Time running out for architectural opportunities at Dublin Docklands
Irish Independent, Wednesday 25th Feb 2004.

Dublin Docklands represents a real opportunity to introduce tall buildings as well as high density buildings, but it is already too late for a number of major sites on which building work is already well advanced.

This claim was made in a report issued today which states that unless there is progress on this issue very quickly, the window of development opportunity will be lost.

“This has a distinct impact on supply and consequently the capital value of residential property,” according to Geoff Tucker, economist with Hooke & MacDonald. The report also highlights growing concerns regarding the future supply of new homes in the Dublin market.

Research carried out by the company indicates that if the building sector continues to operate at existing levels that the potential supply of new homes in the city centre will be exhausted in eight years time, 2012.

“This will place even greater pressure on prices of second-hand homes in the city centre and on new homes in suburban locations in the years to come,” the report outlines.

The report also confirms the moderation in rental values over the last three years but highlights that many owners achieved attractive rental incomes on most properties, especially high specification units which registered the biggest increase last year.

The report also covers the commercial market, sector by sector, predicting a recovery in offices, especially outside the capital as decentralisation impacts. It also derides the increase in stamp duty paid on commercial property, urging the Government to make Irish commercial property an attractive option.