Ireland modifies rent controls as it seeks to revive homebuilding
DUBLIN, June 10 (Reuters) - Ireland made minor changes on Tuesday to rent controls, seeking to strike a balance between what the housing minister described as a "doubling down" on protecting tenants from some of Europe's highest rental costs and encouraging much-needed construction.
Ireland introduced the controls in 2016, initially in urban areas, to slow runaway rental costs and buy time for housing supply to catch up with demand. However, homebuilding stalled at 30,000 units last year, far below the government target of an average of 50,000 new homes a year to 2030.
A 2% annual cap will remain in place for sitting tenants but landlords will be able to reset rents at much higher market rates between tenancies starting from March 2026 if a renter leaves voluntarily or breaches their agreement.
Research this year from Daft.ie, Ireland's largest property listings site, showed rents jumped by 47% for tenants who moved homes since the cap was cut to 2% from 4% in 2021, while rents for those who did not move increased by just 7%.
Apartment rent increases in new developments will no longer be capped at 2%, but can instead follow the rate of inflation, a change Housing Minister James Browne said was aimed at bringing back international investors who currently "won't look" at the market.
Ireland's central bank forecasts average annual inflation of 2.1% next year and 1.4% in 2027. While this would limit investor returns in the short term, Browne said it removed the tail risk of high inflation pushing investments into a loss.
Property developers have said rent controls, as well as higher interest rates, have choked the supply of new rental homes. The number of apartments built in 2024, largely earmarked for the rental sector, tumbled 24% year-on-year.
However, opposition parties have criticised the government for considering any changes, citing a more than doubling of rental costs since the aftermath of a property crash in 2013.
Browne said the changes were "just one strand of a suite of measures" that would include future actions in other areas to boost supply.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News
9 minutes ago
- Sky News
Ballymena riots latest: Fire started 'after vandalism' at leisure centre as disorder breaks out for third night in row in N Ireland
21:47:04 Leisure centre on fire 'temporarily housed people from Ballymena' Reports in Ireland suggest the leisure centre said to be targeted by vandals tonight - see 20.59 - may have housed people moved from Ballymena, though this has not been verified. DUP politician Gordon Lyons posted on Facebook earlier today "a number of individuals were temporarily moved to Larne Lesiure Centre... following disturbances in Ballymena". "It has now been confirmed to us by the PSNI and Council that all these individuals are in the care of the Housing Executive and have been moved out of Larne," he added. "Protesting is of course a legitimate right but violence is not and I would encourage everyone to remain peaceful." The Irish Independent said it is understood there is nobody currently inside the Leisure Centre. 21:14:01 'Force will be used against violent individuals', police warn crowd In Ballymena, police have gathered to deter any rioters planing disorder for a third night in a row. Our team is there now, where a crowd has been told to move away. A warning played via speakers tells them they should be "dispersed immediately". It then warns "force will be used against violent individuals". 20:59:56 Fire breaks out in town east of Ballymena A fire has reportedly broken out at a leisure centre in another town in the same county as Ballymena. Footage on social media shows masked individuals smashing windows and setting fires outside in Larne. The map below shows where Larne is, about 20 miles east of Ballymena in County Antrim. Local Alliance MLA Danny Donnelly said the leisure centre "has been attacked by masked thugs". "Windows smashed and fires lit nearby," he posted on social media. "Larne does not need this." 20:59:01 In pictures: Police brace for further rioting More pictures now from the scene in Ballymena, where police are preparing for another night of rioting. 20:46:01 Entire rows of houses displaying 'locals live here' signs We've already brought you reports of residents in Ballymena displaying signs in their windows about their nationality - in an attempt to avoid rioters targeting their homes. Now, our team on the ground bring us pictures of entire rows of homes displaying signs. Our correspondent Connor Gillies explains that these signs look organised, as they are all of the same design, printed on yellow paper with black lettering in caps saying "Locals live here". Some homes with the signs in their windows also have the Northern Irish flag or the Union flag, too. 20:30:01 More police arrive with shields and helmets We reported in the post below that the police presence in Ballymena is growing. The picture below, from the last few minutes, gives you an idea of the units now taking formation. Several vans have arrived, blocking off a street as more officers line up equipped with riot gear. 20:16:48 Significant police presence in Ballymena A brief update from Connor Gillies, our reporter on the ground in Northern Ireland. He says he's just arrived in Ballymena for the evening, where there is a significant police presence. We'll bring you more updates as we get them. 20:09:01 'I deplore the thuggery' More political reaction now, with former SDLP leader Baroness Ritchie of Downpatrick reacting to the violence. She said earlier: "I deplore the thuggery and the racist violence in Ballymena over the last two days, where there were attacks on the police service of Northern Ireland and on ethnic minorities." Violence condemned 'unequivocally' DUP peer Lord Weir of Ballyholme added: "Can I join with others in commending the efforts and the bravery of the police and the other emergency services in dealing [with the] situation of the last 48 hours, and also unreservedly and unequivocally condemn the violence that has taken place in Ballymena. "Whatever the underlying issues that are there in Ballymena, nothing can ever justify the thuggery that is being perpetrated there." 19:45:01 Aftermath of 'ugly' night of 'racially motivated' violence - and how it all began Police say the violence this week in Ballymena is "clearly racially motivated". Connor Gillies explains it all began with a vigil for a teenage girl who was the victim of an alleged sexual assault. Two teenage boys, from Romania, have appeared in court connected to that investigation. Officers say the vigil was hijacked by a planned anti-immigration mob. Watch below as Gillies runs through the origins of the riots, and looks at the homes devastated by violence.
The Independent
an hour ago
- The Independent
With retail cyberattacks on the rise, customers find orders blocked and and empty shelves
A string of recent cyberattacks and data breaches involving the systems of major retailers have started affecting shoppers. United Natural Foods, a wholesale distributor that supplies Whole Foods and other grocers, said this week that a breach of its systems was disrupting its ability to fulfill orders — leaving many stores without certain items. In the U.K., consumers could not order from the website of Marks & Spencer for more than six weeks — and found fewer in-store options after hackers targeted the British clothing, home goods and food retailer. A cyberattack on Co-op, a U.K. grocery chain, also led to empty shelves in some stores. Cyberattacks have been on the rise across industries. But infiltrations of corporate technology carry their own set of implications when the target is a consumer-facing business. Beyond potentially halting sales of physical goods, breaches can expose customers' personal data to future phishing or fraud attempts. Here's what you need to know. Cyberattacks are on the rise overall Despite ongoing efforts from organizations to boost their cybersecurity defenses, experts note that cyberattacks continue to increase across the board. In the past year, there's also been an 'uptick in the retail victims" of such attacks, said Cliff Steinhauer, director of information security and engagement at the National Cybersecurity Alliance, a U.S. nonprofit. 'Cyber criminals are moving a little quicker than we are in terms of securing our systems," he said. Ransomware attacks — in which hackers demand a hefty payment to restore hacked systems — account for a growing share of cyber crimes, experts note. And of course, retail isn't the only affected sector. Tracking by NCC Group, a global cybersecurity and software escrow firm, showed that industrial businesses were most often targeted for ransomware attacks in April, followed by companies in the 'consumer discretionary' sector. Attackers know there's a particular impact when going after well-known brands and products that shoppers buy or need every day, experts note. 'Creating that chaos and that panic with consumers puts pressure on the retailer,' Steinhauer said, especially if there's a ransom demand involved. Ade Clewlow, an associate director and senior adviser at the NCC Group, points specifically to food supply chain disruptions. Following the cyberattacks targeting M&S and Co-op, for example, supermarkets in remote areas of the U.K., where inventory already was strained, saw product shortages. 'People were literally going without the basics,' Clewlow said. Personal data is also at risk Along with impacting business operations, cyber breaches may compromise customer data. The information can range from names and email addresses, to more sensitive data like credit card numbers, depending on the scope of the breach. Consumers therefore need to stay alert, according to experts. 'If (consumers have) given their personal information to these retailers, then they just have to be on their guard. Not just immediately, but really going forward," Clewlow said, noting that recipients of the data may try to commit fraud 'downstream.' Fraudsters might send look-alike emails asking a retailer's account holders to change their passwords or promising fake promotions to get customers to click on a sketchy link. A good rule of thumb is to pause before opening anything and to visit the company's recognized website or call an official customer service hotline to verify the email, experts say. It's also best not to reuse the same passwords across multiple websites — because if one platform is breached, that login information could be used to get into other accounts, through a tactic known as 'credential stuffing.' Steinhauer adds that using multifactor authentication, when available, and freezing your credit are also useful for added lines of defense. Which companies have reported recent cybersecurity incidents? A range of consumer-facing companies have reported cybersecurity incidents recently — including breaches that have caused some businesses to halt operations. United Natural Foods, a major distributor for Whole Foods and other grocers across North America, took some of its systems offline after discovering 'unauthorized activity' on June 5. In a securities filing, the company said the incident had impacted its 'ability to fulfill and distribute customer orders." United Natural Foods said in a Wednesday update that it was 'working steadily' to gradually restore the services. Still, that's meant leaner supplies of certain items this week. A Whole Foods spokesperson told The Associated Press via email that it was working to restock shelves as soon as possible. The Amazon-owned grocer's partnership with United Natural Foods currently runs through May 2032. Meanwhile, a security breach detected by Victoria's Secret last month led the popular lingerie seller to shut down its U.S. shopping site for nearly four days, as well as to halt some in-store services. Victoria's Secret later disclosed that its corporate systems also were affected, too, causing the company to delay the release of its first quarter earnings. Several British retailers — M&S, Harrods and Co-op — have all pointed to impacts of recent cyberattacks. The attack targeting M&S, which was first reported around Easter weekend, stopped it from processing online orders and also emptied some store shelves. The company estimated last month that the it would incur costs of 300 million pounds ($400 million) from the attack. But progress towards recovery was shared Tuesday, when M&S announced that some of its online order operations were back — with more set to be added in the coming weeks. Other breaches exposed customer data, with brands like Adidas, The North Face and reportedly Cartier all disclosing that some contact information was compromised recently. In a statement, The North Face said it discovered a 'small-scale credential stuffing attack' on its website in April. The company reported that no credit card data was compromised and said the incident, which impacted 1,500 consumers, was 'quickly contained.' Meanwhile, Adidas disclosed last month that an 'unauthorized external party' obtained some data, which was mostly contact information, through a third-party customer service provider. Whether or not the incidents are connected is unknown. Experts like Steinhauer note that hackers sometimes target a piece of software used by many different companies and organizations. But the range of tactics used could indicate the involvement of different groups. Companies' language around cyberattacks and security breaches also varies — and may depend on what they know when. But many don't immediately or publicly specify whether ransomware was involved. Still, Steinhauer says the likelihood of ransomware attacks is 'pretty high' in today's cybersecurity landscape — and key indicators can include businesses taking their systems offline or delaying financial reporting. Overall, experts say it's important to build up 'cyber hygiene" defenses and preparations across organizations. 'Cyber is a business risk, and it needs to be treated that way," Clewlow said.
Belfast Telegraph
an hour ago
- Belfast Telegraph
Genocide Convention not considered by Central Bank when approving Israel Bonds
However, Gabriel Makhlouf said the intensity of the conflict in Gaza does put 'a question mark over whether the financial viability' of Israel remains secure. The Central Bank is the designated authority in relation to the sale of Israel Bonds in the EU, and has determined the securities meet the standards of the bloc's prospectus regulations. Israel Bonds have been advertised as supporting the country's economy, and more recently, websites promoting the securities emphasise their role in supporting Israel's military operations in Gaza. Protesters and opposition parties have called for legislation that would give Ireland the power to refuse the sale of Israeli 'war bonds' over human rights concerns. They say the bonds are intended to fund the war in Gaza, while Ireland has an obligation under the Genocide Convention to use all means likely to have a deterrent effect on those suspected of preparing genocide. Demonstrators rallied outside Leinster House on Wednesday as the head of the bank appeared before the Finance Committee, before a Dail vote calling on the Government to take action to prevent the approval of the bonds. Mr Makhlouf said the Central Bank must carry out the statutory tasks and functions it has been assigned. He said it was 'incorrect' to say the bank could refuse to approve the Israeli bond prospectus on the basis of international law rulings and opinions. 'The Central Bank cannot impose sanctions on Israel, for example by refusing to approve the Israeli bond prospectus, in circumstances where the EU has not imposed any such sanctions itself.' Asked by Sinn Fein finance spokesman Pearse Doherty if the Central Bank subscribes to the Genocide Convention, the governor said the authority has to operate within the legal framework allocated to it, but added that the Genocide Convention does not feature in the EU prospectus regulation. Pressed on whether it applied to the bank overall, Mr Makhlouf said 'it applies to the state' and added that, with regard to approving prospectuses: 'In that sense no, it doesn't.' Under similar questioning from Social Democrats' deputy leader Cian O'Callaghan, deputy governor Mary-Elizabeth McMunn said: 'Ireland is the contracting party under the Genocide Convention. It does not explicitly say the Central Bank is a contracting party under the Genocide Convention.' Asked if he believed what was happening in Gaza was genocide, Mr Makhlouf said that was a legal concept determined by the ICJ and no one at the Central Bank could comment authoritatively as experts on that matter. He added: 'But what's clear is that what is happening in Gaza is appalling, horrific.' The governor said everyone at the Central Bank wants to see 'an immediate end to hostilities by all parties'. The Israel Bond prospectus is up for renewal in September. Asked by Labour finance spokesman Ged Nash what factors the bank would be looking for in engagements with Israel at that point, Mr Makhlouf replied: 'I think the intensity of the conflict in in Gaza probably does put a question mark over whether the financial viability of the state still remains secure. 'The fact that the European Union has indicated that it's going to look at its co-operation agreement of Israel, I think that's a factor. The fact that the [Israeli] finance minister has just been sanctioned by a number of countries, that may be a factor.' He said it would be up to Israel to assess whether these factors affect its financial standing when putting together the prospectus, but added that the bank would be required to approve the next prospectus if all matters are completely disclosed. Meanwhile, Mr Makhlouf said national restrictive measures could be imposed by the Oireachtas to stop the approval of the prospectuses, if they were consistent with EU law. However, he said he would find it 'difficult' to say that it is 'possible' to do that in this case, because one member state acting on its own would undermine the whole prospectus regulation. He said he had not taken legal advice on this and added that he was 'not ruling out' the possibility. 'Prospectus regulation doesn't just apply to states, it applies to corporates, it applies to anybody who wants to issue a regulation in certain circumstances. 'So what I'm not ruling out is the possibility that some domestic legislation could prevent an individual corporate being able to issue security in certain circumstances, but this is real hypothetical stuff.' Mr Doherty asked if the Central Bank would deem the ICJ findings a 'risk' for an investor who wishes to purchase Israel Bonds. Mr Makhlouf said the case taken by South Africa against Israel was included in the September prospectus that was approved by the bank. Gerry Cross, the bank's director of capital markets and funds, added that it was the authority's belief that it was articulated and disclosed to the level that is required. Mr Cross later told the committee that the Bank had made approximately 13,300 euro in fees through its work relating to the bonds since October 2023.
