The top news this morning emphasises on the industrial action initiated by Ialpa, the pilots’ union at Aer Lingus which is expected to cause delays and cancellations for prospective passengers. This strike, starting next Wednesday, has been announced as indefinite. Barry O’Halloran indicates this could result in several weeks of travel disruption, while Conor Pope explains the compensation rules for those affected. Colin Gleeson discloses that travel agents have witnessed a stagnation in demand for Aer Lingus seats, a situation which is troubling for the airline’s executives.
Economic news also feature updates on housing. The Finance Department states that funding of €20.4 billion per annum would be required to construct 50,000 homes each year as per recently proposed goals. The majority of this figure, over 80%, is expected to come from private funding. The Department of Housing, in a distinct report, hints at the same quantity of homes securing planning approval in the last three years under new regulations that curtail bulk purchasing by investment associations or similar bodies. Both reports’ details are provided by Eoin Burke-Kennedy.
On the topic of building costs, Colin Gleeson reports that Dublin is now the fourth costliest place to construct in across Europe, with rising costs this year surpassed only by Warsaw.
Talking about stock markets, Nvidia, the AI chip manufacturer, has outperformed Microsoft and Apple to become the world’s highest valued firm. This snap into the top spot follows a period of robust growth of its share price driven by the demand for its chips and the investor fervour for AI.
In budget-related news, Deloitte is pushing for modifications that would include a more lenient capital gains tax regime for proprietors selling their enterprises, regardless of opposition from the ESRI and others. Deloitte believes the current measures are less generous than required. Besides, the firm advocates for a reduced common VAT rate and a €50,000 threshold before a higher income tax rate applies. The news is reported by Ian Curran.
Firms vying for the contract of the Adare bypass road scheme, valued at 150 million euros, have been instructed that the motorway portion needs to be finished before the 2027 Ryder Cup, according to journalist Gordon Deegan. In legal news, a judge has ruled that a pub tenant, reportedly in debt by €441,948, unlawfully engaged in a standoff, using the pub’s licence unlawfully to stop the property owner from leasing out the Dublin-based property again.
Meanwhile in the Commercial Property sector, it is believed that Dún Laoghaire Rathdown County Council has consented to give Nama approximately €18 million for a prime residential development site. Located near Brennanstown Road in the southern Dublin suburb of Cabinteely, the site has potential for nearly 370 homes. This agreed upon price is significantly less than the original €35 million asking price put forward by CBRE in 2018 when the site, spanning 29.4 acres, was first brought to market.
Additionally, property developer Sean Reilly is said to have spent in excess of €8 million to acquire the former Siemens property and site at the Sandyford Industrial Estate. Situated in south Dublin, it has existing planning permission for 190 apartments to be rented, spread out over two blocks with up to 15 storeys, plus two floors of office space. The site is conveniently located opposite the Stillorgan Luas stop.