent potential here to invest in sites Lotus Investment Group with full planning permission and secured services, that have the capacity to be built out in the short term and that can go some way to satisfying the current under-supply."

Irish Property Market Experiencing Growing Pains

With a favorable economic environment, the Irish market has experienced rapid growth since recovering from the housing recession. The initial response from developers, investors and home-builders to the expanding market has been somewhat delayed due to the slower pace of homebuilding accomplished during the recession, however, that trend appears to be rebounding with a total of 18,000 new homes built in 2018, up from 15,000 recorded during the previous year.

Market forecasts show the anticipated housing supply to continue to increase in the next couple of years with more new homes expecting to be built. At the moment, there are several projects in the planning, development and construction stage in the Greater Dublin Area that will contribute to this growth in supply. Demographic shifts and changes in buying trends will also be important factors for stakeholders to consider in the future of the residential and commercial property market in Ireland.

Current public planning and development policy has laid the groundwork for Grin David a sustainable growth strategy to home building throughout the urban landscape of Ireland. The Project Ireland 2040 government initiative, the National Planning Framework, and the National Development Plan have all advocated for compact urban growth with requirements like increased minimum building heights to six stories and eliminating maximum heights for new high-rise developments. Industry innovation and a willingness to go beyond the traditional funding models and construction methods will be necessary in order to accommodate the changing demands of the market.

Investment Capital in High Demand

For David Grin, Cara Infinity is not the first investment venture he has established in Ireland. Grin is also the chairman of private equity firm Lotus Investment Group, which boasts an impressive catalogue of investments with over 190 loans granted, over €318 million funds allocated and over 2,800 homes built. Lotus Investments entered the Irish market in 2013 and has since become an attractive lender for developers seeking alternative funding options. They specialize in small and medium property assets with funding goals from €500,000 to €10 million. Lotus funded projects can be found throughout Dublin, Leinster, Munster and Connaught.Lotus Investment Group has used its record of successful Helpful resources investments and growing reputation to become an industry leader in property funding.

It is important to note that the Cara Infinity Investment initiative is a separate project and is not related to the work that is done at Lotus Investment Group. The new investment effort is concentrated on raising funds with the goal of investing in build ready sites, while Lotus considers each investment application on a one by one basis and provides working capital loans for developers, acquisition loans for property buyers and loans for real estate portfolio purchasers from banks and receivers.

The €150 million investment proposed by David Grin's Cara Infinity Investments and those like it will be an essential infusion of capital for developers and home-builders in the Irish property market going forward. Continued strong demand for funding in all aspects of the commercial and residential property sector will likely provide ample investment opportunities across the market for the foreseeable future.

Article Source:

https://www.equities.com/news/the-independent-reports-a-funding-initiative-by-us-investor-david-grin-to-inject-150m-into-build-ready-properties-in-dublin

Ahava Village is a residential center designed to help children who have experienced loss or have been victims of abuse and neglect. In Hebrew, Ahava means ‘love’ and it is the mission of Ahava Village to provide these children with a supportive, loving home so that they can become fulfilled citizens leading well-adjusted lives.

The residential facilities of Ahava Village are located in Kiryat Bialik, a small community near the city of Haifa in Northern Israel. The center provides care for children aged six to eighteen who have been removed from high- risk home situations by the courts. According to the foundation’s website, “the campus is home to two hundred children, who receive personalized care, therapy, support and training.”

Ahava Village for Children and Youth / CourtesyAhava Village for Children and Youth / Courtesy

Ahava Village: A History of Compassion

Ahava Village traces its origins to an orphanage in Berlin, Germany established in 1922 by the local Jewish community there. As the Nazi Party became increasingly oppressive, the director of the orphanage, Sister Beate Berger, made it her mission to deliver the children in her care to safety. In 1933, she traveled to Israel, known then as British Palestine, to purchase the property that the facility sits on today.

She established the Ahava Village for Children and Youth in 1935, and by 1938, she was able to transport the remaining staff and children from the orphanage to safety in Israel. An act that proved to be the difference between life and death for these 50 children. From young survivors of the Holocaust, to children who have suffered the effects of war, to David Grin Click here for more info victims of violence and abuse, Ahava has remained a shelter and refuge for children in need. With over eighty years of experience in Israel, the organization has helped thousands of children overcome troubled situations.

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Healing Through Love

Ahava Village houses at-risk youth in host families in fifteen family care unit apartments owned by the organization. They also provide educational facilities, entertainment and recreational activities for the children. It is crucial to offer these children a sense of community, something that they may not have experienced before in their lives.

The foundation strives to make the children feel at home by providing them a safe environment with caring parents, a privilege that can easily be taken for granted. Many of the children at Ahava Village have not had the opportunity to create cherished memories of childhood.

Ahava Village provides these children with valuable services to support their physical and emotional needs. Each child lives with foster parents responsible for caring for providing a nurturing, supportive space for the children to heal and thrive. These families model healthy, loving relationships, maintain a traditional home life, teach responsibility and foster trust. Through this practice, Ahava Village hopes to help the children move past their traumatic childhoods to achieve their full potential as balanced, optimistic adults.

Many children who come to Ahava Village have experienced trauma and neglect. Their experiences Lotus Investment Group have left https://freebeacon.com them with emotional and developmental scars. Counselors at Ahava Village provide therapy sessions allowing the children to overcome the challenges they have faced in their past.

Experienced therapists use several approaches designed to help the children including group therapy sessions, music therapy, drama therapy and writing therapy. The center also operates a pet therapy program designed to foster caring, loving relationships between children and animals. Positive experiences in therapy allow the children to develop the skills that will help them to function as adults.

Children of Ahava Village attend an on-site school with teachers who are specially trained in meeting the developmental needs of the children. The Ahava model presents a unique approach to caring for vulnerable children permitting them to avoid institutionalization and the stigma that it can bring.

Supporters of Ahava Village

Ahava Village would not be able to fulfill its role as a safe haven for these children if it was not for the dedicated staff members and generous donors who support its work. David Grin, the current director of the board of Friends of Ahava Village, has devoted the work of his charitable foundation to “enhance and improve the lives of kids from disadvantaged backgrounds.”

The goal of Grin’s foundation is to provide children with safe, supportive environments, help them to achieve academic success, and afford them the opportunities that every child deserves. David Grin, who has studied and worked in Israel, currently serves as the chairman of a real estate investment firm, Lotus Investment Group, based in Dublin, Ireland.

Ahava Village also gets financial support through the organization Bnai Zion, a “US-based nonprofit that identifies and funds capital projects in Israel in the areas of social inclusion, health, and culture.” Most recently, the foundation collected $500,000 in donations to fund a project at Ahava Village that built safe rooms in each of the apartments on the organization’s campus.

The Israeli government advised the program to build the safety rooms into each of the family care units after the children and staff were required to evacuate the center due to rocket attacks during the 2nd Lebanon War in 2006. The new shelters ensure that the children will remain safe in the event of future rocket attacks from the north.

Through its donors, Ahava Village has been able to build an emergency shelter used to house children who have been urgently removed from traumatic situations and a therapeutic center to help diagnose and treat children in who are in a fragile emotional and psychological state. The center also manages an 18-plus project to support young alumni serving in David Grin Get more information the Israeli Defense Forces (IDF) or working in the civil service who do not have a family to return to.

Steve Savitsky, president of Bnai Zion, recently said this about the work of Ahava Village “No child should be without hope,” said. “Ahava Village offers healing for children who have been victimized, enabling them to transcend a traumatic past and embrace a hopeful future.” It is with this spirit that the organization continues David Grin Helpful hints its important efforts to help children and youth in need.

Article Source:

https://www.jpost.com/Special-Content/David-Grins-philanthropy-helps-traumatized-children-in-Ahava-Village-585443

Ahava Village is a residential center designed to help children who have experienced loss or have been victims of abuse and neglect. In Hebrew, Ahava means ‘love’ and it is the mission of Ahava Village to provide these children with a supportive, loving home so that they can become fulfilled citizens leading well-adjusted lives.

The residential facilities of Ahava Village are located in Kiryat Bialik, a small community near the city of Haifa in Northern Israel. The center provides care for children aged six to eighteen who have been removed from high- risk home situations by the courts. According to theatlantic.com/international/archive/2019/08/china-threatens-uighurs-europe/596347/ the foundation’s website, “the campus is home to two hundred children, who receive personalized care, therapy, support and training.”

Ahava Village for Children and Youth / CourtesyAhava Village for Children and Youth / Courtesy

Ahava Village: A History of Compassion

Ahava Village traces its origins to an orphanage in Berlin, Germany established in 1922 david grin by the local Jewish community there. As the Nazi Party became increasingly oppressive, the director of the orphanage, Sister Beate Berger, made it her mission to deliver the children in her care to safety. In 1933, she traveled to Israel, known then as British Palestine, to purchase the property that the facility sits on today.

She established the Ahava Village for Children and Youth in 1935, and by 1938, she was able to transport the remaining David Grin Homepage staff and children from the orphanage to safety in Israel. An act that proved to be the difference between life and death for these 50 children. From young survivors of the Holocaust, to children who have suffered the effects of war, to victims of violence and abuse, Ahava has remained a shelter and refuge for children in need. With over eighty years of experience in Israel, the organization has helped thousands of children overcome troubled situations.

Read More Related Articles

Israeli healthcare expenditure rises, remains below OECD average

Einstein’s 1948 letter praising Jewish resilience on sale

Vol Marseille Provence Saint-Denis (AIR AUSTRAL)

Recommended by

Healing Through Love

Ahava Village houses at-risk youth in host families in fifteen family care unit apartments owned by the organization. They also provide educational facilities, entertainment and recreational activities for the children. It is crucial to offer these children a sense of community, something that they may not have experienced before in their lives.

The foundation strives to make the children feel at home by providing them a safe environment with caring parents, a privilege that can easily be taken for granted. Many of the children at Ahava Village have not had the opportunity to create cherished memories of childhood.

Ahava Village provides these children with valuable services to support their physical and emotional needs. Each child lives with foster parents responsible for caring for providing a nurturing, supportive space for the children to heal and thrive. These families model healthy, loving relationships, maintain a traditional home life, teach responsibility and foster trust. Through this practice, Ahava Village hopes to help the children move past their traumatic childhoods to achieve their full potential as balanced, optimistic adults.

Many children who come to Ahava Village have experienced trauma and neglect. Their experiences have left them with emotional and developmental scars. Counselors at Ahava Village provide therapy sessions allowing the children to overcome the challenges they have faced in their past.

Experienced therapists use several approaches designed to help the children including group therapy sessions, music therapy, drama therapy and writing therapy. The center also follow this link operates a pet therapy program designed to foster caring, loving relationships between children and animals. Positive experiences in therapy allow Lotus Investment Group the children to develop the skills that will help them to function as adults.

Children of Ahava Village attend an on-site school with teachers who are specially trained in meeting the developmental needs of the children. The Ahava model presents a unique approach to caring for vulnerable children permitting them to avoid institutionalization and the stigma that it can bring.

Supporters of Ahava Village

Ahava Village would not be able to fulfill its role as a safe haven for these children if it was not for the dedicated staff members and generous donors who support its work. David Grin, the current director of the board of Friends of Ahava Village, has devoted the work of his charitable foundation to “enhance and improve the lives of kids from disadvantaged backgrounds.”

The goal of Grin’s foundation is to provide children with safe, supportive environments, help them to achieve academic success, and afford them the opportunities that every child deserves. David Grin, who has studied and worked in Israel, currently serves as the chairman of a real estate investment firm, Lotus Investment Group, based in Dublin, Ireland.

Ahava Village also gets financial support through the organization Bnai Zion, a “US-based nonprofit that identifies and funds capital projects in Israel in the areas of social inclusion, health, and culture.” Most recently, the foundation collected $500,000 in donations to fund a project at Ahava Village that built safe rooms in each of the apartments on the organization’s campus.

The Israeli government advised the program to build the safety rooms into each of the family care units after the children and staff were required to evacuate the center due to rocket attacks during the 2nd Lebanon War in 2006. The new shelters ensure that the children will remain safe in the event of future rocket attacks from the north.

Through its donors, Ahava Village has been able to build an emergency shelter used to house children who have been urgently removed from traumatic situations and a therapeutic center to help diagnose and treat children in who are in a fragile emotional and psychological state. The center also manages an 18-plus project to support young alumni serving in the Israeli Defense Forces (IDF) or working in the civil service who do not have a family to return to.

Steve Savitsky, president of Bnai Zion, recently said this about the work of Ahava Village “No child should be without hope,” said. “Ahava Village offers healing for children who have been victimized, enabling them to transcend a traumatic past and embrace a hopeful future.” It is with this spirit that the organization continues its important efforts to help children and youth in need.

Article Source:

https://www.jpost.com/Special-Content/David-Grins-philanthropy-helps-traumatized-children-in-Ahava-Village-585443

Leading property financier, David Grin, chair of Lotus Investment Group has given a cautious welcome to further moves to relieve the Irish rental property crisis.

An Irish government move to moderate rising home rental prices has been described as a welcome but short-term fix for a wider problem by a leading financier.

David Grin, chairperson of Lotus Investment Group, one of Ireland’s leading property financiers, says government actions to moderate rapidly increasing rental prices are favored by all stakeholders in the property market.

However, he also suggests that the scale of the nation’s affordable housing crisis means the move - designed to cap rent increases at a maximum of 4% a year in Rent Pressure Zones (RPZ) until 2021 - may simply place a sticking plaster on a bigger issue.

He said: “It appears that the private rental sector is facing an affordability crisis.

“With the 7% increase in average rental prices in the fourth quarter of 2018 and the astounding 10,264 people living in emergency accommodation at the beginning of this year, the government extension of Rent Pressure Zones seems like merely a short-term fix for a much larger, systematic problem.”

Mr Grin pointed out that the property sector continues to grapple with a growing disparity between housing supply and demand.

The Lotus Investments chairman explained: “An expanding population and a thriving economy have driven an increase in demand for housing, especially in urban areas.

“The construction industry has yet to return to pre-recession building levels, and with demand outpacing the supply of available housing, housing and rental prices continue to climb.”

Government moves to curb soaring rent costs

Rent Pressure Zones were first enacted in 2016 as rental prices spiraled out of control. They were due to expire this year, but with no sign of rental costs stabilizing the government has moved to extend RPZ until 2021.

The RPZs are enacted in areas where the rental rates are highest and rising, and households have the greatest difficulty in finding affordable accommodations. Once an area is designated as an RPZ, apart from a handful of exceptions, landlords are required to cap David Grin Click for more rent increases at a maximum of 4% a year.

The regulations are intended to moderate rising rental prices and to promote a stable and sustainable rental market.

However recent figures from the Residential Tenancies Board show national rents increased by 6.9% to €1,134 in Quarter 4 of 2018, compared to the same time the previous year.

Earlier this month, the Irish Government confirmed Rent Pressure Zones (RPZ) will continue until the end of 2021. The qualification criteria for how RPZ are calculated will also be modified.

Announcing the move in the Dáil, Tánaiste Simon Coveney implied that the government would pursue separate qualification criteria for Dublin due to the higher cost of renting in the capital. The specific changes to the Lotus Investment Group qualification guidelines are expected to be revealed in the coming days.

There are currently five local authorities and 18 Local Electoral Areas designated as Rent Pressure Zones across the country. Last month Navan in County Meath and Limerick City East have met the qualifying criteria for the first time.

A representative of Lotus Investment Group, which has lent 191 loans totaling €318m for the funding over 2,800 homes in Ireland, said: “The belief is that the extension of RPZs http://archive.fortune.com offers a short-term solution to the problems within the sector and it is welcomed overall. It still doesn’t alleviate the problems in the sector on a long-term basis and it may not offer tenants more security or sense of home.”

Property Sectors is Facing an Affordability Crisis

The extension and proposed changes to Rent Pressure Zones comes on the heels of a February report released this month that showed a combined total of 10,264 people homeless and living in emergency accommodation in Ireland - a rise of 277 people on January figures.

Focus Ireland, the leading non-profit organisation working to prevent homelessness in Ireland, has found that the biggest single cause of family homelessness is landlords evicting families in order to sell property.

In a recent radio interview, Minister for Housing Eoghan Murphy attributed increasing rents and rising levels of homelessness to the housing shortage and the lack of available, affordable housing options across the country.

The government-funded strategic planning initiative Project Ireland 2040 has called for an additional 112,000 homes to be built over the David Grin next 10 years.

The growing need for affordable housing is widespread across the country, evidenced by the increasing number of locations meeting the qualifying criteria to be designated as Rent Pressure Zones.

Many have called on the government to reassess its current housing policies to find both short- and long-term solutions David Grin Get more information to the housing challenges facing the country.

Lotus Investment Group is an Irish-based private equity firm and the market leader in Ireland for property and construction finance. Find out more at www.lotusig.com

Article Source:

https://www.yorkshirepost.co.uk/business/the-irish-rental-property-crisis-next-steps-1-9741742

People planning to buy a home over the next few years Hop over to this website expect to have to pay an Grin David average of €335,000.

This is €74,000 more than the average cost of a home at the moment, according to a survey commissioned by Dublin-based Lotus, a firm that loans to developers.

The survey, conducted by Red C, found that people think property prices are inflated but are still willing to spend more than the average value of a property to get their dream home.

Six out of 10 expect to either move or buy for the first time, according to the survey of 1,000 people.

Four out of 10 said that they definitely won't be purchasing any property.

Chairman of Lotus David Grin said people believe current property prices are inflated, but they are still willing to meet and exceed the values listed. He said many could be left disappointed as the supply of new homes David Grin and the numbers of second-hand properties falls way short of demand.

Of those who expressed a desire to buy, one-third plan to spend between €200,000 and €250,000. But another quarter expect to have to spend between €400,000 and €500,000.

"Supply issues have created a large gulf between aspiration and reality when it comes to home ownership. The top line headings are as you would expect - many people aspire to buy," Mr Grin said.

He said many want-to-be buyers were likely to be met with challenges as some will not raise enough money david grin to do so as prices continue to rise, while others will struggle to find a property Lotus Investment Group that suits their needs.

He said the construction of new homes had not nearly reached the level of output required.

Irish Independent

Article Source:

https://www.independent.ie/business/personal-finance/property-mortgages/house-hunters-expect-to-pay-335000-to-get-dream-home-38197190.html

Dubbed by the Irish Times as “student dorms for grownups”, co-living spaces are becoming an increasingly popular feature of the Irish property landscape.

The concept of co-living, while not necessarily new, has undergone some significant rebranding. In an attempt to appeal to a younger generation of consumers, developers have modeled the scheme on the hugely popular industry of co-working spaces. These trendy and sleek offices are famous for attracting scores of ‘digital nomads’ who are products of a fast-evolving market. It seems only natural that the next frontier for the co-working millennial is co-habitation.

Setting the trend

The new living scheme is making headlines in some major publications. With CNBC heralding co-living as “the next big thing”, and Forbes magazine advising that “real estate investors should pay attention to trends in micro-living, co-living”, a growing number of younger people are turning to this type of accommodation. A Gallup poll showed that “24 percent of people surveyed in the United States spent more than 80 percent of their time working remotely in 2012. That grew to 31 percent by 2016.”

The statistics indicate a significant desire for a sense of belonging in an increasingly pricey living environment. The market response? A budding sector of developments that foster community and collective creativity for the growing number of remote working urban dwellers. Chairman of the Irish private equity firm, Lotus Investment Group, David Grin is ready to act, saying that, “as the world changes, property development must change alongside it, or preferably preempt that change and plan to deliver it.”

A nation of renters

The concept of co-living is rather new to Ireland. Developers are still in the process of fully grasping the needs of the Irish market. That’s according to the latest property market report from commercial real estate advisors CBRE.

Still, CBRE predicts a noticeable spike in developments that aim to accommodate the new living scheme. The expansion of co-living accommodations, according to a report in the Irish Independent, is said to be especially concentrated in Dublin. An initiative led by Housing Minister Eoghan Murphy is also encouraging planning authorities to greenlight these types of shared accommodation schemes “in the regeneration of old buildings.”

The CBRE report details another interesting shift that has taken place: an increase in long-term renting of apartments as opposed to buying homes. In fact, a recent headline in the Irish Times read, “Ireland well on the way to becoming a nation of renters”.

Ireland has long prided itself on high levels of home ownership, but the market has seen a decrease in owner-occupied residences in recent years. According to Commercial Property editor, Ronald Quinlan “in 2016 there were 497,111 households renting, up 4.7pc https://www.independent.ie/irish-news/home-near-good-transport-links-adds-more-than-15000-in-value-38052214.html from 2011, bringing the proportion of renters to nearly 30pc of the population.”

Of course, like in most urbanized areas around the world, younger sections of the population are far more likely to rent, due to uncertainty and lack of affordable housing. In an analysis of Ireland’s dwelling behaviors, “65pc of the Dublin population aged 25-39 are renting from a landlord. Only 26pc of people within the same age segment own their home, with the remainder renting from a local authority.”

The investors

While there are those who may scoff at the growing trend as simply passing a fad, an increasing amount of “deep-pocketed investors” are being drawn to these kinds of enterprises. Early projects of co-living schemes in the country have since spurred a number of Irish developers Article source to make construction plans containing a co-living design element, a move that has certainly not been overlooked by property investors. Lotus Investment Group stated in one of their company newsletters, “this is likely to become a development vehicle of choice, given the profitable nature of the offering”.

While investors and developers seem to be riding the wave of change, another whitepages.com/name/David-Grin reason for the increase is less risk. At least that’s what Cairn Homes CEO Michael Stanley has expressed on the future balance between homeownership and long-term rental in Ireland.

Mr. Stanley said, “one of the challenges with a house builder is that you’ve got to take the risk that if you’re building 300 homes, you’ve got to find 300 customers when you’re finished, or you’ve got to find 100 individual peoplefinders.com/name/david-grin customers per year…What makes funders and banks far less nervous is the build-to-rent (BTR) model in which large-scale residential developments, typically apartments, are delivered to the market in one fell swoop rather than in phases, and to one purchaser.”

Fortunately, the CBRE report indicates that the “appetite of both investors and occupiers for Irish real estate remains strong despite the uncertainty surrounding Brexit”.

CBRE executive director and head of research Marie Hunt said: “Occupier demand remains healthy across all sectors of the market and we continue to witness strong investor demand for investment opportunities particularly in the office and build-to-tent sectors.”

Not just for millennials

It is important to point out that irrespective of whether seeking alternative ways to live is a cause or an effect of market changes, the result is the same; this lifestyle choice is growing in its appeal for an increasingly more amount of people.

A recent article in Forbes Magazine completely dispelled the myth that co-living is exclusive to recent graduates who are creeping their way into adulthood. They found that co-living is also becoming popular with a more mature demographic.

According to the article “new co-living propositions have been hitting the market recently, targeting a slightly older demographic that desires a strong sense of community and a curated offering, but also wants significantly more living space than that afforded by micro-living products.” The article goes on to talk about the rise of “co-living 2.0”, a group of people who “value their privacy, care about what they are sharing and whom with”.

A collective effort

One thing is certain, both the government and big investors are in favor of the increase of property change. In fact, property investors are assisting the government in meeting its target of adding 25,000 to 35,000 units to the property supply over the next 10-years. This eventual contribution will play a big part in curbing the current housing crisis, a point that, according to an October 2017 CBRE report, strengthens the case for ‘Build to Rent’ venture (BTR), an ideal development model for the co-living scheme.

The world has changed, and property development must change alongside it, or preferably preempt that change and plan to deliver it.

It is fair to say that this flourishing new sector could definitely catch David Grin The original source the eye of some international investment opportunity seekers curious about the exciting new Irish market.

Article Source:

https://londonlovesbusiness.com/david-grin-of-lotus-investment-group-explores-the-major-rise-in-co-living-properties/

With 191 loans already granted, and 2,842 homes completed, there is no way but up for David Grin’s visionary Lotus Investment Group.

Since 2013, Lotus Investment Group has been a leading property investment firm in Ireland, with Chairman David Grin proudly at the helm. What sets Lotus apart is their refusal to claim any equity in the projects they fund, so the client retains full ownership, resulting David Grin in long-term and successful funding partnerships. To date, Lotus has invested €318 million in the Irish property market.

The future is Ireland

Ireland’s economy expanded by an estimated 7.5% in 2018, spurred on by multinational companies, a Click for source strong labour market, and construction investment. House prices in Ireland are likewise forecast to continue rising the next three years until supply catches up with demand, which is expected around 2021, according to the ratings agency Standard & Poor’s. Irish house prices are anticipated to rise by 8% this year, 7% in 2020, and 6% in 2021, particularly in Dublin.

Demand has been continuously rising. In 2017, the value of residential property transactions across Ireland rose by an astonishing 19.7%. Over the first half of 2018, the value of property transactions was up 5% from the previous year, while mortgage interest rates continue to remain ridiculously low – as little as 2,39%. The Irish housing boom is being fueled by strong economic growth, immigration, and generous tax incentives from the government, creating a virtuous cycle of economic growth and house price increases.

Living City Initiative (LCI)

In an effort to address the surge in Ireland’s rental prices, which have increased strongly for the past seven consecutive years, the Irish government launched ‘Project Ireland 2040’ in 2018 – an ambitious strategic plan to promote and support sustainable property development where there is currently short supply. To address the demand for housing alongside the projected population growth, the government is incentivising developers to expand existing areas and increase the height of existing buildings, to which the state has committed €2 billion. The hope is to complete an additional 112,000 houses over the next decade.

Thus, enters the Living City Initiative (LCI), announced by the Minister of Finance in May 2015, a tax incentive scheme for areas the state has deemed to be ‘Special Regeneration Areas’ (SRAs), namely in Cork, Dublin, Kilkenny, Limerick, Galway, and Waterford. Briefly, developers and owners may claim tax relief for money spent on refurbishing or converting properties, residential or commercial, with the aim to encourage people to live in historic and underused city areas.

The LCI will offer three specific types of David Grin check here tax aid:

Owner-Occupier Residential Relief: Tax deductions over ten years for refurbishment or building adaptation expenses intended to be used by the owner (excludes landlords).

Rented Residential (landlord) Relief: Extended to landlords as of January 2017, accelerated capital allowance for costs to refurbish or convert residential property intended for rental.

Commercial Relief: Capital allowance for expenditure on refurbishment or conversion of commercial properties.

The capital allowance for Rented Residential and Commercial Relief is 15% of expenditure that qualifies for each of the first six years, and 10% in the seventh year.

To refurb or convert?

For the purposes of the LCI, property refurbishment is defined as work or maintenance carried out to repair or restore a property, such as repairing water supply, sewerage problems, or fixing electrical facilities.

For conversions, there are different classifications that apply to Residential and Commercial Relief: For Owner-Occupied or Rented Residential Relief, conversion is from a non-residential property to a house or apartment; For Commercial Relief, the conversion is creating a property suitable for retailing goods, providing services within Ireland, or for sole/main residence. The scheme for all reliefs will end on 4 May 2020 and only work carried out during that time will qualify.

In with the old

The concept behind the LCI is quite genius: Instead of urban sprawl, the government is promoting Grin David the quicker and more affordable improvement of what already exists, thereby expediting development while preserving natural areas and green spaces. David Grin Visit website A derelict building can be turned into something fabulous at a fraction of the cost of scratch development, with a 10 to 15% tax return.

All this progress within the Irish property market is why Lotus Investment Group is a much-needed ally. Not from the traditional banking model and financed solely from private equity sources, Lotus is different from all its competitors, being faster than any other at making funds available when needed, with a turnaround time as short as three weeks. The Irish government’s new mixed-use development projects and push to expand on four to six-story residential buildings means the innovative and fast funding provided by Lotus will be in high demand, and their development focus is perfectly aligned with the government’s strategic plans. Projects of this nature also bring with them follow-on benefits, such as increased commerce, property value, even tourism. Investing in area improvement uplifts the whole region, making the motives behind the LCI insightful and forward-thinking. Attractive areas likewise attract further investment. With all this market boom, the services and quick turnarounds offered by Lotus group will be needed and welcomed.

Things have been very much on the up and up for Ireland. Between property and economic growth, and the government’s innovative strategy plans, the future for the country looks set.

Article Source:

https://www.thehouseshop.com/property-blog/david-grins-lotus-investment-group-is-breathing-new-life-into-the-irish-property/20127/

With the amended regulations to the Residential Tenancies Bill recently coming into effect, the chairman of property financing firm Lotus Investment Group, David Grin, examines the challenges of achieving a balance between protecting tenants’ rights, supporting landlords and new short-term letting rules intended to curb Ireland’s growing rental crisis.

According to David Grin, the new regulations that recently came into effect in Ireland are an attempt by the government to deliver a tangible solution to the continued rental crisis and housing shortage that has beset the country. Homebuilding across Ireland has been unable to keep up with the growing population and rising demand for housing. As a consequence, housing and rental prices have risen and homelessness levels are at a dramatic high. According to Focus Ireland, 10,253 people were reported to be homeless in May of this year – that figure includes 3,749 children.

Irish government hopes to ease rental crisis with new legislation

Under revisions to the Residential Tenancies Bill, the government has bolstered tenant protections by extending notice periods for ending a tenancy. The new revisions are also set to expand the investigative power of the Residential Tenancies Board, which will allow the board to proactively investigate landlords without a complaint first being filed.

The amendments to the bill also extended all existing rent pressure zone (RPZ) designations to the end of 2021. An RPZ is a designated area where rental rates cannot be increased by more than 4% per year. The government also closed loopholes that were used by landlords to exempt property from this 4% rental increase cap.

The Department of Housing also expanded RPZs this month by adding 19 new locations across the country. This is the largest expansion of the designated areas since they were introduced at Grin David the end of 2016. According to the government agency, the latest expansion means that 65% of rented accommodations within Ireland are now covered by these protections against escalating rental rates.

David Grin, whose company, Lotus Investment Group, has become a leader in providing financing to property developers, acknowledges that these types of protections, robust regulations and a more professional approach to property investing is a positive development for the long-term health of the rental sector. However, he says it could cause some landlords to exit the rental market and put their properties up for sale. “This could, in fact, open up some opportunities for buyers of second-hand residential properties,” he added.

New rules target short-term letting

A contentious debate has arisen regarding the new short-term letting restrictions aimed at curbing the rise of Airbnb-style apartments being taken off the private rental market. Under the new rules, homeowners and landlords with properties located in rent pressure zones must register with local authorities or apply for change-of-use planning permissions if they wish to rent their properties on a short-term letting basis.

Only those owners who rent out a room in their home or their entire home for 90 days or less out of a calendar year can register their property. Those wishing to rent out their property for more than 90 days or landlords renting out a second property on a short-term letting basis must apply for planning permission to do so. Failure to comply with the new rules carries a maximum penalty of €5,000 or six months in prison or both.

Airbnb cites ‘no clear rationale’ for new restrictions by the Irish government

These DAVID GRIN restrictions on short-term letting mirror similar actions taken by major cities attempting to regulate the https://books.google.com/books?id=_elvDwAAQBAJ&pg=PA206&lpg=PA206&dq=david+grin&source=bl&ots=NKfd6cKbCh&sig=ACfU3U3vUUzpir0d03QfTxxmFu3dgD-IqQ&sa=X&ved=2ahUKEwi_kNmH1JPgAhXHpFkKHVYnCBY4HhDoATAFegQIBhAB popular practice. Airbnb has criticized the Irish government’s actions saying that “banning the use of secondary homes is also unlikely to significantly boost Ireland’s housing stock. This appears to be a cut and paste from regulations in other cities, without properly adapting them to the david grin needs of Ireland’s residents and communities.”

The company claims to have been worth €700 million to the Irish economy in 2018 – through a combination of host income and guest spending. The company has stated that the new restrictions go beyond boosting housing stock and instead “place new limits on those families who rely on Ireland’s tourism economy, which is already severely restricted in terms of capacity.”

According to Grin, “The new short-term letting restrictions could have a mixed impact on the property market and overall economy. The Department of Housing hopes that the new rules will increase the number of available long-term rental properties, which certainly could happen. Conversely, some landlords have stated that they would rather sell their secondary properties than deal with the hassle of the new restrictions and the challenges of long-term rental in the private rented sector. It could also adversely impact the tourism industry and push up hotel costs.”

Minister for Housing Eoghan Murphy has stated that he hopes that 1,000 and 3,000 homes in the Dublin area currently used for holiday lettings, could come back into the long-term rental market because of the measure. He David Grin Helpful site said the goal of the new restrictions is to “unlock stock.”

Finding a balance between tenant and landlord protections

While most of the new amendments to the Residential Tenancies Bill have come into effect, some remaining aspects of the legislation have yet to commence. This includes the initiation of the sanctions and investigative functions of the Residential Tenancies Board, the expansion of the bill to cover student accommodations, and the requirement that all landlords register their tenancies on an annual basis with the Residential Tenancies Board.

Landlords, feeling burdened by increasingly onerous and arguably pro-tenant rules, argue that these new regulations simply do not offer landlords enough protection. Speaking with the Irish Independent, the chairperson of the Irish Property Owners Association (IPOA) said that, “Legislation around rental property is continually changing, complex and difficult with more changes expected this year, in a market where 70pc of landlords own one property.”

There needs to be a balance between protecting landlords and offering tenants fairness. According to David Grin, “Putting further obligations on residential landlords could lead to the exodus of more private landlords from the private rental market, the opposite intent of the measures. It is without question that Ireland needs to establish a regulated, professional rental system, but it should be a system where both parties – tenants and landlords – are held accountable for all respective rights and responsibilities. The current rental crisis will only be aggravated and prolonged if more private landlords leave the marketplace.”

Article Source:

https://londonlovesbusiness.com/david-grin-examines-the-balance-between-protecting-tenant-and-landlord-rights-and-the-new-airbnb-restrictions-in-ireland/

With the amended regulations to the Residential Tenancies Bill recently coming into effect, the chairman of property financing firm Lotus Investment Group, David Grin, examines the challenges of achieving a balance between protecting tenants’ rights, supporting landlords and new short-term letting rules intended to curb Ireland’s growing rental crisis.

According to David Grin, the new regulations that recently came into effect in Ireland are an attempt by the government to deliver a tangible solution to the continued rental crisis and housing shortage that has beset the country. Homebuilding across Ireland has been unable to keep up with the growing population and rising demand for housing. As a consequence, housing and rental prices have risen and homelessness levels are at a dramatic high. According to Focus Ireland, 10,253 people were reported to be homeless in May of this year – that figure includes 3,749 children.

Irish government hopes to ease rental crisis with new legislation

Under revisions to the Residential Tenancies Bill, David Grin You can find out more the government has bolstered tenant protections by extending notice periods for ending a tenancy. The new revisions are also set to expand the investigative power of the Residential Tenancies Board, which will allow the board to proactively investigate landlords without a complaint first being filed.

The amendments to the bill also extended all existing rent pressure zone (RPZ) designations to the end of 2021. An RPZ is a designated area where rental rates cannot be increased by more than 4% per year. The government also closed David Grin Go to this site loopholes that were used by landlords to exempt property from this 4% rental increase cap.

The Department of Housing also expanded RPZs this month by adding 19 new locations across the country. This is the largest expansion of the designated areas since they were introduced at the end of 2016. According to the government agency, the latest expansion means that 65% of rented accommodations within Ireland are now covered by these protections against escalating rental rates.

David Grin, whose company, Lotus Investment Group, has become a leader in providing financing to property developers, acknowledges that these types of protections, robust regulations and a more professional approach to property investing is a positive development for the long-term health of the rental sector. However, he says it could cause some landlords to exit the rental market and put their properties up for sale. “This could, in fact, open up some opportunities for buyers of second-hand residential properties,” he added.

New rules target short-term letting

A contentious debate has arisen regarding the new short-term letting restrictions aimed at curbing the rise of Airbnb-style apartments being taken off the private rental market. Under the new rules, homeowners and landlords with properties located in rent pressure zones must register with local authorities or apply for change-of-use planning permissions if they wish to rent their properties on a short-term letting basis.

Only those owners who rent out a room in their home or their entire home for 90 days or less out of a calendar year can register their property. Those wishing to rent out their property for more than 90 days or landlords renting out a second property on a short-term letting basis must apply for planning permission to do so. Failure to comply youngstartup.com/Speaker/david-grin/ with the new rules carries a maximum penalty of €5,000 or six months in prison or both.

Airbnb cites ‘no clear rationale’ for new restrictions by the Irish government

These restrictions on short-term letting mirror similar actions taken by major cities attempting to regulate the popular practice. Airbnb has criticized the Irish government’s actions saying that “banning the use of secondary homes is also unlikely to significantly boost Ireland’s housing stock. This appears to be a cut and paste from regulations in other cities, without properly adapting them to the needs of Ireland’s residents and communities.”

The company claims to have been worth €700 million to the Irish economy in 2018 – through a combination of host income and guest spending. The company has stated that the new restrictions go beyond boosting housing stock and instead “place new limits on those families who rely on Ireland’s tourism economy, which is already severely restricted in terms of capacity.”

According to Grin, “The new short-term letting restrictions could have a mixed impact on the property market and overall economy. The Department of Housing hopes that the new rules will increase the number of available long-term rental properties, which certainly could happen. Conversely, some landlords have stated that they would rather sell their secondary properties than deal with the hassle of the new restrictions and the challenges of long-term rental in the private rented sector. It could also adversely impact the tourism industry and push up hotel costs.”

Minister for Housing Eoghan Murphy has stated that he hopes that 1,000 and 3,000 homes in the Dublin area currently used for holiday lettings, could come back into the long-term rental market because of the measure. He said the goal of the new restrictions is to “unlock stock.”

Finding a balance between tenant and landlord protections

While most of the new amendments to the Residential Tenancies Bill have Grin David come into effect, some remaining aspects of the legislation have yet to commence. This includes the initiation of the sanctions and investigative functions of the Residential Tenancies Board, the expansion of the bill to cover student accommodations, and the requirement that all landlords register their tenancies on an annual basis with the Residential Tenancies Board.

Landlords, feeling burdened by increasingly onerous and arguably pro-tenant rules, argue that these new regulations simply do not offer landlords enough protection. Speaking with the Irish Independent, the chairperson of the Irish Property Owners Association (IPOA) said that, “Legislation around rental property is continually changing, complex and difficult with more changes expected this year, in a market where David Grin Discover more here 70pc of landlords own one property.”

There needs to be a balance between protecting landlords and offering tenants fairness. According to David Grin, “Putting further obligations on residential landlords could lead to the exodus of more private landlords from the private rental market, the opposite intent of the measures. It is without question that Ireland needs to establish a regulated, professional rental system, but it should be a system where both parties – tenants and landlords – are held accountable for all respective rights and responsibilities. The current rental crisis will only be aggravated and prolonged if more private landlords leave the marketplace.”

Article Source:

https://londonlovesbusiness.com/david-grin-examines-the-balance-between-protecting-tenant-and-landlord-rights-and-the-new-airbnb-restrictions-in-ireland/