Average of €25k payback for Bus Connects homeowners: 5 things to know in property this week

New bus and cycle lanes will affect some people’s front gardens and parking spaces.

EACH AND EVERY week, we put together a round-up of the week’s biggest property news stories around Ireland.

Stay on the real estate pulse with our five-minute digest, featuring the vital news from the week just gone.

This week, there’s compensation for homeowners affected by changes to Dublin’s bus routes, and a three-year plan to remove chewing gum from the city’s streets…

1. Compensation of €25k for homeowners affected by Bus Connects

Property owners affected by the plan to introduce continuous bus lanes in and around Dublin city centre are set to be compensated to an average of €25,000 each.

The Bus Connects plan, which includes new bus lanes and cycle lanes, will necessitate the cutting down of trees and a loss of parking spaces. Some property owners will lose a portion of their front garden.

2. There’s a new €1.6m plan to remove gum from Dublin streets

shutterstock_1184105077 Shutterstock / Willy Barton Shutterstock / Willy Barton / Willy Barton

Dublin City Council is set to spend €1.6 million on the removal of discarded chewing gum in public areas.

Property owners in specified ares around Dublin City Council’s administrative area can expect gum to be removed from footpaths and pedestrianised zones throughout litter blackspots over the next three years.

3. Rent Pressure Zone laws ‘clearly not working’, says TD

shutterstock_568967359 Shutterstock / Savvapanf Photo Shutterstock / Savvapanf Photo / Savvapanf Photo

Laws surrounding Rent Pressure Zones (RPZs) came under criticism this week by politicians and housing experts as a result of new data released in a report by Daft.ie. According to its findings, rents in every county in Ireland rose by 11.3% in the year to September.

Sinn Féin’s housing spokesperson Eoin Ó Broin TD said that the rise in rent prices across the State demonstrates that RPZs are failing to protect new entrants to the market. Echoing the words of Ó Broin, Labour’s housing spokesperson Jan O’Sullivan TD said Ireland’s RPZs are “clearly not working and must be scrapped.”

4. IKEA shelves plan for another Irish store

shutterstock_789466573 Shutterstock / Birgit Reitz-Hofmann Shutterstock / Birgit Reitz-Hofmann / Birgit Reitz-Hofmann

IKEA has stalled plans to open more stores in Ireland, saying it will focus on developing its fast-growing online offering instead. Speaking to Fora, Ikea Ireland market manager Claudia Marshall said there are no plans for further stores in the Republic at present.

The furniture giant has a flagship store in Ballymun and an order-and-collect outlet in Carrickmines, and previously sounded out the option of opening another store in the capital’s south.

5. Property company to ‘unlock potential’ of Limerick Docks

shutterstock_473293261 Shutterstock / shutterupeire Shutterstock / shutterupeire / shutterupeire

Shannon Foynes Port Company has commissioned property firm Savills to help grow the commercial viability of a 45.5 hectare site on Limerick’s Docks, reports the Limerick Leader.

Savills Ireland will offer advice on the transformation of the area into a “major economic hub for the city and region.” If successful, the multi-million euro plan could see the creation of 1,000 jobs.