Dublin house prices fall, Stillorgan redevelopment, and what a no-deal Brexit means

Business Today: the best news, analysis and comment from The Irish Times business desk

Property prices in Dublin are now falling for the first time in seven years, according to the official figures

Property prices in Dublin are now falling for the first time in seven years, according to the official figures

 

Property prices in Dublin are now falling for the first time in seven years, according to official figures, which show the average cost of a home in the capital fell by 0.2 per cent in the 12 months to July. Prices in Dún Laoghaire-Rathdown saw a decline of 6.3 per cent. Industry observers said uncertainty over Brexit is to blame for the significant decline, report Colin Gleeson and Eoin Burke-Kennedy.

Two young first-time buyers in the capital however said they were not too worried about a trend emerging.

Eoin also reports on how a senior Irish analyst has warned that Europe may be entering a “Japanification” phase, where growth and inflation remain sluggish or anaemic for an extended period, in the wake of the European Central Bank’s return to stimulus packages.

Kennedy Wilson is looking to increase its foothold in Dublin’s lucrative rental market yet again with an ambitious plan to build 232 luxury apartments on the site of the Leisureplex bowling alley in Stillorgan. Ronald Quinlan has the details.

The judge in developer Sean Dunne’s US bankruptcy this week denied a request by his wife Gayle Killilea’s lawyer to block examination of her longtime financial advisor and production of a wide range of the couple’s financial documents. In another development, the trustee on asked Judge Meyer to order Mr Dunne to demonstrate why he should not be found in contempt for failing to pay a $9,330 sanction.

Joe Brennan reports from Helsinki as European finance ministers convene for an informal two-day meeting where climate change will be the topic of discussion.

In Agenda this week, we ask what a no-deal Brexit might mean for the biggest sectors of the Irish economy, with Cliff Taylor, Dominic Coyle and Barry O’Halloran assessing the potential damage.

And in his column, John Fitzgerald continues to address the potential economic implications of a united Ireland, arguing “the best chance for Northern Ireland of having a prosperous future over the next decade is that future London governments remain sympathetic, continuing to fund Northern Ireland within the UK.”

The interview of the week is with John Moran, the former secretary general at the Department during the dark days of the recession and who is now hoping to help tackle the housing crisis.

Finally, there was an outcry this week from some young city dwellers about the closure of the Bernard Shaw pub on South Richmond Street in Dublin. In his Caveat column, Mark Paul writes that while it proves there is still emotional attachment to Irish pubs, the decision to close shows there is little emotion in business. “Like business cycles and friends, some pubs just come and go”.