On View today Wednesday 24th January 2018 at 6pm with MTS Property Newtown Way, Braemor Road, Churchtown, Dublin 14 Fabulous 4 bed, 4 bath property, rent €3,000

Thanks to our client Mary Lynch for the lovely testimonial below 'Delighted to recommend MTS Property, who have just sold our property in Terenure, D6w. We had been looking to downsize and MTS Property looked after us so well. Their wealth of knowledge of the market was invaluable to us and it was a very smooth process from start to finish. Would highly recommend MTS Property should you be looking to sell your property'

Rents and property prices will rise by 8 per cent in Ireland this year, the Society of Chartered Surveyors Ireland (SCSI) has said. The SCSI prediction comes a day after global ratings agency Fitch suggested Irish property prices would rise 10 per cent in 2018, slowing to 5 per cent in 2019. SCSI’s annual outlook of the property market suggested that rents will rise 8 per cent despite the introduction of rental caps in Dublin and Cork, with most surveyors suggesting the cap has forced a significant number of landlords to exit the market. On the continuing house price inflation, John O’Sullivan from the SCSI’s residential agency group said surveyors were concerned at the low level of housing bring built for middle-income earners. “Many believe this is because it is simply not economically viable to build affordable new homes in urban areas, where demand is highest,” he added. The rising price of development land, which is expected to increase by 11 per cent this year, was singled out as one factor leading to price increases. The report also found that while the number of planning permissions increased by 15 per cent in the first three quarters of 2017 compared with the same period in 2016, demand is expected to continue to outstrip supply. Separately, Fitch said on Tuesday that properties would continue to become less affordable for Irish buyers this year on the back of house price inflation and low wage growth. Of the 22 markets analysed by Fitch, Ireland was the only one in which property prices are expected to rise in double digits.

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MTS Property outlook for 2018: increased growth, builds and values across the sectors As the economy continues to strengthen, almost all aspects of the property sector are experiencing growth and enhanced activity. MTS Property outlines some of the major changes ahead for the property sector in 2018. OFFICE 2017 was the busiest year ever in the office market with about 340,000 sq m of space let – the second and fourth quarters of the year were particularly busy with both exceeding 100,000sqm. About one third of this was accounted for by the tech sector and about 50 per cent was from international companies such as Facebook, Adobe, LinkedIn, Informatica, Citrix, Indeed. Most of these were expansions of existing operations and this is a particular characteristic of the market. These global tech companies tend to expand rapidly and take very large amounts of space. Facebook is only in the Irish market since 2009 and has grown from less than 2,000sq m in its first year at Hanover Reach to almost 39,000sq m in several locations since. That’s a 1,850 per cent increase and the company now occupies 1.7 per cent of the city centre office stock.” The Google story is even more impressive. Google took its first lease in Dublin in 2003 – just 460 sq m on Earlsfort Terrace. Since then it has grown to over 66,000 sq m across a number of city locations, including Eastpoint. Now in 2018, it is finalising a deal on 8,360 sq m in Sandyford – its first suburban location. Unsurprisingly, MTS expects 2018 to be another busy year in terms of activity in the office market. The construction of new office buildings has been the biggest story in the office market over recent years. And these buildings started to become visible on the Dublin skyline in 2017 as 15 new buildings were completed (172,500 sq m) along with three significant extensions (6,700 sq m). Completions will intensify this year – 20 new buildings in the city centre and five in the suburbs (210,000 sqm). But 65 per cent of the accommodation is already taken and this means that the spotlight is now turning to the next wave of development for completion. INDUSTRIAL 2017 was another good year for industrial with 255,000 sq m taken up but it wasn’t as active as 2016 when 265,000 sq m was taken up. We expect 2018 to be another good year but the lack of good quality supply will hold back activity levels. Some opportunities will come from the changes to the CGT waiver hold period which was reduced from seven to four years in Budget 2018. RETAIL he big story of 2018 will be food and beverage and experience as opposed to fashion and other comparison retailing. This shift to food and experience retailing has been happening for a while now with the emergence of the omni-channel retail concept. Retailers are using this to allow for a seamless shopping experience – either in store or online. They don’t mind how you shop, just as long as you buy their brand. The most successful brands have embraced both formats. Even those that were once purely online now have a physical presence There are also changes in rental trends. Different occupiers types can afford different rents. Food and beverage in particular can typically pay higher rents. This could mean that in the future, shopping centres may perform better than high streets because landlords will have an ability to offer adjacent units at different rents, whereas high streets generally do not have co-ordinated ownership.” DEVELOPMENT LAND AND NEW HOMES 2018 is likely to be a good year again in the development land market with more sites likely to come on the market as a result of factors including the reduction in the CGT waiver period, the increase in the vacant site levy rate, and the likelihood of further institutional lands becoming available. The most important thing to mention is the policy changes that have occurred in the past 12 to 18 months, mainly under the Rebuilding Ireland framework. These policy changes will either directly or indirectly have a positive impact on the land market in 2018 and beyond - particularly for residentially focused lands. Many of these initiatives, along with other measures like the help-to-buy scheme, have already started to have an impact in the new homes market. In Dublin there are 7,400 units under construction roughly split 50/50 between houses and apartments. That’s a 34 per cent increase in the last 12 months. And there are a further 22,000 with planning with about a 40/60 ratio of houses to apartments.” Purpose built student accommodation (PBSA) has come to the fore in the Irish property market in the last two years. There is a current supply of almost 35,000 bed spaces across Ireland, but this falls well short of the 57,000 that is estimated to be required. The Government launched the National Student Accommodation Strategy in July last year as part of Rebuilding Ireland. This is a positive step and shows that the sector is being taken seriously. Also, the Strategic Housing Development initiative allows schemes of more than 200 bed spaces to apply directly to An Bord Pleanála and this should help speed up further supply in the coming year. UCD has already utilised this for 3,000 bed spaces. Last year, there were almost 5,500 new bed spaces constructed in Dublin and Cork and currently there are about 18,000 bed spaces at various stages of planning and construction. SHARED PROFESSIONAL ACCOMMODATION Minister Murphy mentioned this recently as a measure that could assist with residential supply shortages. This is very similar to PBSA but for professionals, mainly those starting out on their careers or those who only require accommodation a few nights a week in the city. It’s similar to young professionals sharing a house but in this case, no one is stuck with the box room. Other facilities are also included such as a gym, a bar, library, games room, restaurant, cinema room, and so on. A current example in Ireland is currently under construction on Pembroke Street Upper and is called Node. We expect that this along with the build-to-rent sector will now start to become a bigger part of the market and will envitably help to solve part of the housing crisis.

Warnings re Property Tax for 2019 The Chairman of the Committee on Budgetary Oversight has said the committee is looking at a number of options in relation to the local property tax. Fine Gael TD for Dublin South West Colm Brophy said if nothing changes, homeowners could face a substantial increase in property tax from next year, with some facing a possible doubling of the tax. Speaking on RTÉ's Morning Ireland, Mr Brophy said it was an issue that primarily affected Dublin and cities including Galway, Cork and Limerick. However, he added, property prices have risen everywhere and an increase would affect everyone. "If we did nothing, there would be very, very substantial increases for homeowners … But the real impact, if you look at the property price inflation between 2013 and now, it's about 70% in Dublin. So that would be a very substantial impact." Mr Brophy said the LPT was important to funding local government and widened the tax base. Earlier this month, Minister for Housing Eoghan Murphy said he favoured a new calculation on property tax that is not exclusively based on market value. The property tax came into force in 2013 and figures released by the Revenue Commissioners on 5 January show that €477m was collected in property tax in 2017, with a 97% compliance rate. One third of the amount was paid by those living in Dublin, where the average amount paid in some areas of the capital was four times higher than in rural areas.

On view Saturday 13th January 2018 with MTS Property 9 Redcourt Oaks, Seafield Road East, Clontarf, Dublin 3 Fabulous 3 Bed Duplex, 3 Bath House Rent €2028 Viewing 10am-10.30am 14 The Elms, Rockfield, Dundrum, Dublin 16 Stunning 2 Bed, 2 Bath Apartment Rent €1900 Viewing 11am-11.30am Contact MTS Property to register your interest 014959020 www.mtsproperty.com

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Property Tax Changes to the property tax could be on the way after Housing Minister Eoghan Murphy said he favours a new calculation that is not exclusively based on market value. Meanwhile, the Independent Alliance said the charge is in "crying need" of reform. New figures released by the Revenue Commissioners this week show that €477m was collected in property tax last year, with a 97% compliance rate. One third of the amount was paid by those living in the capital. The average amount paid in some areas of Dublin was four times higher than in rural areas. The property tax came into force in 2013.