Weekly Market Insight

Latest Economic & Market Update 22nd December 2020

22nd December 2020

Good afternoon, it is December 22nd 2020 and here is your economic and market update from BlackBee. 

Today’s focus:

  • Dublin City Council approved €475m mixed-use redevelopment request of former DIT campus
  • Highest single month mortgage approval values since 2011 – Banking & Payments Federation Ireland (BPFI) 

Westridge Real Estate has received approval from Dublin City Council for the redevelopment of the former DIT Campus on Kevin Street. Approval for 50,008 sqm of office accommodation in two 11 storey blocks has been granted alongside 299 build-to-rent apartments, across three buildings, of up to 14 storeys in height. Westridge acquired the 3.57-acre site for €140 million in August 2019. EY estimated in the report lodged to the Council that the total output of the redevelopment will generate €7.67 billion over 10 years. The request for planning has been approved despite opposition from Senator Ivana Bacik, An Taisce and local residents. Third parties now have the option of appealing the Council decision to An Bord Pleanala. (Source: RTE)

Mortgage approval values are at their highest level since the BPFI began recording the time series of the mortgage approval data in 2011. According to the BPFI’s latest mortgage approval report, €1.281 billion was given the green light across 5,198 mortgages. While the number of mortgages approved was 0.2% lower than October, the value of mortgage approvals rose 2.2% month-on-month. When compared to November 2019, both metrics increased; the number of mortgages was up 24.3% and values increased by 33.3%. A stronger credit impulse, as well as low levels of available housing stock, could lead to housing price appreciation in 2021.

Best & Worst Performers of Large Cap US Stocks on Monday
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Global Market Update
(as at close of markets 21/12/2020)