Daft Property - Irish Property News

Millions wiped off value of land in dezoning... DEVELOPERS have taken massive hits on the value of their land banks, as one-in-three local authorities have dezoned land earmarked for development. The moved has wiped hundreds of millions off the value of land across the country -- with taxpayers facing a massive bill for NAMA loans linked to land returning to agricultural use. Planning Minister Willie Penrose said yesterday that 12 of the State's 34 local authorities had made changes to their development plans which has resulted in thousands of sites now being classed as unsuitable for development. Last year, local authorities were ordered to dezone, rezone or forbid development on massive land banks to comply with tough new planning guidelines which set out where houses and commercial units could be built. The move came because councillors had zoned enough land during the boom years to build more than a million homes that were not needed. Councils had previously zoned m

Another 50,000 building jobs set to go next year... Another 52,000 construction and related jobs are expected to be lost next year, according to an unpublished report. The cost of the job losses will add an additional €1 billion to exchequer spending in unemployment payments, benefits and training, according to a report prepared for the environment department. The report, by DMK Economic Consultants, predicts that the numbers employed both directly and indirectly in construction would reach a floor of 126,000 by the end of next year. At one time, there were 380,000 people employed in construction and related jobs. Up to the end of June this year, there were 127,000 people working in construction and a further 58,000 employed in construction-related work such as civil engineering, architecture, legal conveyancing and specific manufacturing for the sector. This does not include an estimated 8,000 apprentices doing training. The report estimates that as may as 7,700 apprentices and traine