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Tech giants are turning Dublin into one of Europe’s hottest property markets

A PwC report has ranked the capital as a top city for real estate investment and development.

THE EXPANSION OF tech giants such as Facebook and Google is turning Dublin into one of the top property markets in Europe.

That is according to a new report from professional services firm PwC, which ranked Dublin as one of the “best bets in Europe” for real estate investment and development in 2019.

The Irish capital placed third out of 31 cities, behind Lisbon and Berlin, with Madrid and Frankfurt rounding out the top five. The report looked at the total real estate market, including residential and commercial property.

Joanne Kelly, real estate partner in PwC Ireland, said there are three main reasons why Dublin ranked so highly, rising four places compared to last year’s report.

“Our economy is one of the fastest-growing in Europe with lots of foreign direct investment, we have a young, growing population, and Dublin is seen as good value compared to other European markets,” she told Fora.

shutterstock_1106730311 Shutterstock / noel bennett Shutterstock / noel bennett / noel bennett

According to the report, tech companies swallowed up 43% of the capital’s newly occupied office space in the first half of 2018.

It added that the rapid expansion of firms such as Facebook and Google explains why the “relatively small city is riding high in the rankings”.

That expansion looks set to continue. Last month, Facebook announced that it is planning to further increase its footprint in Dublin, moving its headquarters to a new campus in Ballsbridge, which has capacity for an additional 5,000 employees. 

Meanwhile Google is planning to acquire two more offices in the capital with space for an estimated 700 workers. 

Opportunities and challenges

PwC’s report said that Brexit is also a factor in Dublin’s high ranking, noting that sites around Dublin Port and the capital’s airport are “tipped for strong growth in logistics” as exporters and retailers prepare to shake up their supply chains.

It added that the two cities that would potentially benefit from the UK’s departure from the EU as “back-office locations” would be Dublin and Amsterdam. 

“People are anxious about Brexit and whether London will continue to attract talent. The report showed that sentiment around London is very poor and there’s more certainty in Dublin,” Kelly said.

“Certain European markets would be seen as overpriced, whereas there’s still a sentiment that Dublin or Amsterdam offer better value than cities like Paris or Frankfurt.”

shutterstock_1233329023 Shutterstock / Derick Hudson Shutterstock / Derick Hudson / Derick Hudson

However, PwC’s report comes as the residential rental crisis in Dublin shows no signs of letting up any time soon. 

Growing software firm HubSpot recently told Fora that it has struggled to convince skilled workers to relocate here, while Crowley Carbon said it is building its new development centre in Sofia due to higher salary expectations in Dublin and the cost of living in the city.

But Kelly said that most of the major cities in Europe are facing similar problems when it comes to housing:

There’s no perfect market. London, Paris, Amsterdam all have the same issues, so Dublin is well positioned in comparison.

“There is a lot underway to fix the issue, with around 18,000 new homes built this year. It’s still less than we need but there are meaningful efforts in place that will hopefully change the situation in the not-too-distant future.”

PwC’s report was based on a survey of nearly 900 real estate professionals across Europe, including investors, developers, lenders and advisors.

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Written by Sarah Harford and posted on Fora.ie

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    Mute Mark Gerard Lochlain
    Favourite Mark Gerard Lochlain
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    Jun 27th 2015, 8:24 AM

    Awww such a pity!!!! I actually only saw the shop for the first time a few weeks back in Powerscourt and thought I’d bring my nieces there someday!!! It looked lovely all the best.

    326
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    Mute Tallaght two
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    Jun 27th 2015, 10:16 AM

    this is more a salient lesson on being careful where you move your business and unfortunately is not a good advert for powerscourt. hopefully they make a go off it online. the demand definitely exists it the location didn’t support them.

    94
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    Mute Mark Fran
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    Jul 5th 2016, 10:23 PM

    Life is all about good and bad experience
    Life is all about good and bad experience. It was all good and lovely when i met jully, she was a good business woman until things become rough for her and her business empire started liquidating. I was a very courageous and hardworking man so i decided to sell my inheritance to assist . We both struggle together and built the business world again. This time around the business was growing from strength to strength. I was surprise one Sunday evening when she came home with her secretary and told me that we cannot continue with this pretense called love. I was shocked and heart broken, i was in a friend, house for three weeks frustrated until i met fernando my old friend at the supermarket, he directed to me to Dr saka. I contacted saka and he told me that Jully was been manipulated by some spiritual power and he told me to provide some items which he is going to use to destroy the evil spirit. I never believe in voodoo but i had to give him a trial. To my greatest surprise, Jully called and started apologizing 2 days after i sent Dr. Saka the email. I am very happy and will continue to be happy for the good work the Saka has done in my life. Problems are been solved when good people like Saka are on this planet, please contact him through ultimatespearcast@gmail.com if you need any support in any problems in life. I love Dr Saka … :)

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    Mute Chauncey Gardiner
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    Jun 27th 2015, 8:39 AM

    Such a shame! You can’t cuddle a smartphone kids!

    249
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    Mute David McShite
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    Jun 27th 2015, 9:15 AM

    It’s so strange. We all read the most terrible of news stories every day, we are seldom surprised or shocked to any great extent as terrible things in the world have become the norm.
    But this little story just came in under the radar and made our inner child shed a tear.
    I hope they find a way to continue.

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    Mute Aaron Burns
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    Jun 27th 2015, 8:26 AM

    This is an awful shame, but I guess in this day and age people would just go out and buy a new doll/ teddy rather than get it repaired.

    136
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    Mute Evelyn Hughes
    Favourite Evelyn Hughes
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    Jun 27th 2015, 11:47 AM

    U can’t buy a new best friend

    46
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    Mute Anya
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    Jun 27th 2015, 9:08 AM

    Have had my teddy since I was born (am 28 now) and he was quite battered so I brought him here. They did a great job at fixing him and I’m eternally grateful, I’d have been devastated to lose my bear. Such a shame they have to close the doors :(

    131
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    Mute Dave
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    Jun 27th 2015, 8:50 AM

    Had my 36 year old teddy fixed there so that my son could have it. They did a great job. Such a shame they’re closing, but that’s the way of the world now. Easier to throw away and buy a new one.

    108
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    Mute Malvolio32
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    Jun 27th 2015, 8:47 AM

    You have to love that sign, wonder is it original, or based on something else?

    61
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    Mute Melissa Porter Nolan
    Favourite Melissa Porter Nolan
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    Jun 27th 2015, 1:34 PM

    Yes it’s original, designed & made by James Hankey, Tallaght, Dublin. It’s stood the test of time. It was out doors for almost 30 years. I still love still.

    27
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    Mute Bobby Connolly
    Favourite Bobby Connolly
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    Jul 6th 2015, 9:51 PM

    Melissa, Robert and Lu here. Just caught the article on the Journal about the shop closure. So sorry to hear that and we hope the online business goes really well for ye though I guess nothing makes up for the day to day involvement in the shop. Best wishes for the future.

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    Mute Mel Healy
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    Jun 27th 2015, 9:01 AM

    A sad end. Teddybear Varadker should be ashamed of himself.

    59
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    Mute Karen NíDhochartaigh
    Favourite Karen NíDhochartaigh
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    Jun 27th 2015, 9:21 AM

    devastated I only recently discovered the place and wanted to bring in my first ever teddy so I could then pass it to my little girl :’(

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    Mute Alan Lawlor
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    Jun 27th 2015, 10:10 AM

    Those damn HSE budget cuts are hitting everywhere

    44
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    Mute Malvolio32
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    Jun 27th 2015, 9:24 AM

    Am I the only one here who never remembers having a teddy bear, I had a little shovel I brought everywhere?

    42
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    Mute Charlie Mountney
    Favourite Charlie Mountney
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    Jun 27th 2015, 9:39 AM

    So you didn’t forget your shovel Malvolio?

    33
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    Mute willow
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    Jun 27th 2015, 3:32 PM

    First Clerys and now The Dolls Hospital. Dublin is definitely changing and not for the best. Loved that Dolls hosp…..

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    Mute Alison Sutcliffe
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    Jun 27th 2015, 12:04 PM

    Such a huge part off Dublin history closing. Knowing the hospital was there for my teddies as a child growing up was a big thing for me and for my children now. We have visited the hospital and had teddies restored over the years. Such sad news to hear you are closing. like to thank you for all the care and love you gave to dolls and teddies that where each and every child’s pride and joy and much loved toys over the years.

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    Mute Maximus
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    Jun 27th 2015, 4:17 PM

    This is what should be on Grafton Street (rent free of course

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    Mute SnowCailín
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    Jun 27th 2015, 2:26 PM

    Does any business do well on top floor of shopping centre. This one seems like it could be a really good online business – and could possibly attract custom from abroad. I really hope it tries online as a way to survive – it’s a national treasure for a few generations!

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    Mute Terri O'Gorman McCormick
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    Jun 27th 2015, 4:20 PM

    Where are the dollies and teddys gonna go now. So sad!! Just another little bit of magic gone!!!

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    Mute Melissa Porter Nolan
    Favourite Melissa Porter Nolan
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    Jul 18th 2015, 11:24 AM

    They have all been packed up with lots of TLC & some sadness. I have kept the collection together in the hope someone or some place will have a suitable home to display them again once and for all. Melissa

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    Mute Ciaran De Bhal
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    Jun 27th 2015, 10:55 AM

    I can remember the shop in Mary St. No. 5 or 6 maybe? My Dad had a dancewear shop in No.3. I used to love going in to the dolls hospital on Saturdays.

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    Mute Wyon Stansfeld
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    Jun 27th 2015, 3:11 PM

    Very sorry to hear that Dublin can not even support one decent toy shop, all the best for the future Melissa

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    Mute Michael Sands
    Favourite Michael Sands
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    Jun 27th 2015, 8:06 PM

    Loads of jobs are still going but no one says a word unless the government promises new jobs that are coming years down the road but never arrive…

    3
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