House price growth, manufacturing output falls and another bout of turbulence in the air travel sector

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Irish home price growth is set to ease to 4 per cent over the next year, following a sharp spike in the wake of the worst of the Covid-19 pandemic, according to a Society of Chartered Surveyors of Ireland (SCSI) survey of 130 estate agents and valuers. Joe Brennan has the details.

Ires Reit, the largest private landlord in Ireland, is closing in on the purchase for about €200 million of hundreds of new homes being developed in the Liberties in Dublin. Due for completion in the first quarter of 2023, the development by Bain Capital-backed Carrey Issuer will comprise of 413 apartments. The concierge-serviced Newmarket Yards scheme will be aimed towards the upper end of the private rented sector market and consist of a mix of 203 studios, 136 one-bedroom apartments, 72 two-bedroom apartments, and two three-bedroom apartments. Ronald Quinlan reports.

Revenues at the Naughton family-owned Glen Dimplex electrical group have started to rebound quickly, according to accounts for one of the main cogs in the group. Dublin-registered Glen Dimplex Europe Holdings, which captures the majority of the group’s global business, recorded a 17 per cent rise in turnover last year to more than €930 million, financial statements obtained by The Irish Times suggest. Mark Paul reports

Irish manufacturing output and new orders fell for the first time in 16 months in June, as the sector grappled with steep input inflationary pressures and supply-chain issues, according to AIB. However, a key gauge of activity across manufacturing firms avoided outright contraction during the month, with the help of a marked job creation and a rise in inventories. Joe Brennan reports.

Dublin-based social entrepreneurship platform ChangeX has agreed a €7.4 million partnership with the Lego Foundation to fund children’s play projects across 12 countries. Ciara O’Brien reports.

The number of corporate insolvencies, which plunged during the pandemic as the State propped up businesses, has started to increase, amid warnings that the number of companies going bust will rise further as inflation kicks in, writes Mark Paul.

By weaponising gas supplies to damage the UK’s neighbours, Boris Johnson would be mimicking Vladimir Putin, argues John FitzGerald in his weekly column.

The bottom line is that airlines and airports are grappling with two things: a surge in the number of people flying, many for the first time since 2019; and difficulties across the board — among carriers, airports, ground handling companies, caterers and so on — with hiring enough people to cope with that. Barry O’Halloran reports on air travel’s latest turbulence.

The last few weeks of the unbridled chaos that has ripped through all elements of the travel and tourism industries comes on top of more than two years of dire strategic thinking about the sector during the pandemic. These things are interlinked. One has led in large part to the other, argues Mark Paul.

Olive Keogh finds that working from home has meant that subsidised canteens and even company cars no longer have the same currency and have been overtaken by benefits that better reflect people’s post-pandemic needs.

“When we moved in, a neighbour knocked on the door to see if we wanted to join them for a drink and get to know the other neighbours. There’s a great community, even though you’re renting. In Ireland, apartment living can be transient as people come and go, but here rented apartments are very much home to people.” Niamh O’Reilly on her move to Germany.

Two housing reports delivered two different takes on the Irish property market in the past week., which is owned by The Irish Times, suggests that house price growth is slowing in the face of cost-of-living concerns and rising interest rates. However says they’re accelerating, fast approaching the Celtic Tiger peak, amid chronically low levels of supply. So, what’s really going on? In the latest episode of the Inside Business podcast, Irish Times Economics Correspondent Eoin Burke-Kennedy sheds some light on the differences in the two reports, while Marian Finnegan of Sherry FitzGerald has the estate agents view.

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Conn Ó Midheach

Conn Ó Midheach

Conn O Midheach is Assistant Business Editor - Digital of The Irish Times