Media Centre

Irish Institutional Property (IIP) members announce a range of measures to protect residential tenants during the COVID-19 crisis

Issued 19 March 2020. Irish Institutional Property (IIP), which represents institutionally financed investors and real estate providers in the Irish real estate market, is introducing a series of measures to assist residential tenants during the current COVID-19 situation.  The sector has had discussions with Government about how best to support people during the crisis.  These temporary and emergency measures are intended to support the Government’s efforts, and particularly our members’ residential rental customers, during this acute phase of the COVID-19 crisis and will be in place and under constant review by our members as necessary. 

Among the proposed measures to support residential tenants during the acute phase of the COVID-19 crisis are:

  • Notice to leave by IIP member landlords will be temporarily suspended for impacted tenants experiencing short term financial stress as a result of the COVID-19 crisis
  • IIP landlords will develop protocols to support impacted tenants experiencing short term financial stress.  This will include deferrals of rent payments, payment plans, etc.
  • IIP landlords will suspend any pending rent increases during the acute phase of the COVID-19
  • IIP landlords are encouraging tenants who are significantly impacted as a result of this crisis situation to make contact with them as soon as possible.  IIP landlords will put in place telephone and online contact support for impacted tenants to communicate details of the assistance available from Government and the sector. 
  • If tenants who are currently in the process of moving wish to suspend their plans, IIP landlords will support them with continuing accommodation provision 
  • IIP members will work to support the supply of the ‘self-isolation’ accommodation needs of government

IIP landlords are already communicating with their residential tenants, highlighting the advice from Government and the HSE on COVID-19 and advising tenants to follow the guidelines.  IIP landlords have also increased disinfecting and cleaning in apartment blocks.

In addition to the temporary and emergency measures announced today, IIP members will continue to ensure provision of ongoing essential maintenance services to their residential tenants.

Speaking about the new measures proposed by the institutional property sector, Pat Farrell, Chief Executive, IIP, said “Our member companies are committed to supporting the Government’s efforts during this unprecedented crisis.  We are very much aware that some tenants will experience financial difficulties and we want to reassure them that our members stand ready to offer practical support to impacted residential tenants during this difficult time.”

Ends

Media contacts:

Pat Farrell, Irish Institutional Property, 087-2225656

Stephen Lynam, Q4PR, 087-2354126

New report delivers home truths about the cost of building homes in Ireland – Irish Institutional Property

A new report, published today, shows that the cost of delivery of new homes in Dublin ranges from over €330,000 for a two-bedroom town house to over €460,000 for a two-bedroom apartment. The data is contained in a new report published by Irish Institutional Property (IIP), the voice of institutionally financed investors with significant international backing in the Irish real estate market, and conducted by construction consultancy company Linesight. The publication comes at a time of much commentary on the costs of housing delivery and the best policies to end the housing crisis.

Key findings of the report include;

  • The construction costs alone of a two bedroom house in Dublin city or suburbs are a€158,000, but this rises to over €200,000 when costs such as planning, professional fees and finance are added. When VAT, levies and the cost of equity are included, the figure rises further to a final cost of over €330,000.
  • For apartments, construction costs are higher at €225,000 per unit (due to more onerous requirements around foundations, parking, provision of lifts etc), rising to over €300,000 when legal, planning and finance costs are included. The addition of VAT, levies and equity sees the final cost rise to over €460,000.

Commenting on the findings, CEO of Irish Institutional Property, Pat Farrell, said;

“When discussing housing policy, and proposing solutions to the housing crisis, it is important to be aware of the facts. Our report spells out the components of the price of housing, why prices are high, and the costs that need to be tackled to reduce prices for buyers. We hope that the data will help drive an informed debate on the issue and mitigate against some misunderstandings about the realities of home building here. Some recent commentary, and some proposals on how best to drive the delivery of a greater number of homes, are based on an improper understanding of these realities. Indeed, some proposals in the public domain would result in a reduction in the number of new homes delivered, which is something nobody would welcome”.

ENDS

Note to editors;

Data on construction costs is provided by Linesight, who are currently working on in excess of 10,000 residential units at various stages of completion in the Greater Dublin Area. Development levies are as per Dun Laoghaire Rathdown County Council for the Cherrywood SDZ. Finance and banking costs are as provided by Hines and an assumed site purchase cost per unit for the purpose of this exercise is €40k (excluding Stamp duty and fees).

Media contact;

Pat Farrell, Irish Institutional Property, 087-2225656

Stephen Lynam, Q4PR, 087-2354126

IIP policy priorities

IIP CEO Irish Times interview

https://www.irishtimes.com/business/commercial-property/the-only-time-apartments-were-viable-was-in-ballsbridge-killiney-and-dalkey-1.4186785


Press Release

8 October 2019

Commercial stamp duty changes will make Ireland less competitive- Irish Institutional Property

Irish Institutional Property (IIP), the voice of institutionally financed investors and real estate providers with significant local and international backing in the Irish real estate market, has said measures announced in Budget 2020, while helping first time buyers, will work against attracting investment into Ireland in our important commercial real estate sector.

Commenting today IIP Chief Executive Pat Farrell said;

“While the extension of the Help to Buy Scheme measures are welcome, the increase in the rate of stamp duty on commercial property – the second since 2017- is disappointing and will work against the Government’s stated desire to sustain our competitive positioning as a location capable of maintaining the flow of institutional capital investment necessary to deliver critical real estate. We await the details of proposals around changes to the tax regime for REITs, while reconfirming that IIP members are committed to ensuring the highest standards of corporate governance, including compliance with relevant regulatory regimes”.


Pre-budget submission

Opinion article by Pat Farrell, CEO of IIP

‘Institutional investment is vital to the future of our economy and society’

https://www.independent.ie/business/pat-farrell-institutional-investment-is-vital-to-the-future-of-our-economy-and-society-38404625.html

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