Ireland’s most prominent housebuilders, including Hines, Ballymore and Quintain, have expressed concerns that the Sinn Féin party’s intended dramatic overhaul of existing governmental policy could lead to a slowdown in construction, as reported by the Business Post. If these radical adjustments are made, it could considerably disrupt the production of new homes, highlighted the senior officials.
Isabelle Gallagher, the chief of development at Quintain, emphasised that a substantial modification in housing policy could counteract the progress achieved so far in reaching housing goals. The uncertainty from a governmental change would slow down the whole sector, she added. On the contrary, Sinn Fein’s representative for housing, Eoin Ó Brion, argued that those who believe the existing housing plan is effective are ignoring the evidence.
In a different development, Quintain Ireland intends to transfer nearly 400 flats in Adamstown, west Dublin, to the State’s Land Development Agency upon their completion in 2026, reports The Sunday Times. This development, primarily composed of one- and two-bedroom flats housed in five to nine storey buildings, is Quintain’s first transaction with the Land Development Agency.
In tech news, major firms like Intel, Amazon and Google urged the government to increase funding for research to stay competitive in the semiconductor manufacturing industry, reported the Business Post. According to Technology Ireland, the tech industry’s interest group, the national semiconductor plan needs to assign funds directly to national research to avoid falling behind international competitors. A review is currently underway by the government to establish a national semiconductor strategy in light of potential EU opportunities.
Changes in tax relief have caused a decrease in start-up funding.
According to a report in the Sunday Independent, alterations to Ireland’s Employment Investment Incentive Scheme (EIIS), intended to encourage rich investors to support start-ups, have created a significant reduction in investments. Tax modifications have replaced a flat income tax relief with a tiered structure, causing a two-thirds decline in the monetary amounts that wealthy individuals are investing in the scheme. Mark Richardson, a managing director at Azets Ireland and Goodbody EIIS fund, suggests that, while the scheme may not entirely collapse, it may face difficulties for a year or two, until there is a better understanding for investors.
Furthermore, Select Technology Group, an Irish company that owns a series of Apple premium resellers across the country, intends to broaden its operations by opening more DID Electrical stores. This move comes following the acquisition of loss-making DID in December, which according to Ciaran McCormack, the Managing Director of Select, has since returned to profitability. This expansion would add to the 24 stores that the electronic appliances and white goods company currently possesses.
The Observer has also forecasted that UK inflation will continue its downward trend this week. The country’s Office for National Statistics is expected to disclose further declines in the cost of living, primarily due to reductions in household energy bills. This decreasing trend in inflation is seen as positive news, and the extent of its impact is yet to be fully determined.