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Eversheds hopeful that housing crux can be solved

An Eversheds Sutherland LLP real-estate conference ‘Housing and Planning for the Future’ has heard that the housing situation, while challenging, is solvable.

Partner and head of real estate Joe Stanley said he believed that Ireland will continue to develop as the jurisdiction of choice for internationally focused companies and their global leadership.

Growth

Further potential economic growth is another reason to solve the housing question, for citizens first and foremost, but also for future inward investors and all business, he said.

Over 70 attendees – lenders, banks, developers and social housing bodies – heard housing minister Darragh O’Brien, give details of housing initiatives under the Housing for All plan at the Conrad Hotel, Dublin event (3 May).

Minister O’Brien said that progress has been made, including three measures to activate supply – time-limited exemption from development levies and water connection fees, an increased vacant and derelict property grant, and new cost rental viability measure.

“In 2016, capital funding for housing stood at €400 million. In Budget 2023, we haven’t doubled or even tripled that figure but multiplied it by a factor of eleven. €4.5 billion has been made available for the delivery of housing programmes this year, the highest total in the history of the State,” the minister said.

Supply is key to solving housing challenges, he added, and March saw commencement notices for 3,244 new homes, the highest since records began in 2014, up 15.5% on the same month last year and 62% more than in February 2023.

“Also, 6,716 new homes were completed in the first three months of 2023 – the highest Q1 figures since the data series began,” he said.

Eversheds Sutherland has seen an increase in activity across real estate year on year.

Differentiated

Joe Stanley said: “As a firm we have differentiated ourselves through our international capability – that means being able to assemble teams across practice groups and offices throughout the world, including development, construction, planning & environmental, banking and finance, and tax.

“Also, we are one of the few leading practices that have a dedicated new-homes team and this continues to be a strong platform for developing our business.”

As Environmental, Social and Governance (ESG) awareness has grown, the firm is also working with the Law Society in formulating green lease provisions for commercial lease transactions.