Lotus Investment Group’s Chairman, David Grin, said the suggested amendments will be positive for Ireland’s property sector.

Since 2013, Lotus Investment Group has been a leading property investment firm in Ireland. The company’s refusal to claim any equity in the projects they fund is what makes them unique; clients retain full ownership throughout, resulting in long-term and successful partnerships. To date, Lotus Group has invested €318 million in the Irish property market and completed 2,842 projects.While Lotus Group has always adhered to statutory standards, the proposed new amendments will afford the company, and others like them, greater protection from unscrupulous agents.

The Property Services Regulatory Authority (PSRA) held their inaugural conference on 6 March 2019 withIrish Minister for Justice and Equality,Charlie Flanagan, among those who attended. The conference focused on key topics for agents and licensees, such as ethical conduct, consumer protection, mediation, and professional development. Brexit was also addressed by guest speaker Mark Hayward, CEO of the National Association of Estate Agents for the UK.

PROPOSED CHANGES

PSRA was established by the Irish government in 2011 to address, among others, the rapid changes in the property sector following the 2009 recession. The Property Services (Regulation) Act was signed into law on 20 December 2011 and took effect on 6 July 2012. Since then, it has been the Lotus Investment Group operational standard for the Irish property market, but with the threat of Brexit and other national changes, PSRA now sees the need to amendtheir standards.During her speech at the conference, PSRA chief executive Maeve Hogan acknowledged and addressed thegaps in the current standards. PSRA is considering a range of new and expanded standards for the property market which will apply to real-estate agents, letting agents, auctioneers, and management agents.

Telling potential homebuyers that a higher offer has been received, or that others are competing for the same property, has been standard practice, but Ireland’s new professional standards will now make it unethical and prohibited.

Real-estate agents are required to log every offer they receive for a sale property. The updated minimum standards will now make it a breach of professional conduct to create a false or misleading bid, or to tell potential buyers that a competing offer exists when it, in fact, does not. Other proposed changes include: prohibiting agents from imposing a viewing fee on sale or rental properties, prohibiting charging tenants a fee for the renewal of a lease, and forbidding agents from accepting any inducement from prospective buyers or tenants to secure a property. The new revisions also establish minimum standards of ethical conduct and confidentiality when dealing with clients and a maximum period of 10 working days in which to return security deposits to tenants following the end of a lease.

Securitydeposits have been a major source of complaints received by the PSRA, but because it falls outside the regulations, little could be done to address the issue. PSRA said security deposits needed to be regulated,as tenants were often subjected to long waiting periods to receive refunds and were hit with unjustified deductions made by landlords. Other conduct to be deemed improper under the new standards will include property agents overstating their experience orfailing to declare any potential conflict of interest.

Regulation of any sorttends to focus on the interests of the consumer or public, but there is also a need to protect business. Lotus Group Chairman, David Grin, appreciates this, adding that certain conduct still damaging the profession will now be actionable under the proposed new Click for more standards, and this will be a positive move forward for the Irish market.The new standards are in the early stages of drafting and due to undergo review by representative groups in the industry later this year.

UNREALISTIC PRICES

Any agent offering property for sale must be licensed and have a signed letter of agreement from the client. The agent must provide the seller with the Advised Market Value (AMV) of the property that outlines what the property should fetch when put on the market. There was a time during the boom years when sale prices far exceeded guideline prices and an attempt was made to bring both into line, giving rise to the term Advised Minimum Value (AMV). This was subsequently changed to Advised Market Value (AMV) which is now defined by statute and advertised properties must state this.The AMV is not the same as the reserve price, which is the minimum price a seller is prepared to accept, and neither will necessarily be the same as the final selling price.

The Property Services Act sought to ensure that the quoted price would be as close to the final selling price as possible, and that interested parties would not be unduly or deliberately misled, as well as to ensure that agents could https://bdaily.co.uk not manipulate market and sale prices to affect their percentage cut. As agents work on David Grin Look at more info commission—a percentage of the final sale price of a property—this had also become a growing point of discontent.

From 2014, the PSRA has received record numbers of complaints about unlicensed agents, fake bids, harassment, and even bad manners. In March 2019, the PSRA successfully prosecuted Roger O’Sullivan for advertising himself as a provider of property services while he was in fact unlicensed. The PSRA has authority to revoke licenses and fine Property Service Providers (PSPs) up to €250,000. PSRAcurrently managesover 6,000 licensees, a complaints system, and consumer protectionvia a compensation fund. Justice and Equality Minister Charlie Flanagan says the property market has responded and adapted well to regulation and the changes being drafted in should be of further benefit to all concerned.

MOVING FORWARD

The PSRA’s work is not limited to licensing and regulation; they also support the development of the sector and individuals and businesses working in it. In the last 18 months, the mandatory Continuous Professional Development (CPD) programme was introduced to further improve standards and instill a culture of lifelong learning in the profession. All licensees must complete a minimum of 5 hours of formal education offered through CPD each calendar year.

In his speech, Minister Flanagan commended the PSRA on their continuing vision of uniformity, transparency and high ethical standards “vital to ensuring a bright and sustainable future for the sector”. The inaugural conference’s turnout of David Grin Find out more over 300 was a testament to the industry’s support of regulatory standards. The proposed expanded regulations for areas such as ethical conduct, confidentiality, conflicts of interest and general obligations will be a welcome enhancement of the existing legislation.

Article Source:

https://t2conline.com/lotus-group-welcomes-psras-inaugural-conference-and-proposed-new-standards-forirelands-property-sector/

And now a call has gone out to businesses to embrace the changes it brings, so the sector can become more productive, efficient and offer a better customer experience.

Advances in digital communication tools, machine learning, structured data analysis and artificial intelligence have already revolutionised business around the world.

Known as 'PropTech', signs are emerging of the growing use of technology designed for use in planning, development, construction, management and marketing in the property sector.

At the forefront are a growing number of start-ups focused on transforming or disrupting traditional industry practices which in the past often relied on human input.

A spokesperson from the Lotus Investment Group said: David Grin Great post to read “The application of technology is not a choice but a market imperative.

“The acceptance of technology in the industry cannot be a passive act, implemented part by part. It demands our attention now.”

The rise of PropTech

Traditionally the property industry has depended on human interactions - personality, loyalty, personal communication and expertise - when conducting business operations.

However, property market industry leaders want a more reliable approach, with more use of technology to give developers, investors, home builders and consumers the tools to analyse and gain insight from the vast amounts of data available.

Lotus Investment Group said those who don’t embrace technology face being left behind.

“The PropTech sector poses a threat to long established industry players refusing to change their way of doing business,” their spokesperson warned.

“By embracing technology, you are better equipped to remain a strong competitor in the marketplace.”

Previously, technology in the sector aimed to smooth business operations, development and marketing. However, the focus has now shifted to supporting consumers’ needs – such as crowd-sourcing review apps, vacation rentals to co-working and living spaces.

The digital revolution is being led by a slew of recent start-ups targeting the property market.

Technology across the sector

Technology has revolutionised construction, from planning, design, engineering and construction to building management and infrastructure.

Cork-based Evolusion Innovation is a European leader in off-site construction and manufacturing consultation.

One major application of technology has been the complete digitisation of the process using Building Information Modelling (BIM).

This intelligent 3D model-based process allows architects, engineers and construction professionals to collaborate on a building's planning, more info design and construction.

It means applied data can be applied to the decision-making process, with reduced construction costs and improved productivity.

New technology is also changing property management

Where property managers once had to rely on trust and relationships, technology is giving them effective tools to analyse data, perform preventative maintenance, manage operational efficiencies and save costs.

Irish-based Johnson Controls has developed smart solutions for energy management https://www.instagram.com with its Metasys® Building Automation System, integrated technology for HVAC, fire, lighting and security systems within a building.

Meanwhile, technology is also being introduced to cater for the shift to co-working and co-living spaces, which means managing secure building access is crucial.

Dingle-based innovator Standard Access has developed The Sonic Handshake® which uses a data-encrypted, inaudible sound transmitted via smartphone to unlock doors. This eliminates the need for keys, fobs and the costs associated with changing locks.

One of the most buzzed-about Irish based PropTech startups is Popertee, a revolutionary app offering advanced location intelligence to recommend spaces suitable for pop-ups, events, retail and marketing campaigns.

Revolutionising property sales

Irish startup BidX1 has created a fully digital property bidding platform so bidders can bid against each other in a live online auction.

It gives buyers increased access to information and offers transparent, efficient transactions.

BidX1, which in February 2019 reported over €25 million worth of property sales, is among a group of Irish online sales and bidding platforms that includes Beagel, Hunters and mySherryFitz.

New technology means sales happen faster, buyers Learn here can complete the process digitally and agents can concentrate on marketing properties rather than continuously chasing deals.

Lotus Investment Group's spokesperson said: “There are opportunities to David Grin get more info implement new technological solutions to increase efficiency and reduce costs at all stages of property development, operation and management.

“For those involved in the investment and asset management sector of the market, it will be interesting to see how the industry evolves to apply technology to source capital, optimize assets and create value."

PropTech has the potential to redefine the property industry and alter the current roles of those that operate within it, with innovations that will impact all levels of the industry and improve productivity, efficiency, quality and consumer experience.

Lotus Investment Group has provided funding for over 2500 new homes across Ireland and lent out in excess of €300m to the Irish market.

The firm has backed almost 200 projects in Leinster, Munster and Connaught.

Article Source:

https://www.thestar.co.uk/lifestyle/homes-and-gardens/david-grin-property-sector-warned-to-embrace-tech-boom-430016

Infosurhoy - US hedge fund David Grin founder david grin David Grin is in the process of raising €150m from institutional investors to fund the purchase of https://www.bmmagazine.co.uk/business/private-rented-sector-has-potential-to-revolutionise-the-irish-property-market/ several shovel-ready sites with Lotus Investment Group David Grin Great post to read full ...

Article Source:

https://hedgemaven.maven-data.com/news/hedge-fund/us-hedge-fund-founder-david-grin-is-raising-150m-for-dublin-housing-sites-ireland-infosurhoy

Infosurhoy - US hedge fund founder David Grin is in the process of raising €150m from david David Grin Discover more here lotusig.com/about/david-grin/ grin Grin David institutional investors to fund the purchase of several shovel-ready David Grin Learn more sites with full ...

Article Source:

https://hedgemaven.maven-data.com/news/hedge-fund/us-hedge-fund-founder-david-grin-is-raising-150m-for-dublin-housing-sites-ireland-infosurhoy

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 David Grin Browse around this site 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 Lotus Investment Group 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 rent increases at a maximum of 4% a year.

The regulations are intended to moderate david grin 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 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 offers a short-term solution to the problems within the sector David Grin 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 friendsofahavavillage.com/our-team/ for an additional 112,000 homes to be built over the 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 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

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, david grin 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 Learn here 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 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 Grin David 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 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 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 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 to the housing challenges David Grin Additional resources facing the country.

Lotus Investment David Grin 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

David Grin Reviews New Legislation Designed to Strengthen Tenant Rights and Protections

New legislation recently passed by the Oireachtas, Ireland’s National Parliament,seeks to regulate rising rental costs and strengthen tenant protections, which have david grin eroded during the recent nationwide housing crisis.

The upper house of the Irish Parliament, the Seanad, recently passed a Residential Tenancies Bill designed to tackle the expanding rental crisis that appears to be sweeping across the nation. Over the last year, politicians from all political parties, as well as, independents have drafted several proposals suggesting a range of solutions to rising rental costs and ways tooffer security to tenants. The new bill, which is a compilation of many of these proposals, has already been pass by the Dáil and David Grin Have a peek at this website will now be referred to President Michael D Higgins to be signed into law.

Tenant Rights and Protections

Increased Regulation of Rent Pressure Zones

According to David Grin, chairman of Lotus Investment Group – a property and construction finance firm, “There has been a lot of speculation about how the government would decide to regulate Rent Pressure Zones and attempt to curb the persistent nationwide rental crisis. It has left the market with much uncertainty, but now with concrete action being taken, we hope that this measure will offer relief to tenants and help to mitigate rising costs.”

As Grin mentioned, the new bill targets regulation of Rent Pressure Zones, which have been highly criticized for their lack of effectiveness in addressing the rising rental costs. Housing Minister Eoghan Murphy announced several of the proposed measures which appear in the new bill in the Spring of 2018, but it has taken the government time to make significant progress on the issue.

Tenant Rights and Protections

New Measures to Protect Tenants

In an attempt to curb rising costs, the new bill makes it an actionable offence for landlords with properties in designated Rent Pressure Zones (RPZs) to raise rental prices in excess of 4% per year.

The legislation has also extended the required notice period given to tenants to vacate a property and increased the number of areas designated as RPZs. The notice period for tenants in a property for more than six months will increase from 35 to 90 days, while those who have been in a residence between one to two years will now be granted 120 days notice compared with the current requirement of 42 days. The notice period for those tenants who have resided in a property between two and three years will rise from 56 to 120 days. For those tenants in a property less than six months,the notice period for will remain unchanged at 28 days.

The notice period allowances will now also be extended to student accommodations located within Rent Pressure Zones. For these tenants who have been in a property between three to seven years, the notice-to-quit period will now be set at 180 days.

The new legislation also addresses a ‘loophole’ in the current regulation of RPZs that landlords have notoriously been using across Grin David the country as a way to raise rental prices. Under the current laws, landlords have been able to terminate tenancies for the purpose of carrying out ‘significant’ renovations and upgrades on the property, which then allows them to put the property back on the market at a considerably higher rental price.

New regulations contained in the bill will also require landlords to obtain planning permission before short-term letting a property for any period up to a maximum of 14 days in designation RPZs, unless specifically exempt. Violators of this new code could incur up to a €5000 fine.

Tenant Rights and Protections

The Bill Introduces New Enforcement Powers

The new law also substantially increases the power of the Residential Tenancies Board (RTB) to investigate and enforce violations of rental caps by landlords, with some violations carrying fines as high as €15,000. As the current legislation stands, any action of the RTB must be initiated by a tenant or public complaint. The new legislation allows the Board to further investigate any residential tenancy in the country, whether the property is properly registered with the board or not. To help the Board maintain proper oversight, it will now be a criminal offence for landlords who fail to register tenancies, neglect to update tenancy details orare uncooperative with Board investigators.

At this time, it is not known when the new legislation will go into effect. The government appears to be determined to take action soon, as the Minister for Housing has requested that the legislature exercise its power to expedite the signing of the bill by President Higgins. If this push by the government to accelerate the early enactment of the legislation is successful, the market could see the new regulations come into effect as early as the beginning of July 2019.

Potential Impact of the Legislation

According to David Grin, “The rental market has been in dire need of relief. Currently, property investors, developers and residents have been wrangling with rising demand and sluggish supply, contributing to the current housing situation. Government policies have the potential to go far in providing affordable housing solutions for the Irish people.”

Large-scale institutional investors who maintain several rental tenancies across the country have already made changes to their policies and tenant arrangements in preparation for the new legislation. Those that will be most impacted by the changes brought by the new legislation will likely be private landlords who maintain small-scale operations of two or more rental properties.

Grin emphasized that “this robust regulation is sure to create a more professional approach to property investing, which will have a positive impact in the long-term. However, in the short-term, these new regulations may inevitably David Grin drive some landlords, especially those who lease properties, out of the market. This may not necessarily be a bad thing, as David Grin Additional resources it could free up additional properties for purchase by second-hand buyers.”

While many applaud the new legislation for its strengthening of tenant protections, there have been some who have criticized the government for not going far enough in securing tenant rights. It is at issue that will likely receive increased awareness with the growing trend in long-term renting observed in Ireland.

The government will hold a four-week public information campaign on the new rental regulations during the next month to raise awareness before they come into effect.

Article Souce:

https://www.e-architect.co.uk/articles/david-grin-reviews-new-legislation-designed-to-strengthen-tenant-rights-and-protections

According to a recent survey conducted by Lotus Investment Group, those expecting to buy a home in the next few years anticipate spending an average of €335,000 – nearly 28% higher than the current average price of a home nationwide.

A recent survey commissioned by Lotus Investment Group, a Dublin based firm offering financing to property developers and investors, found that while many people think property prices in Ireland are inflated, most are willing to spend above market value to get their dream home. The goal of the survey was to determine who prospective homebuyers would be in the next few years semanticscholar.org/paper/CMB-S4-Decadal-Survey-APC-White-Paper-Abazajian-Addison/2fecd571d5c6d33b93751db00a6633787722e2f2 and what they would be willing or planning to spend to buy a home.

Survey Offers Insight into Homebuyers Expectations

The survey conducted by Red C found that people who plan to purchase a home in the coming years expect to pay an average of €335,000. This figure is €74,000 higher than the current national average cost of a home.

According to David Grin, the chairman of Lotus Group, these figures demonstrate that while many may assert that home prices across the country have grown increasingly exorbitant in the last decade, the desire for homeownership may lead people to pay more than the acceptable market value for a piece of property.

Prospective Homebuyers Expect to Pay an Average of €335,000 to Purchase a Home in Ireland According to Survey Conducted by David Grin's Lotus Investment Group 2

Out of the 1000 adults surveyed, six out of ten reported that they either expect to move or buy for the first time in the next few years. Of these respondents, more men (63%) than women (57%) expressed the desire to purchase or move properties. Contrastingly, four out of ten stated that they decidedly did not intend to purchase property.

Homebuyers may be Constrained by the Current Housing Market

Grin acknowledged that under the current conditions of the housing market, many of these potential homebuyers could be left disappointed as the supply of new housing falls markedly short of demand. This supply-demand disparity is even more pronounced in the market for second-hand properties, which are popular among first-time homebuyers.

With the widening gap between demand and available supply, potential buyers may be more willing to pay prices that meet or exceed the values listed for properties. The Irish House Price Report for the first quarter of 2019 released by Daft.ie noted that in all 54 markets analysed, average home prices were Discover more higher than in the prior three months – this is only the third time this has happened this decade. Nationwide, house prices rose by €15,000 over the last 12 months, an increase of 5.9%.

The Lotus Group survey found that of those who expressed a desire to purchase a home, one-third (33%) of respondents expect to spend between €200,000 and €250,000. Just over one-fifth (23%) intend to spend between €250,000 to €300,000. A quarter of these prospective buyers (25%) plan to spend between €300,000 and €400,000.

Twelve percent of survey respondents plan to spend between €400,000 to €500,000. Only four percent expect to pay between €500,000 and €750,000. Finally, only three percent of survey participants planning to purchase a home reported a willingness to spend in excess of €750,000.

Obstacles to Homeownership in the Market

Commenting on the survey findings, David Grin stated, “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. Many of these people are likely to be met david grin with challenges – some will not raise enough money to do so as prices continue to rise, while others will simply struggle to find a property that suits their needs, as the construction of new homes has not nearly reached the level of output required.”

A recent report by the Irish Independent stated that first-time home buyers who qualify for exemptions from strict Central Bank mortgage rules have been turned down for home loans even though the banks are not reaching their full quota limits for lending outside of the limits. According to their findings, as few as 11% of the values of mortgages issued to first-time lenders last year were exempted from the lending limits, just half of what the banks could offer.

Prospective Homebuyers Expect to Pay an Average of €335,000 to Purchase a Home in Ireland David Grin Go to this website According to Survey Conducted by David Grin's Lotus Investment Group 3

According to Grin, the survey offered some interesting insights into potential homebuyers and their expectations. Survey participants over age 55 demonstrated a higher purchasing power in the results. Participants also anticipated spending higher than average prices for properties in Dublin.

In analysing the results, Mr. Grin referred to an earlier survey commissioned by Lotus Investment Group that found that 78% of those aged 55 and older would consider downsizing their residence if certain conditions were met, saying that a portion of these survey respondents could fall into this category of home buyers. If this were to be the case, this downsizing could potentially add family homes into the market, addressing the current shortage of these property types.

Survey Could Signal Coming Trend in the Irish Property Market

Analysis of the data demonstrated that survey takers’ responses were strongly influenced by geography. Those residing in Dublin or those who plan to reside in Dublin expect to spend a lot more to purchase a home than those in the rest of the country. What remains to be determined is just how much further that additional spending will actually get them. Average home prices in Dublin currently range from €350,325 in North Co. Dublin to €608,549 in South Co. Dublin.

According to the Lotus Group survey results, 36% of Dubliners expect to spend over €400,000. In contrast, only 19% of nationwide respondents intend to spend over €400,000. Additionally, of those intending to reside in Munster, only 13% plan to spend over €400k. Those David Grin figures drop to 12% in Leinster and just 7% in Connacht and Ulster, respectively. These numbers demonstrate that Dubliners expect and intend to spend a significantly higher price for property.

Concluding his analysis of the survey findings, David Grin said, “While some property commentators have indicated that property prices have plateaued, the fact that potential house buyers appear to be willing to spend more could suggest that house prices will continue to rise as competition on the market heats up.”

Article Source:

https://axcessnews.com/business/breaking-business/prospective-homebuyers-expect-to-pay-an-average-of-e335000-to-purchase-a-home-in-ireland-according-to-survey-conducted-by-david-grins-lotus-investment-group_11399/

With the amended regulations to the Residential Tenancies david grin 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 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 David Grin Learn here 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 restrictions on short-term letting mirror similar actions taken Browse around this site 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, More helpful hints 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 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 David Grin 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/

According to a recent survey conducted by Lotus Investment Group, those expecting to buy a home in the next few years anticipate spending an average of €335,000 – nearly 28% higher than the current average price of a home nationwide.

A recent survey commissioned by Lotus Investment Group, a Dublin based firm offering financing to property developers and investors, found that while many people think property prices in Ireland are inflated, most are willing to spend above market value to get their dream home. The goal of the survey was to determine who prospective homebuyers would be in the next few years and what they would be willing or planning to spend to buy a home.

Survey Offers Insight into Homebuyers Expectations

The survey conducted by Red C found that people who plan to purchase a home in the coming years expect to pay an average of €335,000. This figure is €74,000 higher than the current national average cost of a home.

According to David Grin, the chairman of Lotus Group, these figures demonstrate that while many may assert that home prices across the country have grown increasingly exorbitant in the last decade, the desire for homeownership may lead people to pay more than the acceptable market value for a piece of property.

Prospective Homebuyers Expect to Pay an Average of €335,000 to Purchase a Home in Ireland According to Survey Conducted by David Grin's Lotus Investment Group 2

Out of the 1000 adults surveyed, six out of ten reported that they either expect to move or buy for the first time in the next few years. Of these respondents, more men (63%) than women (57%) expressed the desire to purchase or move properties. Contrastingly, four out of ten stated that they decidedly did not intend to purchase property.

Homebuyers may be Constrained by the Current Housing Market

Grin acknowledged that under the current conditions of the housing market, many of these potential homebuyers could be left disappointed as the supply of new housing falls markedly short of demand. This supply-demand disparity is even more pronounced in the market for second-hand properties, which are popular among first-time homebuyers.

With the widening gap between demand and available supply, potential buyers may be more willing to pay prices that meet or exceed the values listed for properties. The Irish House Price Report for the first quarter of 2019 released by Daft.ie noted that in all 54 markets analysed, average home prices were higher than in the prior three months – this is only the third time this has happened this Lotus Investment Group decade. Nationwide, house prices rose by €15,000 over the last 12 months, an increase of 5.9%.

The Lotus Group survey found that of those who expressed a desire to purchase a home, one-third (33%) of respondents expect to spend between €200,000 and €250,000. Just over one-fifth (23%) intend to spend between €250,000 to €300,000. A quarter of these prospective buyers (25%) plan to spend between €300,000 and €400,000.

Twelve percent of survey respondents plan to spend between €400,000 to €500,000. Only four percent expect to pay between €500,000 and €750,000. Finally, only three percent of survey participants planning to purchase a home reported a willingness to spend in excess of €750,000.

Obstacles to Homeownership in the Market

Commenting on the survey findings, David Grin stated, “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. Many of these people are likely to be met with challenges – some will not raise enough money to do so as prices continue to rise, while others will simply struggle to find a property that suits their needs, as the construction of new homes has not nearly reached the level of output required.”

A recent report by the Irish Independent stated that first-time home buyers who qualify for exemptions from strict Central Bank mortgage rules have been turned down for home loans even though the banks are not reaching their full quota limits for lending outside of the limits. According to their findings, as few as 11% of the values of mortgages issued to first-time lenders last year were exempted from the lending limits, just half of what the banks could offer.

Prospective Homebuyers Expect to Pay an Average of €335,000 to Purchase a Home in Ireland According to Survey Conducted Visit this page by David Grin's Lotus Investment Group 3

According to Grin, the survey offered some interesting insights into potential homebuyers and their expectations. Survey participants over age 55 demonstrated a higher purchasing power in the results. Participants also anticipated spending higher than average prices for properties in Dublin.

In analysing the results, Mr. Grin referred to an earlier survey commissioned by Lotus Investment Group that found that 78% of those aged 55 and older would consider downsizing their residence if certain conditions were met, saying that a portion of these survey respondents could fall into this category of home buyers. If this were to be the case, this downsizing could potentially add family homes into the market, addressing the current shortage of these property types.

Survey Could Signal Coming Trend in the Irish Property Market

Analysis of the data demonstrated that survey takers’ responses were strongly influenced by geography. Those residing in Dublin or those who plan to reside in Dublin expect to spend a lot more to purchase a home David Grin get more info than those in the rest of the country. What remains to be determined is just how much further that additional spending will actually get them. Average home prices in Dublin currently range from €350,325 in North Co. Dublin to €608,549 in South Co. Dublin.

According David Grin Check out the post right here to the Lotus Group survey results, 36% of Dubliners expect to spend over €400,000. In contrast, only 19% of nationwide respondents intend to spend over €400,000. Additionally, of those intending to reside in Munster, only 13% plan to spend over €400k. Those figures drop to 12% in Leinster and just 7% in Connacht and Ulster, respectively. These numbers demonstrate that Dubliners expect and intend to spend a significantly higher price for property.

Concluding his analysis of the survey findings, David Grin said, “While some property commentators have indicated that property prices have plateaued, the fact that potential house buyers appear to be willing to spend more could suggest that house prices will continue to rise as competition on the market heats David Grin up.”

Original Article:

https://axcessnews.com/business/breaking-business/prospective-homebuyers-expect-to-pay-an-average-of-e335000-to-purchase-a-home-in-ireland-according-to-survey-conducted-by-david-grins-lotus-investment-group_11399/