Civic Theatre introduces ‘PL-AI’, the experimental stage-show where an artificial intelligence-generated script for an original play is instantly created from audience prompts, and staged ‘impromptu’ by Actors

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  • Audience chooses the plays’ genre, theme, setting, characters and plot points, which are fed into a generative language AI model to create a script that is then performed live by the cast of seasoned actors

 

  • Ground-breaking work takes place at Tallaght’s Civic Theatre on Thursday 9th March

 

‘PL-AI’, a ground-breaking experiment in storytelling at the intersection of Theatre and Artificial Intelligence, will take to the stage on Thursday March 9th at the Civic Theatre, Tallaght.

 

‘PL-AI’ puts the audience in control of a Play’s narrative. Created by Irish playwright Niall Austin, this innovative immersive experience allows the audience to suggest the plays’ genre and key plot points through a moderator. These prompts are then fed into ChatGPT, an Artificial Intelligence system, which instantly generates a script that will appear on screens throughout the theatre. Talented actors will then use their skills and instincts to bring the audiences’ creation to life, performing the script on stage. The show, in turn, offers the audience a deeper understanding of the traditional process of play development and story-telling.

 

This captivating experience has never before been seen in Ireland, and enables theatre lovers to control the development of their own play, in turn, giving the audience an insight into the process of play writing and the future of artificial intelligence in theatre.

 

At the heart of AI-generated theatre scripts is a technology called natural language processing (NLP), which allows computers to understand and generate human language. By training deep neural networks on vast amounts of text data, researchers can create AI systems that can produce coherent and meaningful text. In the case of theatre scripts, AI models are trained on large corpora of existing plays, allowing them to learn the patterns and structures of dramatic writing.

 

Artificial intelligence can create original and compelling plays that push the boundaries of traditional storytelling, while throwing down the gauntlet on whether we humans can overcome our fear or suspicion of AI to create art together.

 

Niall Austin, the show’s creator, says

“PL-AI is an opportunity for the audience to immerse themselves in the creative process of theatre. By putting the audience in control of the play development, we’re allowing them to gain a deeper understanding of how story-arcs are formed and how a play evolves over time. With the help of AI we can create a performance that’s both unique and educational. By allowing the audience to take control of the creative process, we’re hoping to create a truly immersive and unpredictable theatre experience that will also offer a deeper understanding of the traditional process of play development.

 

The use of AI to write theatre scripts offers exciting possibilities for the future of storytelling and creativity. AI-generated scripts could be used to explore new genres and forms of theatre, such as interactive plays that respond to audience feedback in real-time or immersive performances that blend virtual and physical spaces. AI-generated scripts also have the power to create more diverse and inclusive stories by incorporating perspectives and voices that are traditionally underrepresented in theatre. We’re excited to see how audiences will react to PL-AI and the overall experience of immersive theatre.

 

Donal Shiels, Artistic Director at the Civic, says:

This is a unique hybrid of research and performance, lifting the veil on the creation and performance of theatre, exposed both the limitations and the potential of a machine’s imagination, while throwing down the gauntlet on whether we humans can overcome our fear or suspicion of AI to create art together.

 

PL-AI takes place in The Civic Theatre Tallaght on Thursday 9th March, tickets are available for free on a strictly limited basis here  https://www.civictheatre.ie/whats-on/pl-ai/

63% of people in Ireland say they are content with life or thriving – Core Health 2023

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  • Over half (56%) are moderating their alcohol consumption this year

 

  • 74% say talking to friends is the top tool for managing their well-being

 

  • 71% plan to consider the environmental impact when buying food

 

With almost three in four people feeling healthy this year and 63% of people content with life currently, it’s clear that the intention to maintain healthy habits has prevailed since last year, according to the latest Health Report from Core Research, part of Ireland’s largest marketing communications agency.

The research looked at three key components of the nation’s health including physical health, diet and nutrition and mental health and well-being to assess the importance of a wholistic and balanced approach to managing our health. Some of the key results across these areas according to the report include:

 

Physical Health

Over half (53%) of those surveyed are exercising regularly while monitoring their diet. Since the first Core Health Report in 2016 there has been a 25% increase in people who exercise regularly, but don’t monitor their diet. This can be considered a positive cultural change as people turn to focusing more on their mental well-being and enjoying food, and less on calorie-counting.

 

The most popular form of fitness in 2023 is walking, with 90% saying they have done so for fitness. While in previous reports, running has been in the top three types of exercise, there has been a 29% decline in the number of women saying they run to keep fit. The drop in this solo activity, which is also reflected in cycling, can indicate to the lack of safety some women feel when exercising outdoors.

 

Diet and Nutrition

According to the report, one third (33%) of people are planning to reduce their meat consumption this year for a combination of ethical, environmental and personal health reasons. 48% of people say they are already conscious of buying products with excessive packaging, with a further 23% saying they will be more aware in 2023. Of those reducing their meat intake, 18–24-year-olds and 45-54-year-olds are the most likely, with over one third (36%) of these cohorts already doing so and a further 14% intending to try this year.

 

56% of people are planning to cut down on their alcohol intake this year. Those aged 55 years and over are among the most likely to moderate their alcohol consumption (63%), while 40% of those aged 18-24 are also conscious their alcohol usage. Considering this age group are at risk of binge-drinking, this is a positive result.

 

Mental Health and Well Being

As a nation, the majority (84%) are mindful and aware of their mental health and consider it a key component of their overall well-being. While almost two thirds (63%) say they are content with life or thriving, stress continues to play a big part in our everyday lives with 29% saying they feel stressed this year.

Among the top key tools for managing well-being are:

  • Talking to friends (74%)
  • Getting outdoors (70%)
  • Eating well (66%)
  • Good sleep (57%)

The research revealed that there is a connection between the ability to express emotions and having more focus on personal well-being. Those aged between 18-34 tend to struggle the most when it comes to expressing emotions, and therefore rank the lowest in mental well-being. Unsurprisingly, this cohort also have the highest average screen times of 8 hours 43 minutes.

 

Commenting on these findings, Finian Murphy, Marketing Director, Core says:

“It’s evident from the Core Health Report 2023 that people across Ireland continue to maintain a proactive attitude towards their health both physically, mentally and emotionally in 2023. While people are still experiencing levels of stress, we are learning to manage this better by acknowledging our emotions and engaging in key personal well-being tools to manage this.

 

The intent to make positive and conscious choices when it comes to food and alcohol consumption is present, as well as awareness regarding the environmental impact of certain consumer habits. It’s encouraging to see people across Ireland continuing to prioritise their personal health in 2023 by embracing a wholistic approach.”

 

To read the full report, visit: https://www.onecore.ie/intel/health-23

 

Coface and Bibby Financial Services unveil a new collaboration offering Irish SMEs access to secure funding solutions while also safeguarding them from potential bad debts and lost revenue

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Bibby Financial Services, a leading provider of financial support and funding solutions to Irish SMEs, and Coface, a global leader in trade credit insurance, have joined forces in a new collaboration to help SMEs in Ireland access securely structured funding solutions while also ensuring they are protected against potential lost revenue.

 

The aim of the alliance is to highlight the benefits of secure funding solutions which can support the cashflow needs of a business, while also ensuring the necessary credit insurance policy is in place to protect a business from bad debts.

 

The collaboration will involve Bibby Financial Services, which is part of an international network that operates in more than 40 locations across Europe and Asia, offering their Invoice Finance product suite to customers to facilitate cashflow and investment activities. Invoice Finance offers businesses access to cashflow outstanding from their unpaid invoices, helping them to access income they have already earned but not yet received. As a result, businesses can use their own funds to improve day to day or seasonal cashflow fluctuations or finance bigger growth plans.

 

In tandem, Coface, which works with 100,000 clients in 100 countries, will provide the necessary credit insurance policy to protect your business from unpaid debts, late payments, political risk, pre-shipment risks and other losses arising from non-payment for goods or services.

 

Coface utilises its business intelligence database to offer policyholders reliable information on their commercial partners and protects them against non-payment risks. Coface provides valuable credit assessments and business information on over 100 million companies worldwide. With instant commercial scores, real-time analysis, and supply chain alerts, an SME can assess the financial health of customers and focus on the most profitable, minimise risk, protect supply chains and identify new opportunities. Coface also provides a helpful early warning system about changes in the risk status of customers so you can avoid foreseeable losses. Credit insurance is suitable for any company that provides credit to another company, locally or internationally.

 

Welcoming the announcement, Mark O’Rourke, Managing Director, Bibby Financial Services, said: “We’re delighted to collaborate with Coface for this ground breaking service as we understand the importance of working with key partners that understand and support our ability to make financing as accessible, flexible and affordable as possible. As we face into a year of uncertainty due to a range of macro-economic and geo-political factors, this new collaboration between Bibby Financial Services Ireland and Coface will offer SME’s as well as their financial advisors and investors peace of mind that should the worst happen – whether through a customer’s insolvency or protracted default – their bottom line is protected, their cashflow is maintained and their future is safeguarded, whether they trade domestically or internationally.”

 

Speaking about the announcement, Kevin Behan, Head of Commercial with Coface Ireland, said: “We’re excited about this collaboration with Bibby Financial Services because we feel it provides businesses in Ireland with everything they need to gain access to funding for growth and protection against cash flow issues. Our economists are predicting growth to slow down in 2023 due to the rising prices experienced last year. For businesses looking to grow or having issues with receivables, invoice finance offers an excellent source of funding. But coupled with credit insurance, you are not only protected against non-payment, you can also access better rates of funding and in some cases credit insurance is a requirement already.”

 

19 food facilities and businesses across Ireland awarded prestigious ‘Food Safety Assurance Accreditation’ highlighting their commitment to excellence in food safety culture

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  • Accreditation scheme, run by Food Safety Professionals Association, demonstrates to the wider public and authorities that excellent standards are in place giving rise to confidence in safeguarding public health

 

  • 19 recipients of the voluntary independent audited certification scheme are drawn from broad spectrum of food businesses and facilities across  Healthcare, Catering service provision, Food Manufacturers & Wholesalers, Childcare and Education

 

19 food facilities and businesses in Ireland across many sectors have been awarded the prestigious Food Safety Assurance Accreditation, meaning that the premises has undergone rigorous independent auditing against Irish Food Safety Standards, underpinned by legislation, and achieved excellence in hygiene.

 

The scheme is managed by the Food Safety Professionals Association, an organisation working to maintain and improve standards of food safety advice, training and education opportunities in the Irish food industry.

 

The 19 facilities who have achieved the Food Safety Assurance Accreditation can now proudly display their accreditation to the public and their customers, letting them know they can have full confidence in their food safety and hygiene protocols.

 

Accreditation certificates will be officially awarded to the following 19 recipients at a ceremony in Airfield Estate in Dundrum, Dublin on 22 February 2023* (More details on each recipient are contained in Editors Notes below):

 

 

  • Carambola Kidz, Limerick
  • Children’s University Hospital, Temple Street – Catering & Household Department, Dublin
  • Children’s University Hospital, Temple Street – Special Feeds Unit, Dublin
  • Clontarf Hospital (The Incorporated Orthopaedic Hospital of Ireland) – Catering Department, Dublin
  • Galanta Foods Ltd., Dublin
  • Kelly Bros Meats Ltd, Clondalkin, Dublin
  • Mora Foods Ltd and The Innovative Dough Company by Mora Foods Ltd, Dublin (2 companies)
  • MTU Cork – Department of Tourism and Hospitality, Co. Cork
  • National Maternity Hospital, Holles Street, Dublin
  • National Rehabilitation Hospital, Dun Laoghaire, Dublin
  • O’Donnell’s Bakery, Lahey, Co. Donegal
  • Rotunda Hospital, Dublin
  • South Tipperary Health Service Catering Department, Clonmel, Co. Tipperary
  • St Francis Hospice, Blanchardstown and Raheny, Dublin (2 sites)
  • St James Hospital, Dublin
  • The Q Café at St Patrick’s University Hospital, Dublin and St Edmundsbury’s in Lucan (2 sites)

 

Lorraine Oman, Chair of the Food Safety Professionals Association, says:

 

“Ireland is renowned globally for top quality food products, and ensuring that food safety and hygiene standards are of the highest calibre across all sectors is at the very heart of what our organisation does. Our Food Safety Assurance Accreditation scheme, which is voluntary for businesses, is an extremely important initiative as it demonstrates that a business is working consistently to adhere to the highest possible statutory and regulatory standards.

 

Through team work and commitment, the 2023 recipients have worked diligently to ensure they met the requirements necessary to achieve this accreditation. They deserve huge congratulations for achieving this accolade. With more and more customers and suppliers now seeking assurance that a food business is accredited when it comes to food safety and hygiene, we are encouraging all businesses in the food sector to engage in this initiative.”

 

In addition to the Food Safety Assurance Accreditation scheme, the Food Safety Professionals Association also hosts a range of educational training courses for those working in industry. The organisation operates a QQI registered training centre offering a range of food safety and hygiene programmes that meet Food Safety Authority of Ireland requirements and lead to QQI awards at levels four to six on the National Framework of Qualifications for designing and implementing food safety management systems and conducting food standards audits.

 

The organisation offers a forum and network opportunities for food safety and hygiene professionals working across the country.

 

Established in 2007, the Food Safety Professionals Association is a quality assured organisation and holds ‘ISO 9001:2015 Quality Management System’, an accreditation internationally recognised as the world’s leading quality management standard.

 

For more details about the Food Safety Professionals Association, visit www.fspa.ie

Twitter: @fspaie

LinkedIn: @Food Safety Professionals Association Ireland (FSPA)

Facebook: @FSPA The Food Safety Professionals Association

 

80% of Irish businesses – equivalent of 216,000 companies – have NO back-up system in place in case of connectivity system failure – new research from Magnet+

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Research is revealed as Magnet+ unveils new service ‘Magnet Duo’, Ireland’s first fully guaranteed internet connection, providing customers with two lines to ensure high speed broadband connectivity at all times

 

  • Lack of back-up systems leaves thousands of Irish businesses wide open to substantial losses from a business continuity, revenue and reputational perspective

 

  • Magnet+ calls for a new minimum industry standard that requires telcos to provide two lines of broadband to guarantee 24/7 connectivity

 

80% of businesses around Ireland are failing to acknowledge the criticality of connectivity by not having an appropriate back-up system in place according to new research released today by Magnet+, Ireland’s largest independent connectivity network.

 

With 270,000 SMES in Ireland currently, (269,708 according to the latest figures from Statista) , the research, which was conducted by Behaviour and Attitudes (B&A) on behalf of Magnet+, indicates that approx. 216,000 businesses are leaving their systems vulnerable to significant loss in the case of a connectivity malfunction or system failure. In response to these startling results, Magnet+ has developed a new service, Magnet Duo, the first of its kind in Ireland guaranteeing internet connection at all times.

 

Magnet Duo provides customers with two individual active links – instead of one, which is the current standard – powered by Fortinet technology to ensure a secure, seamless and optimised user experience. Each link operates independently which means if one link is interrupted for whatever reason, traffic automatically switches to the other until the first is operating again. Each link is also connected to a different data centre meaning again, if one connection is interrupted, traffic is automatically routed via the other centre. The use of this Fortinet technology is a key element of the Magnet Duo service and its ability to fully guarantee your server won’t ever lose broadband connection which is a guarantee no other provider in Ireland currently offers.

 

To further demonstrate the meaning of these results and the risk Irish businesses are taking by not engaging in the proper connectivity back-up, Magnet+ has calculated that an average business in the IT sector could lose up to €20,000 per working day due to connectivity failure and having no back-up in place. Recent CSO figures show that the IT sector has an average hourly labour cost of €48.39 meaning an IT related business with a team of 50 could lose productivity worth €2,419.50 per hour – working out at almost €20,000 per average working day (€18,146.25). Similarly, businesses outside of the IT sector with a team of 50 could also be impacted financially if they are without the appropriate connectivity back-up according to these CSO figures, for example:

 

  • Financial, Insurance and Real Estate – potential loss of €17,145 per day
  • Arts, Entertainment and Recreation – potential loss of almost €8,550 per day
  • Accommodation and Food Services – potential loss at almost €5,520 per day

 

These figures don’t include the revenue loss for a transactional online operation, as well as the knock-on impact of reputational damage.

 

John Delves, Managing Director of Magnet+, is calling for the immediate implementation of a new industry standard that requires all telecommunications companies to provide two lines of broadband at all times to guarantee 24/7 connectivity:

 

“If you don’t have connectivity, you can’t operate as a business – it’s as simple as that. That’s why I’m totally shocked by the figure that 80% of businesses don’t have a back-up system in place. Every day we’re seeing the real-life impact that connectivity failure has on businesses and it’s these failures and the alarming results of our research that led us to develop our new service Magnet Duo, Ireland’s first fully guaranteed internet connection. This means whatever happens – burst pipes, freak weather or broken cables – two lines will keep you connected and working. Guaranteed. It’s a direct, dedicated line to the internet – think of it like a private jet, exclusively owned by your business. So, if your power supply stays on, we guarantee your Magnet Duo connection will too – and you’ll keep working and trading smoothly and seamlessly.

 

At this stage, you would assume that businesses understand the criticality of connectivity to their business but the figures from our research show that they really don’t. I’d urge every business to do a trial – cut off their connectivity for just five minutes and assess the chaos that unfolds. That should be enough to encourage any business to review their connectivity options and ensure they are protected in the event of an outage

 

Paul Donegan, Country Manager with Fortinet said:

 

“Fortinet are delighted to work with Magnet+ on delivery of their intelligent networking and connectivity service Magnet Duo to Irish customers. With connectivity and technology being the key focus point of the engagement Magnet+ have designed a solution powered by Fortinet technology that provides two links routed to individual data centres connecting to the internet at all times in the most reliable way to guarantee 24/7 internet connection. By leveraging the FortiGate platform they can offer their customers a guaranteed connection alongside the assurance that customers can avail of world leading firewall features and other capabilities including IPS, application control, anti-virus, antimalware and web filtering all in a single consolidated platform.”

 

The research from Magnet+ also revealed the most common issues businesses have with their telecommunications provider as well as the key services that businesses are most interested in receiving. The biggest problem for the majority of businesses (35%) is being left on hold when trying to contact them, while one in five (23%) report the biggest issue with their telecommunications provider is not being able to physically get through to them.

 

Subsequently, the top two services businesses require from their provider include wanting their calls to always be answered by a person in real life (74%) as opposed to a bot and to always be able to get through via the phone (70%) when contacting their provider. The reoccurring theme from these results relays the message that no matter how far technology advances in the telecommunications sector, the human element is still the top priority for customers.

 

Other common issues evident from the research include:

 

  • Broadband being unstable or down is the biggest issue for 30% of businesses
  • Having to get the same problem resolved multiple times is the main issue for almost one third of Irish businesses (27%)
  • Not knowing when a problem will be resolved (27%) or who is in charge of the problem (25%) are main issues for a significant number of Irish businesses
  • Almost 20% of Irish businesses say not being updated on the current status of an issue via phone is the biggest problem they have with their provider

 

Other services businesses are interested in from their connectivity provider include:

 

  • Over half of businesses (56%) place significant importance on being able to have a live chat (i.e., instant messaging) with their provider
  • Almost 40% of businesses value being able to track the status of current issues live
  • Over one quarter (26%) would like a dedicated portal to review their account

 

Surprisingly, just 17% of businesses are interested in the ability to have a video chat with provider.

 

Commenting on these results, John Delves said:

 

“At Magnet+, we commit to putting a human touch on every aspect of our business and our customers journey, with a key focus on ‘People Powered Connectivity’. This means guaranteeing that when a customer contacts the company, they will be speaking to a real person and not a ‘bot’. The results from our research highlight the importance of the human element when it comes to customer service which is crucial to know as we manoeuvre through an increasingly more digitised world of work.”

The research is unveiled as part of an ambitious growth plan for Magnet+ to expand, transform and improve its offering to customers. With customers at the core of everything Magnet+ does, no other provider in Ireland is more capable, qualified or trusted to operate and protect any business connectivity network in the country.

 

Methodology:

The research was carried out by Behaviour and Attitudes (B&A). Fieldwork was conducted in Q4 2022 with a sample of 400 participants.

 

For more information and regular updates, check out www.magnetplus.ie  or follow us on Twitter @MagnetPlus

23 licensed premises sold in Dublin during 2022 with transactions valued at €51.5m as publicans re-emerge as main purchasers – new report from Lisney

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  • 2022 Dublin Licenced Premises Property market characterised by return to more ‘normalised trading’

 

  • Publican purchasers re-emerged as the forerunners of the 2022 market as private equity purchasers reduced from 37% of volume in 2021 to 4% of volume in 2022

 

  • 11 Dublin licensed premises remained for sale at the end of 2022, with more to launch in Q1 2023

 

  • Off-market sales accounted for over 70% of market value

 

€51.5 million was spent on 23 transactions in the Dublin licenced premises market in 2022 with publicans re-emerging as the main purchaser’s, according to a new report today from Lisney (incorporating Morrissey’s), Ireland’s largest independently-owned multi-disciplinary property advisory company.

 

Transactional activity witnessed throughout the year was more in line with the 10-year average following the exceptional peak witnessed in 2021 (30 transactions with a combined value of €124m) off the back of the emergence of private equity acquisitions. Acquisitions returned to being driven by the traditional base of publican purchasers, reflecting their confidence in the outlook for the trade.

 

The rise in gas and oil prices exasperated energy costs while the market continued to suffer from labour shortages that were rooted in the large volume of non-domestic staff returning home in recent years and since failing to return.

 

Overall, the 2022 Dublin Licensed Premises Property market was characterised by a return to more normalised trading witnessing a consistent operator-led appetite to acquire.

 

The full report can be read here: https://lisney.com/wp-content/uploads/2023/01/Lisney-Morrisseys-Licensed-Premises-Review-2022-and-Outlook-2023.pdf

 

DEMAND

The most significant change in the 2022 Dublin market was the reduction in activity of Private Equity (PE) purchasers. Having been extremely active in 2021 and accounting for 37% of volume and 73% of value, PE only factored in one Dublin transaction in 2022.

 

Notably, Publican purchasers re-emerged as the forerunners of the 2022 market accounting for 48% of volume and 37% of value. This compares to 37% of volume and 15% of value in 2021 and is illustrative of increased operator confidence in the sector.

 

The Investor category also had a significant uplift with percentage of volume increasing from 10% to 39% and percentage of value rising from 5% to 36% in 2022.

 

Demand for good city premises remained strong and was illustrated through the recent sales of O’Donoghue’s Suffolk Street, Nancy Hand’s Parkgate Street and The Flowing Tide Middle Abbey Street, all acquired by established publican purchasers.

 

ACTIVITY

Activity in the Dublin market remained stable with 23 transactions recorded equating to 3% of the total market realising a combined value of excess €51.48m.

 

When compared to 2021, activity was down, however, it is important to note that 2021 was an exceptionally strong year which witnessed 30 transactions returning a combined value of excess €124m. Also notable within 2021 was the relatively high proportion of high value sales including premises such as The Brazen Head in Dublin 8, The TP Smith Group and The Camden on Camden Street which accommodated for a large percentage of both volume and value.

 

Off-market activity has increased steadily in recent years accounting for 57% of total sales completed in 2022, a notable increase from 37% in 2021. In terms of market value, off-market sales accounted for 40% of total market value in 2021 rising to 71% in 2022.

 

Overall, the licensed premises industry has remained resilient and 2022 witnessed the reopening of a number of pubs post refurbishment and rebranding that had previously remained closed. Moving into 2023, the initial months are expected to remain consistent in terms of assets being made available for sale.

 

BUSINESS CHALLENGES

According to Lisney, challenges of 2022 in the licences premises sector included staffing, rising utility costs and the reversal of the temporary VAT reduction. The disruption of the previous two years has significantly reduced availability of staff to bars and restaurants. Staff shortages have had an inflationary impact on labour costs, which is expected to continue in the short term.

 

The temporary reduction of VAT from 13.5% to 9% on electricity and gas from the 1st May 2022 to the 31st January 2023 has been a welcome measure, however, many businesses remain concerned in respect of the long-term impact of these rising charges on profitability and viability.

 

LICENCE VALUES

Licence values remained stable throughout 2022. Values realised at the close of 2021 had risen from a low of €42,500 in Q1 to €55,000 by year end. Pricing remained relatively flat at an average of €55,000 per licence for the first three quarters of 2022 rising to €60,000 by year end.

 

Demand remained stable throughout the year with purchasing appetite principally driven by the off-licence sector of the market, which has continued to remain the dominant stimulus of activity.

 

Lisney predicts that future supply of licences is most likely to emerge from premises located within lesser populated locations where the business would attract limited appeal due to the model being non-viable with little opportunity to sustain any meaningful level of trade. In these circumstances Lisney envisages deliverability of licenses to the market with the vendors ultimately retaining and possibly re-purposing the property for other uses.

 

PROVINCIAL MARKET

2022 remained another quiet year for activity within the provincial market with limited transactions occurring in the cities of Cork, Galway, Limerick, Waterford and Kilkenny.

 

Notable transactions were the former Electric and Halo premises on Abbeygate Street Galway at €4.5m, O’Gorman’s of Portlaoise at €1.0m and Bridgewater Sallins at €900,000.

 

Demand for leasing remained strong, however, was restricted on the most part to well populated urban districts and established satellite / commuter towns.

 

Activity outside of the regional cities within the provincial rural market remained depressed and was again characterised by closures of non-viable businesses within sparsely populated rural areas. Lisney predicts that this sector of the provincial market will continue to struggle with limited appetite expressed from outside of the local indigenous community.

 

The Licensed and Leisure Team at Lisney comment that the outlook for 2023 is strong:

“We are predicting that there will be good market engagement in the opening months of 2023, while the longer term outlook for the year is also positive with many well established urban and suburban business models reporting a return to past volumes of trade, and in certain instances, businesses exceeding the levels of trade they enjoyed in 2019.

Private Equity will feature again in 2023, however, activity from this sector of the market will depend upon the ability to secure the top tier prime assets that meet with their criteria. Lisney expects Private Equity investors to turn their attention to regional cities as the volume of prime Dublin premises that could be purchased has diminished following the strong activity witnessed in 2021.”

 

For more details about Lisney, visit www.lisney.com

You can also follow Lisney on Twitter: LisneyIreland and Linked In: Lisney Ireland

 

€3.2 million raised by Christmas FM for charity since it first hit the airwaves 15 years ago

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In 2022, Christmas FM raised almost €300,000 for Barnardos, Barretstown, Make-A-Wish Ireland and Community Foundation Ireland through

‘The Magic of Christmas’ fundraising initiative

 

Christmas FM, the much-loved festive music station that switches Christmas on across Ireland every year, is delighted to announce that it raised €294,706 in 2022 for children’s charities Barnardos, Barretstown, Make-A-Wish Ireland and Community Foundation Ireland under it’s new ‘Magic of Christmas’ initiative.

 

This figure will go a significant way towards Christmas FM’s aim to raise over €1,000,000 over a three-year period for the Magic of Christmas initiative to help 5,000 vulnerable children in our communities affected by traumatic life events such as poverty, abuse, neglect and bereavement, and to supporting children whose lives are affected by serious childhood illness.

 

The 2022 figure brings the total amount raised by the radio station to almost €3.2 million since it began broadcasting 15 years ago. Christmas FM is run each year by a core management team, assisted by many volunteers who donate their time.

 

Paul Shepherd, Co-Founder of Christmas FM, says: “We are delighted to have raised €294,706 for The Magic of Christmas initiative. We couldn’t have done it without our loyal listeners who tuned in and generously donated throughout the festive season. We would like to thank The Broadcasting Authority of Ireland for granting us the license to broadcast festive music across Ireland, and our premier FM sponsors for 2022 – Cadbury, Coca-Cola, and An Post. We would also like to thank The Clayton Hotel Liffey Valley who kindly donated the studio this year. As always, we are so grateful to all the team and volunteers who help make Christmas FM so magical each year.”

 

Commenting on the total amount raised, the charity partners jointly said: “We would like to thank The Magic of Christmas for working with our charities as official charity partners. We are overwhelmed by the incredible support for The Magic of Christmas initiative which helps over 5,000 vulnerable children in our communities across Ireland. We can’t thank the Christmas FM team and listeners enough for raising an incredible €294,706 which will really make a significant difference. Thanks to you, we can really transform the lives of vulnerable and seriously ill children and Give the Gift of Childhood to those who need it most.”

 

The Broadcasting Authority of Ireland (BAI) grants Christmas FM a 30-day temporary sound broadcasting license, which enables the station to broadcast on a range of frequencies throughout the country.

 

Chief Executive of the Broadcasting Authority of Ireland, Celene Craig said: “The power of radio to bring people together has once again shone through in the wonderful fundraising achievement of Christmas FM during the 2022 festive season. On behalf of the BAI, I would like to congratulate the station team and listeners for another great fundraising drive.”

 

This year, Christmas FM was generously sponsored by the premier FM sponsors Cadbury, Coca-Cola and An Post. Christmas FM was also broadcast live from The Clayton Hotel Liffey Valley.

 

Follow the station on social at:

@christmasfm

Christmas FM – Bringing You the Magic of Christmas

3.8% increase in value of property outside of Dublin expected over next 12 months by estate agents – The Sunday Times ‘Nationwide Property Price Guide’

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  • House prices in Kerry, Louth and North Co. Tipperary could rise by as much as 10%, while prices in Longford are expected to increase by 7.5%

 

  • Prices in east Co. Cork, Laois and South Tipperary expected to remain static after significant growth last year 

 

  • Mohill and Ballinamore in Leitrim and Strokestown and Castlerea in Roscommon among most affordable areas for three bed semi-detached houses

 

  • Greystones in Wicklow, Model Farm Road and Ballinlough in Cork City named as three most expensive areas for a three bed semi nationwide 

 

  • Affluent families seeking more space and holiday homes in desirable coastal areas driving up prices

 

  • Lack of supply described as ‘chronic’ 

 

 

 

House prices nationwide are set to rise even further this year, with estate agents predicting an average rise of 3.8% over the next 12 months, according to the 2023 Sunday Times Property Price Guide, a dedicated 32-page supplement which will be published free with The Sunday Times this Sunday, 22 January.

 

Celebrating its 20th anniversary, The Sunday Times Property Price Guide is the authoritative guide to the Irish property market, featuring interviews with a number of Ireland’s estate agents who outline their predictions for the year. It also includes a detailed analysis of Dublin property prices.

 

Growth in Louth and Kerry could vary significantly, with estate agents predicting anywhere between 0 and10% growth, putting this variance down to the quality of properties and proximity to towns and amenities.

 

Estate agents across Ireland are predicting the following price increases in residential property values:

 

  1. North Co Tipperary – 5% – 10%
  2. Kerry – 0% – 10%
  3. Louth – 0% – 10%
  4. Longford – 7.5%
  5. Leitrim – 5.5%
  6. Carlow – 5%
  7. Cavan – 5%
  8. Clare – 5%
  9. Cork City South – 5%
  10. North Co Cork – 5%
  11. Donegal – 5%
  12. Galway – 5%
  13. Limerick City – 5%
  14. Limerick County – 5%
  15. Mayo – 5%
  16. Monaghan – 5%
  17. Offaly – 5%
  18. Wexford – 5%
  19. South Co Wicklow – 5%
  20. Galway City – 3% – 5%
  21. Kilkenny – 3% – 5%
  22. Meath – 3% – 5%
  23. Waterford – 4%
  24. Roscommon – 3%
  25. Kildare – 0-5%
  26. North Co Wicklow – 2% – 3%
  27. West Co Cork – 2%
  28. Sligo town – 2%
  29. Co Sligo – 2%
  30. Cork City – 0% – 3%
  31. Cork City North – 0% – 3%
  32. Westmeath – 0% – 2%
  33. East Co Cork – 0%
  34. Laois – 0%
  35. South Co Tipperary – 0%

 

Low supply is an issue throughout the country, with all estate agents stating that there simply aren’t enough new homes schemes coming down the tracks to alleviate the issue. An estate agent in east Co. Cork reported that “bidding wars became the norm” in 2022.

 

Scenic coastal regions are seeing high demand for detached properties and three-bedroom homes from remote workers relocating and affluent buyers from cities and abroad splurging on holiday homes. In Lahinch, a residential site overlooking the golf course sold at auction for €531,000.

 

First time buyers and families trading up are competing for new and second hand three bedroom semis, in close proximity to industry, amenities and schools, driving up prices. Buyers are reluctant to take on older and colder homes because of the spike in renovation costs, though the vacant property refurbishment grant should see more derelict cottages come to market in 2023.

 

The critical lack of stock shall persist, particularly in rural areas where building new homes schemes doesn’t make financial sense for developers, particularly in rural parts of Donegal Leitrim and West Cork.

 

The Sunday Times Property Price Guide 2022 reveals that the top five most affordable areas for three-bed semi-detached houses are:

 

  1. Mohill, Co Leitrim (€130,000)
  2. Ballinamore, Co Leitrim (€140,000)
  3. Strokestown, Co Roscommon (€145,000)
  4. Castlerea, Co Roscommon  (€145,000)
  5. Leitrim village and Boyle, Co Roscommon (€150,000)

 

The top five most expensive areas for three-bed semi-detached houses are:

 

  1. Greystones, North Co Wicklow (€600,000)
  2. Ballinlough, Cork City (€480,000)
  3. Model Farm Road, Cork City (€470,000)
  4. Blackrock, Cork City South (€450,000)
  5. Naas,Co Kildare (€440,000)

 

Róisín Healy, Deputy Features Editor of Sunday Times Ireland, says: “Estate agents are reporting that family homes of good quality are being snapped up in desirable locations around the country, with lots of viewings and bidding wars. The lack of supply on the horizon is a massive concern and after high growth in 2022, prices will continue to grow, particularly in areas close to schools and amenities.”

 

 

For full details, pick up a copy of The Sunday Times this weekend or online at thesundaytimes.ie/propertyprices

 

 

For more information visit thesundaytimes.ie/propertyprices

or follow The Sunday Times Ireland on Twitter @ST__Ireland, Instagram @sundaytimesireland, Facebook @thesundaytimesIE and LinkedIn @The Sunday Times Ireland

 

2.5% increase in value of Dublin property expected over next 12 months by Dublin estate agents – The Sunday Times ‘Dublin Property Price Guide’

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  • 2.5% increase reflects a softening of the market when compared with 5.8% figure forecasted for 2023

 

  • Buyers saying no to ‘fixer uppers’ due to rising renovation costs, lack of available builders and steep increases in energy costs

 

  • Top five most expensive three bed houses in Dublin are in Ranelagh, Sandymount, Ballsbridge, Monkstown and Blackrock

 

  • Top five most affordable three-beds are in Neilstown, Ballymun, Springfield, Killinarden / Kiltipper and Darndale

 

  • One estate agent estimates that 60% of sellers in Dublin 2 are landlords leaving the market

 

Dublin estate agents expect property values to rise by an average of 2.5% this year, according to the 2023 Sunday Times Dublin Property Price Guide, a dedicated 28-page supplement which will be published free with The Sunday Times this Sunday, 15 January.

 

This figure represents a return to 2021 levels of growth, also 2.5%, when compared with the 5.8% price rise expressed by estate agents for 2022.

 

The Sunday Times Property Price Guide, now celebrating its 20th anniversary, is the authoritative guide to the Dublin property market featuring a detailed analysis of Dublin property prices. It also includes interviews with a number of Dublin estate agents who outline their predictions for the coming year.

 

Commuter areas like Dublin 16, Dublin 3 and North Dublin are forecasted to experience the most growth at 5%, while a large swathe of postcodes are expected to remain static.

 

Estate agents across the 26 areas of Dublin city say their main concern is the low levels of residential stock, particularly the much sought after walk-in, family homes. Buyers are veering away from ‘fixer uppers’ due to rising renovation costs, lack of available builders and steep increases in energy costs. Coupled with a rental market at crisis point and a lack of new developments and housing stock on the horizon, it is clear to many of the city’s estate agents that how these coinciding crises are managed will impact house prices even further.

 

This report reveals that cash buyers from overseas are buying well staged homes in the desirable Dublin 6 area. Meanwhile in the city centre, affluent families from elsewhere in Ireland and internationally are choosing to invest in a property rather than rent amid the chaos in the student accommodation sector.

 

Several estate agents report that prices will rise the most in areas where first time buyers are most active.

 

The Sunday Times Property Price Guide also reveals that the top five most expensive examples of three bed houses in Dublin are in the following locations:

 

  1. Ranelagh (€1.25m)
  2. Sandymount (€1.1m)
  3. Ballsbridge (€1.1m)
  4. Monkstown (€793,600)
  5. Blackrock (€761,500)

 

The top five most affordable examples of three-beds are unveiled as:

 

  1. Neilstown (€245,000)
  2. Ballymun (€260,000)
  3. Springfield (€270,000)
  4. Killinarden / Kiltipper (€270,000)
  5. Darndale (€270,000)

 

Further key insights revealed in The Sunday Times Property Price Guide include:

 

  • Dublin city centre estate agent Owen Reilly said 60% of sellers in Dublin 2 were landlords exiting the market
  • Nearly all agents reported a preference for homes in turnkey condition with a high BER, as period properties and second-hand homes in need of renovations are decreasing in value due to rising material costs and the availability of builders
  • High prices are sustaining in traditionally affordable areas due to the high volume of buyers being priced out of more affluent areas. They are competing with investors looking for good value properties that will yield a better rent return
  • Returning expats ready to buy in cash and affluent families buying homes for children attending college instead of renting are driving demand in some postcodes

 

Róisín Healy, Deputy Features Editor with The Sunday Times, says: “Predicting the property market is never an exact science but speaking to estate agents at the coalface, market sentiment is fragile with a number of factors that will impact 2023 prices. With an energy crisis, student accommodation and rental crisis, landlords abandoning the market and a steep rise in the cost of renovations, first time buyers in particular are bearing the brunt and will have bidding wars and scarce supply to reckon with.”

 

The Sunday Times Dublin Property Price Guide will be followed by the Sunday Times Nationwide Property Price Guide which will be published on Sunday 22 January. For full details, pick up a copy of The Sunday Times this weekend or online at thesundaytimes.ie/dublinpropertyprices

 

For more information visit thesundaytimes.ie/dublinpropertyprices

or follow The Sunday Times Ireland on Twitter @ST__Ireland, Instagram @sundaytimesireland, Facebook @thesundaytimesIE and LinkedIn @The Sunday Times Ireland

 

 

€5.7bn invested in commercial property in 2022 with the industrial occupational sector remaining the star performer, but 2023 will be more challenging – Lisney Outlook 2023

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  • Nationwide housing completions 25% higher than the previous three years – but new home supply will drop-off from mid-2023 due to decline in commencement notices for new schemes
  • Number of residential properties for sale in Dublin currently is 60% higher than previous 12 months
  • 180,000 sqm of grey space available in Dublin office sector – one third of all supply
  • Industrial rent rates rising by 20%, at levels beyond those reached in mid / late 2000’s
  • Vacancy rate on Grafton Street falls to 7.6% due to arrival of seven new operators 

 

€5.7bn was invested in commercial property assets in 2022 as accurately priced properties continued to attract attention, according to a new report today from Lisney, Ireland’s largest independently-owned multi-disciplinary property advisory company.

 

Entering 2023, the overall investment market is still a process of price discovery and limited activity is occurring or likely to occur in the coming months. However, Lisney is optimistic for recovery around September 2023 and believes that once this comes, it will happen quickly.

 

While the overall commercial property market dynamics changed last summer as interest rate increases took hold, the industrial occupation sector remained strong in 2022. Currently, numerous high-profile occupiers are seeking space or negotiating deals. Entering the new year, combined requirements exceeded 460,000 sqm across Dublin, the equivalent to between 15 and 18 months take-up.

 

The two main talking points in the Dublin office market last year were the adjustments in the global tech industry and continued remote / hybrid working. Both trends resulted in the rise of grey space, where there is now 180,000 sqm available and more is due in 2023. Currently, this is 32% of all supply and accounts for 5.1 percentage points of the 13% city centre vacancy rate.

 

Works will continue on office buildings under construction (280,000 sqm currently), however there will be little or no new starts in the near term. Lisney states this is due to the higher cost of both finance and building materials.

 

Retail wise, Grafton Street had a very successful year in 2022. The vacancy rate (based on the number of units) fell to 7.6%, with seven new operators taking stores. These retailers were mainly from overseas and agreed deals on adjusted terms to those sought prior to the pandemic. While the vacancy rate is higher on Henry Street (close to 13%), there will be further interest in this area during the 2023. However, retailers will continue to assess the ongoing viability of their business, which may result in renegotiated property deals.

 

Heading into 2023, the number of residential properties for sale in Dublin was almost 60% higher than the 12 months previous. Lisney says this will mean fewer instances of frustrated buyers bidding far in excess of asking prices in the coming months. Part of the supply increase is being fuelled by weary investors selling their buy-to-lets as life as a landlord has become too stressful with rent caps and eviction bans along with possible additional changes. Further investors will also leave the market this year which will be good news for buyers but unwelcome news for renters with even more difficulties in a severely undersupplied lettings market.

 

A full breakdown of the key sectors contained in the Lisney Outlook 2023 report is outlined below, while the full in-depth report can be accessed here: https://lisney.com/wp-content/uploads/2023/01/Lisney-Outlook-2023-PDF.pdf

 

RESIDENTIAL:

Although the residential market was characterised by buyer frustration at the start of 2022 in Dublin, this pivoted during the summer months with the 10% to 13% annual growth rate in Dublin prices registered since mid-2021 easing, with purchasers becoming more price sensitive. This was due to the geopolitical and macroeconomic factors, most notably the war in Ukraine, rapid rises in the cost of living (particularly energy), interest rate hikes for the first time since 2011 and less disposable income.

 

2023 will be a more challenging year for the market with the timing of sales being very important for success. Lisney predicts that buyer price sensitivity will remain in place for at least six months of the year with no increases in price. Market stability during the second half of the year will greatly depend on how supply evolves and on wider political and economic issues both in Ireland and globally.

 

At the upper end of the market (+1m), there is still a large number of sales occurring on and off market. Dublin supply was at an all time low in January 2022 but steadily increased over the year, partially due to investors selling buy-to-let properties.

 

Cash purchases will continue to dominate country home sales. International buyers will be the most active in the Irish country homes market this year, especially homes on the higher price scale. Those from overseas will be a mix of Irish abroad but also citizens of other countries seeking full-time or part-time holiday homes in Ireland. The majority will be from the US but European countries will also feature strongly. UK demand, with the exception of expats, will continue to feature less than was the case pre-Brexit. New supply will be slow in the early months of 2023, but by spring, the number of county homes on the market will grow.

 

DEVELOPMENT LAND:

Significant construction cost inflation during 2022 (various materials increased anywhere between 10% and 110%) along with the higher cost of finance has impacted the viability of schemes. It is likely to be at least mid-2023 before demand for sites improves and into the second half of the year before activity levels increase. Many primary and secondary funders will remain largely absent from the market during the beginning of 2023. This will mean that cash purchasers will be the dominant buyer short-term.

 

A comprehensive new planning act is due in 2023, which will replace the 2000 Act and all of its amendments There was some upheaval in the market last year in anticipation of this legislation as many were awaiting more certainty. Once adopted however, it should assist in providing greater certainty to developers and landowners. It should also help in addressing long delays in planning decisions, addressing the appointment of staff to An Board Pleanála, which is currently vastly under resourced and help with streamlining judicial reviews.

 

The Residential Zoned Land Tax will apply to serviced residentially zoned lands from the 1st January 2024. However, the final identification of applicable lead will be during 2023. It will be important for landowners to make submissions to the relevant local authority if they intent on keeping lands in their existing use for the foreseeable future.

 

NEW HOMES:

In 2022, nationwide housing completions were at their highest level in 13 years with an estimated 26,000 units finished, while this remains 25% higher than the previous three years, this still remains well below what is required. With rising construction costs taking hold, commencement notices for new schemes began to decline during summer 2022. This means that from mid-2023, new home supply will drop-off. First-time-buyers make up just over half of the new home market and continue to benefit from government backed schemes such as the Help-to-Buy scheme which remains in place for 2023 and 2024.

 

INVESTMENT:

In the investment sector, marketing dynamics quickly changed in Summer 2022. Entering 2023, the investment market is still a process of price discovery and limited activity is occurring or likely to occur in the coming months. There is a disconnect between vendors price expectations and what purchasers (and their credit committees) are willing to pay. Yields will drift further, however, Lisney is optimistic for recovery and activity around September 2023 and believes that once this comes, it will happen quickly.

 

OFFICES:

The two main talking points in the Dublin office market in 2022 were the adjustments in the global tech industry and continued remote / hybrid working options. Both trends resulted in an increase of grey space, where there is now 180,000 sqm available and more is due in the first half of 2023. Currently 32% of all supply accounts for 4.2 percentage points of the 13.2% vacancy rates across Dublin (or 5.1 percentage points of the 13% city centre vacancy rates). Lisney predicts there are three sectors to look out for in 2023:

  1. Highly profitable professional services firms
  2. Smaller scale indigenous tech
  3. The Irish State

Entering 2023, there are active requirements in the market and about 130,000 sqm of space reserved. It is likely demand and activity will be weaker during the first half of the year but will strengthen over the second half. Works will continue on office buildings under construction (280,000 sqm), however, there will be a little or no new starts in the near term as a result of the higher cost of both finance and building materials. Lisney predicts this will create future risks in the market with a lack of A rated buildings in three to five years’ time, which will cause issues for occupiers needing to meet ESG requirements

 

INDUSTRIAL:

There are numerous high-profile occupiers currently seeking space or negotiating deals, and entering 2023, combined requirements exceeded 460,000 sqm across Dublin. This is equivalent to between 15 and 18 months take-up. This suggests another good year for 2023. However, supply constraints are also likely to affect activity levels this year with Dublin’s vacancy rate now sub -2% with less than six months stock available. On a positive note, reconstruction of smaller / trade counter type units will recommence this year; none have been built in over 15 years.

 

Headline rents continued to grow last year with prime rates rising by almost 20% and reaching levels beyond that of mid / late 2000’s. This was due to both higher construction costs but also competition for buildings. The pace of growth this year will be slower. Landlords will remain bullish on lease terms with any new buildings achieving 25-year leases with break options pushed out to year 12 or 15.

 

ESG is also coming more into focus in the logistics space for larger landlords and occupiers. As the operations of logistics companies usually have a large carbon footprint, many are seeking ways to reduce embodied carbon in their warehouses. For example, timer-frame warehouses are being considered instead of steel frame, where the frame can be 30% more expensive. There have been a few examples of this in Dublin and this trend will continue to grow over the years ahead.

 

RETAIL:

In the latter half of 2022, there appeared to be more acceptance that there has been a change in city centre footfall particularly regarding office workers and hybrid working. Tuesday, Wednesday and Thursday are the busiest weekdays in the city centre, however, there is a push from employers to increase the number of staff working from the office which may result in higher footfall during 2023. Retailers have reported that footfall is ultimately down two days a week.

 

Despite this, Grafton Street had an excellent year in 2022 with the vacancy rate (based on the number of units) falling to 7.6% with seven new operators taking stores. These retailers were mainly from overseas and agreed deals on adjusted terms to those sought prior to the pandemic. While the vacancy rate is higher on Henry Street (close to 13%), there will be further interest in this area during 2023. The mixed-use scheme at Cleary’s Quarter on O’Connell Street, along with the sale of the former Debenhams store (if concluded in early 2023), will bring new life and vitality to the northern shopping core.

 

CORK: 

The Cork investment market will remain quiet for at least the first six months of this year. Most investors have adopted a wait-and-see approach, delaying their decisions until there is greater clarity on interest rate stabilisation (particularly in the EU and US) and a better understanding of when market prices will settle.

 

The development land market experienced many similar trends in the overall investment sector in 2022. Prices fell as schemes became unviable, impacted by severe construction cost inflation, higher costs of finance and government policy changes. Cash purchasers will be the dominant buyer type of land in the short-term, but will only consider land they deem good value.

 

The main talking points in office space both in Cork and urban areas during 2022 were working from home and the tech industry. Grey space (or sub lettings) mainly from tech occupiers have been slower to impact the Cork market. Cork is also about 12 months behind Dublin where almost 32% of all supply is now categorised as grey. However, this trend is now becoming more noticeable in Cork with several occupiers considering subletting surplus accommodation. Lisney predicts this will push vacancy levels higher in 2023 (which are currently at around 14%) and may impact headline rents which have been stable in Cork since 2020. Even if rents remain unchanged, there will be greater incentive packages on offer from landlords. On a positive note, grey space is usually fully-fitted, which provides cheaper solutions for businesses requiring flexible or short term accommodation.

 

The industrial sector will continue to experience high demand in 2023. However, occupiers will experience difficulties sourcing space which could impact full year activity levels. The market now has a vacancy rate of less than 2% and options are limited. Any new buildings being developed have taken mid-construction and have not been added to the supply. Speculative building will be limited in 2023 due to rising construction costs and issues around finance. This may result in larger occupiers in the market agreeing terms on a design-and-build basis. All this will result in further rental growth in 2023, having increased already by 11% last year.

 

The retail sector has been severely impacted by global events in recent years. Just as retailers were beginning to recover post lockdown, rising inflation and the resultant increase in interest rates along with weaker consumer sentiment started to take hold. Despite this, property deals have and are actively occurring on key retailing pitches with the vacancy on Patrick Street at 21% and 12% on Oliver Plunkett Street (based on the number of units). While recent deals have been on adjusted terms to those who sought in 2019, opportunities are on offer to retailers who are in a position to capitalise them.

 

David Byrne, Lisney Managing Director of Lisney said: “2022 was a very exciting year in Lisney as we continued to invest heavily in the business, most notably the acquisition of the Sotheby’s International Realty franchise for our residential business which has proven a great success. In addition, we welcomed 37 new staff to the business in the year reflecting our growing client base across commercial, valuations and residential businesses.

 

Despite the various challenges which might be faced by the property sector in any given year, the most enduring will be the subject of sustainability and the role the real estate sector must play in this space. This will remain a central tenet of our strategy in 2023 as we work with colleagues and the communities in which we operate for a more sustainable future for all.”

Aoife Brennan, Lisney Research Director, says: “Lisney first produced an annual outlook document in 1958 so this is our 65th publication covering all parts of the commercial and residential markets. 2022 was a strange year, at a societal and economic level, as well as in the Irish property market.  We began the year optimistic for a post-COVID recovery with demand strong. However, as the fallout from the war in Ukraine took hold with rising interest rates and changing macroeconomic indicators, the market slowed mid-year.  We believe 2023 will also be a year of two halves, but with demand and activity starting slow and building over the year, especially into the latter half as hopefully there is more certainty on interest rate stability and improvement in global economies.  A trend that will carry across the entire year will be the increased awareness and acknowledgement of importance of ESG”

 

For more details about Lisney, visit www.lisney.com

You can also follow Lisney on Twitter: LisneyIreland and Linked In: Lisney Ireland