‘Ireland’s property price index
’records its first increase in five years
Ireland’s residential property prices across the country fell by 15.3 per cent in the year to the end of May but also recorded their first monthly rise in nearly five years.
Overall, prices were up 0.2 per cent in the month, compared with a decline of 1.1 per cent in April and a drop of 1.2 per cent in May last year.
In Dublin, overall prices rose by 0.2 per cent in the month but were 17.5 per cent lower than a year ago.
The latest residential property price index published by the Central Statistics Office shows house prices in the capital were up by 0.5 per cent in May but were down 17.7 per cent compared with a year earlier. Apartment prices in Dublin fell by 1.6 per cent in May and were 16.3 per cent lower than a year earlier.
In the rest of the country, prices were up by 0.1 per cent in May compared with a decline of 2.1 per cent in May 2011. Overall, prices outside Dublin were 14.2 per cent lower than in the same month last year.
The CSO said house prices in Dublin were now 55 per cent lower than at their highest point in early 2007. Apartment prices in the capital are 61 per cent lower than they were in February of that year.
Residential property prices in Dublin are some 57 per cent lower than at their highest level at that time. In the rest of Ireland, the fall in residential property prices is 47 per cent.
The national index is some 50 per cent lower than at its height in 2007, the CSO said.
Davy stockbrokers said the index understated the true peak-to-trough decline in house prices and that it was “already close to 60 per cent”.
Davy noted the CSO index excluded cash purchases, which made up “at least 25 per cent of the market” and which were likely to be sold at “particularly distressed levels”.
It said a lack of transaction data had also probably “pushed up” on the CSO index.
“The lack of transactions may be evident in the split the CSO provides for properties in Dublin and the rest of the country,” the stockbroker said in a briefing note.
It said a period “below long-term equilibrium levels” now appeared likely.
“Credit constraints and the uncertain outlook for employment and economic growth are the principal factors that will hold back any recovery in the Irish housing market.”
Merrion Economics noted the 0.2 per cent increase in prices in May was the first overall monthly increase since September 2007, which it said was “an encouraging sign”.
Glas Securities said the May figures represented the slowest rate of decline since October last year. It said the figures would “provide encouragement that the time of steep falls in property prices may have given way to less dramatic price movements and even some price stabilisation in the market, particularly in the Dublin region”.
“However, the longer-term outlook for property prices remains uncertain in the context of wider economic issues and depressed mortgage lending.”
The CSO property index is compiled using data on mortgage drawdowns provided monthly by eight of the main mortgage lenders.
Let’s Operate ‘Cloud computing player’ is recruiting 25 Irish resellers to introduce the service
Cloud computing player Let’s Operate is recruiting 25 Irish resellers
Cloud computing player Let’s Operate, which works in the hosted virtual desktop space, is in the process of recruiting 25 Irish resellers to roll out its service.
Let’s Operate, which was founded in 2008 by former UCD Quinn School of Business lecturer in information systems, David Owens, has won the exclusive rights to distribute Nasstar’s hosted desktop service in the Republic of Ireland.
Let’s Operate already has 20 Irish customers, including Home Instead Senior Care and Headhunt International Recruitment. Having identified the demand in the market, Let’s Operate has decided to operate solely in the future through channel vendors in order to maximise the opportunity.
“We view this as a major opportunity for Irish resellers as most SME client companies are now talking about implementing cloud even if they haven’t done it so far. Our service, which can be own branded by the reseller, will be a valuable addition to their offerings,” said Owens, managing director, Let’s Operate.
Nasstar is ranked in the top 3 cloud service providers (CSPs) in Europe, according to Nine Lives Media’s second annual Talkin’ Cloud 100 report. Nasstar increased the number of subscribers by 37pc in the first half of its fiscal year to March 2012.
“Our route to market in the UK has been through the channel and we have had huge interest from resellers because it gives them a profitable and cost-effective way to take advantage of the exponential growth in SME and small enterprise demand for cloud computing services,” said Charles Black, CEO, Nasstar.
Lonesome George 100 yrs old the last tortoise of his kind dies on the Galapagos Islands
Lonesome George, the last remaining tortoise of his kind and a symbol of conservationism, died on Sunday of unknown causes, the Galapagos National Park said. He was thought to be about 100 years old.
Lonesome George was found in 1972 and had become a symbol of Ecuador’s Galapagos Islands, which attracted some 180,000 visitors last year. “This morning the park ranger in charge of looking after the tortoises found Lonesome George. His body was motionless,” the head of the Galapagos National Park, Edwin Naula, said.
Giant Galapagos tortoises, which can live up to 200 years, were among the species that helped Darwin formulate his theory of evolution. Scientists had been trying to get George to mate since 1993, when they introduced two female tortoises of a different subspecies into his pen. They laid eggs twice, but they were not fertilised.
Tortoises were hunted almost to extinction by sailors and fishermen for their meat, while their habitat has been eaten away by goats. Some 20,000 giant tortoises still live on the Galapagos.
Proud & joyous Westport community celebrates after ‘Irish Times’ honour
The beautiful Westport house and canoeing on the river Carrowbeg river that runs through he town of Westport.
One proud local person said winning the Irish Times award for the nicest place to live in has added “a further diamond in Westport’s already sparkling crown”.
Joy was palpable on the bustling streets of the tourist favourite, which won the national Tidy Towns award in 2006, after news came through that it had now been named by The Irish Times as the nicest place to live in Ireland.
“This is a brilliant achievement, unexpected but certainly welcome,” declared shoe-shop owner Michael O’Donnell as he fetched down a pair of sandals for a Danish visitor.
Like many others in the seaside town, which was described by the novelist William Makepeace Thackeray in 1842 as having “the most beautiful view I ever saw in the world”, Mr O’Donnell thinks the award represents a boost for industry as well as tourism.
“Executives from the largest companies in the world will want to base themselves here because of the scenery, the cleanliness and community spirit which contribute to a fantastic quality of life,” he said.
The point that industry in Westport will further benefit from the “best place in Ireland to live” tag was echoed by the Mayo county manager Peter Hynes.
“The quality of life in Westport and in Co Mayo generally gives us a competitive advantage,” he said. “Industrialists want to come here.
“I would like to compliment the local Tidy Towns committee, the town council and the many organisations that contribute to making life in Westport so good.”
The Irish Times sold out early in Westport yesterday on foot of the good-news story.
Local TD and Minister of State at the Department of Tourism, Michael Ring, said: “Everybody works together for the benefit of the town. They pull together.”
The celebration of Westport’s good news has even gone international.
Marilyn Dearden, who is back in Rochdale, England, having enjoyed “a wonderful week” with her mother, Irene, and sister, Jackie, in Westport, posted a comment on local boards last night saying that the people of the town were to be congratulated for their part in achieving the latest honour.
“Everybody is so friendly, the service is excellent, and the streets of the town are so clean you could eat your dinner off them,” said Ms Dearden, who plans to return in September for a second holiday.
Domestic violence scheme in Ireland came to the aid of 107 women in six months
A new pilot scheme dealing with domestic violence based in the family law District Court in Dolphin House, Dublin, supported 107 women over a six-month period in seeking court orders to protect them from violence.
The evaluation of the scheme, a partnership between Women’s Aid, the Dublin 12 Domestic Violence Service, Inchicore Outreach Centre and the Courts Service, was launched by Minister for Justice Alan Shatter and the Chief Justice, Mrs Justice Susan Denham, yesterday. The scheme offers a free and confidential drop-in service for women while helping them prepare for court and referring them to other domestic violence services for support.
Mr Shatter said: “The work being done at the Dolphin House Support and Referral Service is a shining example of co-operation and co-ordination in working to assist victims of domestic abuse.”
Margaret Martin, director of Women’s Aid, said: “This service makes a real difference to women’s lives. We know that for 107 women the Dolphin House Support and Referral Service made their journey through the legal system easier.”
She gave the example of “Annie”, a woman who made contact with the service when pregnant with her third child. Her husband was beating her and burning her with cigarettes, telling her she was a terrible mother.
Annie tried to get a protection order but each time she applied she did not go through with it because her husband threatened to kill her. On one occasion he physically blocked her from leaving the house so she would miss a court hearing.
Through the service she was able to apply for orders under the Domestic Violence Act and other orders, such as custody, access, maintenance, guardianship production of infants and HSE care hearings.
“She and her children are now protected and are building a safer, happier life, free from her husband’s abuse and control. It is safe to say that without the help of the service, Annie and her children would still be living in an abusive home,” Ms Martin said.
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