Showing posts with label Galway. Show all posts
Showing posts with label Galway. Show all posts

10 years in Ireland

Leaving South Korea

I worked at the CTO office of Hyundai Mobis - part of the Hyundai Motor Group - after completing my master's degree at Yonsei University. As one of six foreign employees among 250 new hires (also featured in news), I was responsible for in-house IT systems that supported over 10,000 overseas employees as well as manufacturing lines. Although I didn’t realize it at the time, we were essentially “on call” all the time, as we had to resolve issues for overseas subsidiaries as quickly as possible. 

Despite the decent pay, the lifestyle did not suit my personality or the way I envisioned living in  how I  in the long term. I felt the need to seek new challenges and pursue something I truely like to do. 

I had always dreamed of going abroad, such as a country does not speak my native languages, and with nothing to lose, I began reaching out to potential supervisors and research labs to explore my PhD opportunities. Fortunately, I ended up with two great opportunities in the field of Knowledge Graphs or Semantic Web at the time. Both Prof. Amit Sheth and John Breslin were no doubt overly outstanding supervisors for me, and choosing between the U.S or Ireland was the problem. After living in densely population countries, ultimately, my instinct somehow led me to University of Galway, Ireland. 


PhD Life in Galway

I still vividly remember my PhD advisor picking me up and giving me a ride to my accommodation on the first day, bringing a handful groceries to help me get started. After living in Seoul for four years, Galway felt small but peaceful - an ideal place for research, in my view.

The first two years of my PhD were personally challenging, as I had to shift my mindset from "being told what to do well" to "figuring out what I want to research". Taking the ownership of a four-year research project was a major transition. However, it was undoubtedly worth it, as becoming an independent researcher with deep expertise in a very specific domain is the ultimate goal of a PhD. Overall, PhD "advisor" instead of "supervisor" relationship has been worked well after two years, with continuously changing and refining what I want to do and focus during my PhD. During this period, I was also fortunate to participate some W3C groups and had a chance to meet Tim Berners-Lee during one of face-to-face meetings in Paris.

Observing how my PhD advisor worked - especially his mindset in dealing with rejections, whether from paper or proposal submissions - was beneficial at the time as well as nowadays. While rejection is always difficult, I learned the value of focusing on constructive feedback and using it to improve for the next attempt. It is also inspiring to work in the same lab with Sebastian Ruder, seeing how he persistenly targeted top-tier conferences like ACL and EMNLP again and again until finally getting started to be accepted, growing into one of the most influential researchers in NLP through persistent and consistent effort.

One characteristic I wish I had embraced more fully is effective time management and working with greater efficiency, and staying open to new opportunities with a positive mindset. I believe this quality is part of why my PhD advisor is not only a well-established professor but also with many other profiles such as a co-founder of several companies and impactful initiatives, advisor of start-ups, and author of best-selling books.

Looking back, I feel truly fortunate to have spent four years at DERI and later the Insight Centre at University of Galway, working alongside so many talented people and advisor.


Bell Labs

At the point of finishing my PhD, just like any major transition, I had to decide what to do next. 

After submitting numerous job applications focused on research roles, I was fortunate to receive a few offers, including postdocs and a research scientist role at a reserch lab. As a long-time admirer of IBM - particularly for its achievements with Deep Blue and Watson - I explored several industrial research labs, including IBM research. Life doesn't always gives us what we want - but sometimes, it gives us something closer. Interestingly and somewhat unexpectedly, I ended up at Bell Labs

At the Dublin office, the entrance was decorated with 10+ replica Nobel Prize medals. I'm not  sure if every Bell Labs office had the same setup, but seeing them every day was incredibly motivating.

It was rewarding experience to work alongside both system reseachers and algorithms resechers - two very different research areas - collaborating to solve realworld business problems. Although the workload is demanding, one thing I recall from my tech lead stuck with me still: "It is way better to be busy than to feel underutilized". 

I also had a moment of personal reflection when I noticed him meticulously preparing notes and rehearsing for presentations, while I had been making execuses for myself, blaming my struggles on not  being a native English speaker. That moment taught me a valuable lesson: success does not depend on background alone - it requires consistent effort. If we want to do something well, we all need to put in the work. Practice really does make perfect!

At Bell Labs, I worked on AIOps, a completely different area from my PhD research. I once heard someone say that it's good to change the research focus at least once after completing a PhD. This experience gave me valuable perspective and helped me understand how different research communities work differently - for example, in terms of publication styles and the  peer-review process.

Two years later, the Bell Labs site in Dublin shut down. Once again, it was time to make another life decision.


Maynooth University 

Many researchers who have completed a PhD often wonder what an academic life looks like. At least for me, it was something on my bucket list. In recent years, many universities in Ireland have started collabrating with universities in China to establish international colleges, aiming to bring EU pedagogy abroad. This opportunity at Maynooth was ideal for me, as I also wanted to visit my sick parents in China as often as possible during the Covid19

It was a valuable life experience and truely joyful to see students learn, grow, and graduate with significant achievements. Many of them wento on to pursue a wide range of paths, with much brighter futures than mine, both in China and internationally - at institutions like CMU and Cambridge.

It was also a great opportunity to understand how the academic system works. Beyond research, I learned how much time is spent on writing funding proposals, managing admin duties, and handling teaching responsibilities, including lectures, tutorials and labs etc.  After experiencing the difficulty of writing and facing numerous proposal rejections, I became even more grateful for the PhD funding I got from my advisor and SFI and SAP:)

After three years, both my parents passed away, and with my kid growing, spending half a year in China no longer suited our family. I needed to find a more stable job, and I decided to return to industry. It is funny though how underappreciated one can feel when you moving between the public and private sectors. Despite some challenges in switching the sectors, I’m still glad I gave the academic life a try, just like I gave PhD a try. If I had not, the open loop would still be lingering in my mind today.

Dell Technologies 

Another open loop in my mind during my academic carrer was gaining experience with EU-funded projects suchas FP7 and HORIZON EUROPE. I was fortunate to land a role at Dell Research - something I hadn't even known existed before in Ireland. It is a small scale specialised team focused on developing EU proposals as well as other national research proposals, and executing funded projects. The role felt like a perfect fit for me: although it was in industry, it naturally required many of the skills from I had developed in academia. 

It turned out to be a great learning experience. I had a high degree of autonomy to explore research topics and collaborate with a wide range of partners, from big companies like SAP to well-established academic institutions such as ETH Zurich, as well as SMEs and organizations like W3C.

During this time, I was fortunate to work with top researchers from ETH Zurich, and gained firsthand experience in how EU projects are structured, managed, and evaluated. More importantly, I also acquired valuable skills in software development and deployment, particularly around building and deploying microserivces, and exposing as REST APIs - skills that are essential in the tech industry today.

The freedom and ownership I had over both research and development provided countless opportunities for personal and professional growth. I deepened my understanding of LLM-based agents, and co-authorized four patents, with my mentor - Dr. Said Tabet who was also involved a lot in Semantic Web research community in its early days like SWRL and the SEMANTiCs conference.

One phrase from my project lead that has stayed with me is: "The best time to learn something is when we don't need it." . That really resonated with me. If there is something you hope to do in the future, the best time to start learning and preparing for it, is NOW.

Moving forward

Ten years have passed quickly. It feels as life has gently guided me, ticking off items on my bucket list one after another. Or perhaps, deep down, I had an unspoken desire - a drive to move forward because each of these steps represented an open loop I wanted to close. Either way, I am deeply grateful to God for allowing me to go through these experiences and for the chance to work with so many talented people. Beyond the technical knowledge I've gained from them, what's been even more meaningful are the small but powerful phrases they've shared - moments of clarity that have changed my perspective and attitide - and the way they approach life's ups and downs with resilience and grace.

During these 10 years - and really, throughout my life, just like any people, there have been many challenges: securing a PhD offer, getting a job time and again, having a kid during my PhD, juggling work and parenting through Covid, and coping with the loss of parents. There have been countless trials and failures, moments of doubt and struggle. But tiime and again, things have eventually worked out. It turns out at the end , everything gonna be OK, if its not OK, its not the end yet.

One of my favorite books - and currently my bedside companion - is "How to stop worrying and start living" by Dale Carnegie. One particular phrase from it has become a daily for me:
"God grant me serenity to accept changes that I cannot change,
the courage to change the things I can,
and the wisdom to know the difference."

This prayer reminds me to find peace in uncertainty, strength in action, and clarity in decision-making. And perhaps that’s the essence of what this journey has taught me: to embrace the path, however unpredictable, and keep moving forward with faith, gratitude, and intention. 

Irish Residential Property Price Index - January 2023

The CSO (Central Statistics Office) just published the residential property/house price index of Ireland in January 2023. The increasing rate of the residential property price is decreased again to 6.1%, compared to the last January.


Residential Property Price Index 12 month % change



  • The national Residential Property Price Index (RPPI) rose by 6.1% in the 12 months to January 2023, with prices in Dublin rising by 4.3% and prices outside Dublin up by 7.4%.

  • In January 2023, 3,675 dwelling purchases by households at market prices were filed with the Revenue Commissioners, up by 4.4% compared with the 3,519 purchases in January 2022.

  • The median price of a dwelling purchased in the 12 months to January 2023 was €305,000.

  • Non-household entities purchased 13,519 dwellings at market prices in 2022, an increase of 15.1% on the 11,749 purchases made by them in 2021.
  • Non-household entities in the NACE sector K: Financial & Insurance purchased residential dwellings with a total value of €1,562.6 million in 2022, more than in any other NACE sector.
  • In 2022, dwellings with the total value of €356.9 million at market prices were purchased by non-household entities with an address outside of Ireland

Residential Property Price Index - Historical Trends


  • Looking at the historical trends, the price in January 2023 also decreased from last month. 
  • The national index has now reached the value of 167.7, which is 2.5% above its highest level at the peak of the property boom in April 2007. Dublin residential property prices are 7.3% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 2.4% higher than their May 2007 peak.




Recent Months in Dublin



  • Base 2015 = 100
  • If we dig into details of Dublin, the residential price has been decreasing during recent months from the final quarter of 2022. Similar trends can be observed for sub regions of Dublin for both apartments and houses. 
  • The price of DLR - houses has been decreasing the most compared to others, in line with the overall decreasing trend in Dublin - all. This should include the highest Eircode such as AY94, which has been the most expensive Eircode in Ireland. And usually we can observe the upper market starts to have the easing of the price.
  • The price for South Dublin - houses remain higher compared to others, and started decreasing in January. 
  • With the peak points higher than others, the prices for South Dublin - houses and Dublin apartments have been increased quite higher compared to others.

Given the easing of the price increase observed so far, it would be interesting how the property price inflation goes during this year 2023. Do you feel the house price is stabilizing or decreasing recently?

Irish property tredns - January 2023

 From CSO (Central Statistics Office) data till December 2022



  • The national Residential Property Price Index (RPPI) increased by 7.8% in the 12 months to December 2022, with prices in Dublin are rising by 6% and prices outside Dublin up by 9.3%.

  • In December 2022, 5,213 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 0.8% compared with the 5,170 purchases in December 2021.

  • The median price of a dwelling purchased in the 12 months to December 2022 was €305,000.

  • The lowest median price for a house in the 12 months to December 2022 was €152,000 in Longford, while the highest median price was €625,000 in Dún Laoghaire-Rathdown.


     
  •  The overall trends of residential property price keep increasing,  although the increase rate has been slowing down a little from the previous figure.

 

From Property Price Register data till January 2023


  • 2945 sold properties have been registered for 2023-1
  • This is -55.09% change from last month
  • This is -18.76% change from the same month of last year




 

  • The mean price of sold properties is 345306.9 EURO for 2023-1
  • This is -17.74% change from last month
  • This is 2.96% change from the same month of last year

 

  • The median price of sold properties is 295000.0 EURO for 2023-1
  • This is -1.52% change from last month
  • This is 6.88% change from the same month of last year

 

 The top-5 most expensive sold properties are 

  • 8 MARLBOROUGH RD, GLENAGEARY, DUBLIN (6500000 EURO)
  • GRENAGH, AVOCA AVE, BLACKROCK (5200000 EURO)
  • 12-24 PARK GREEN, COULTER PLACE, DUNDALK (4149289 EURO)
  • HILLSIDE, THE HILL, MALAHIDE (3665500 EURO)
  • 59 MERRION RD, BALLSBRIDGE, DUBLIN 4 (3600000 EURO)

 

From the number of properties available on Daft.ie  we can have an idea about how many properties are available on the market at the moment.

  • The number of properties available for purchase now (~17000) is larger than that one of April last year.
  • It is likely to have more properties from April this year and hopefully towards the level before pandemic.
 
 

  • The ECB interest rate has been increased during the last year several times, and is record high. And it is likely to be increased again, which might hinder the increase of property prices

From the number of mortgage approvals till December 2022 (data from BPFI)

  • A total of 3,635 mortgages were approved in December 2022 – some 1,789 were for FTBs (49.2%) of total volume) while mover purchasers accounted for 798 (22.0%).
  • The number of mortgages approved in December fell by 33.1% month-on-month and by 5.7% year-on-year.
  • Mortgages approved in December 2022 were valued at €996 million – of which FTBs accounted for €485 million (48.7%) and €255 million by mover purchasers (25.6%).
  • The value of mortgage approvals fell by 33.5% month-on-month and 1.5% year-on-year.
  • Year-on-year approval volumes rose by 9.3% to 58,276 while values rose by 17.9% to €15.9 billion.






  • Population in Ireland has been increased a lot, and now it is over 5 million. This causes the shortage of residential properties and the increase of the property price.

Ireland's Property Price Trends

The property/house price growth starts slowing down in Ireland from recent figures and news. Marian Finnegan, the managing director of Sherry FitzGerald says:

"Although demand remains robust, the frenzied bidding activity that was a feature of the post pandemic period has eased"

A recent report by the Economic and Social Research Institute (ESRI), also has suggested that house prices were now overvalued by at least 7 per cent. And the Irish property market is headed for "a perfect storm" of rising construction costs and flattening or falling house prices, an industry expert has warned. There are many aspects contributing to the ease of the rising property price such as:

which are two important factors in the demand and supply game of the property market.

In this post, we go through recent data regarding properties in Ireland from several perspectives to give an overview of the current market:


Sold properties statistics from Property Register


4,473 sold properties have been registered for 2022-9
This is 7.99% change from last month
This is -15.81% change from the same month of last year




The mean price of sold properties is 400,354.55 EURO for 2022-9
This is 6.8% change from last month
This is 8.56% change from the same month of last year

The median price of sold properties is 295,000.0 EURO for 2022-9
This is 0.0% change from last month
This is 7.27% change from the same month of last year

The top-5 most expensive sold properties are 
  • Davitt PRS Development, Davitt Road, Drimnagh (111,280,172 EURO)
  • 1 HAMPTON WOOD SQUARE, HAMPTON WOOD, FINGLAS (54,500,000 EURO)
  • 16 Amber Way, The Miles, Clonakilty (25,338,384 EURO)
  • 3/4 Poplar Row, Annesley Bridge, Ballybough (15,423,665 EURO)
  • 9 - 40 Walker's Grove, Parkside, Balgriffin (14,080,000 EURO)







Daft trends


We can see the number of available properties in Ireland on Daft.ie has been steadily increasing over the last months, including a relatively sharp increase starting from September. It is actually over 20000 multiple times during the last month, which is a good sign of increasing stock of properties in Ireland.




Recent CSO Report on Residential Property Price Index August 2022



  • The national Residential Property Price Index (RPPI) increased by 12.2% in the 12 months to August 2022, with prices in Dublin rising by 9.7% and prices outside Dublin up by 14.2%.

  • In August 2022, 4,295 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 14.1% compared with the 3,764 purchases in August 2021.

  • The median price of a dwelling purchased in the 12 months to August 2022 was €295,100.

  • The lowest median price for a house in the 12 months to August 2022 was €149,500 in Longford, while the highest median price was €615,000 in Dún Laoghaire-Rathdown.

Ireland Property Price Trends - August 2022

Irish house prices have almost reached to the point during their Celtic Tiger peak [1], which is not a good news for people searching for family homes. The good news is that the market starts to slow down with recent trends [2] or returning to normal with an improved volume of both second-hand homes and new ones are available in the market [3, 4].
"As prices are slowing, more properties are coming onto the market, as tends to happen in this kind of environment" [2]
"Early indications are that stock levels will be replenished in the coming weeks, with an improved volume of both second-hand homes and new homes coming to the market. And although the frenzied bidding evident in the opening weeks of the year has diminished, demand remains strong, with a notable urgency from purchasers to transact more quickly in the face of rising interest rates. As always, the market performance will not be homogenous, but at this juncture we are expecting a busy season" [3]

In this post, we go through recent data regarding properties in Ireland from several perspectives to give an overview of the current market:

  • Sold properties statistics from Property Register
  • Daft trends
  • Recent CSO report
  • Recent news about housing crisis

 

Sold properties statistics from Property Register


4,142 sold properties have been registered for 2022-8
This is -9.88% change from last month
This is -12.41% change from the same month of last year



The mean price of sold properties is 374,879.19 EURO for 2022-8
This is -6.23% change from last month
This is 11.59% change from the same month of last year

The median price of sold properties is 295,000.0 EURO for 2022-8
This is 1.46% change from last month
This is 10.9% change from the same month of last year

The top-5 most expensive sold properties are
  • Block E7 and Block G Clay Farm, Part of Folio DN79535F, Leopardstown (64,471,885 EURO)
  • SORRENTO, NERANO RD, DALKEY (6,250,000 EURO)
  • STELLA MARIS, BAILY, HOWTH (5,700,000 EURO)
  • 36 LEESON PARK, RANELAGH, DUBLIN 6 (4,724,500 EURO)
  • 26 PALMERSTON PARK, RATHGAR, DUBLIN 6 (4,500,000 EURO)

 







Daft trends

We can see the number of available properties in Ireland on Daft.ie has been steadily increasing over the last months, including a relatively sharp increase starting from September. 



Recent CSO Report on Residential Property Price Index July 2022





  • The national Residential Property Price Index (RPPI) has reached the value of 164.9 points for July 2022, which is 0.8% above its highest level recorded at the peak of the economic boom in April 2007.
  • The national RPPI increased by 13.0% in the 12 months to July 2022, with prices in Dublin rising by 10.4% and prices outside Dublin up by 15.2%.
  • In July 2022, 4,443 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 16.2% compared with the 3,822 purchases in July 2021.
  • The median price of a dwelling purchased in the 12 months to July 2022 was €295,000.
  • The lowest median price for a house in the 12 months to July 2022 was €145,000 in Longford, while the highest median price was €610,000 in Dún Laoghaire-Rathdown.





Recent news 

Ireland Property Price Trends - July 2022

Introduction 

Housing market in Ireland is still challenging due to the shortage of properties due to Covid-19 period, and increasing constuction costs [1-4] compared to high demand [5]. With ECB increasing interest rates and with new homes keep coming to the pipeline, we hope the situation might be changing in the future. 

There has also been a trend of smaller landlords leaving the rent market to sell properties as observed recently, which might be good for whom would like to buy a property but might be bad news for tenants with a record high rents in Ireland.
Despite record rents, smaller landlords seem to be leaving in droves, creating a gap in the availability of more affordable accommodation. [1]


Here, we go through recent data regarding properties in Ireland from several perspectives to give an overiew of the current market:

  • Sold properties statistics from Property Register 
  • Daft trends
  • Recent CSO report
  • Recent mortgage data
  • Recent news about housing crisis

Sold properties statistics from Property Register

4596 sold properties have been registered for 2022-07
This is -11.56% change from last month
This is -11.0% change from the same month of last year 


The mean price of sold properties is 399,764.82 EURO for 2022-07
This is 10.41% change from last month
This is 24.47% change from the same month of last year

The median price of sold properties is 290,748 EURO for 2022-07
This is 0.26% change from last month
This is 12.04% change from the same month of last year

The top-5 most expensive sold properties are
  • Apartments 1 - 297, Blackwood Square, Northwood (109,055,078 EURO)
  • APARTMENT BG.1, MELBOURN POINT, BISHOPSTOWN (35,178,712 EURO)
  • 6 PORTSIDE COURT, WEST RD EAST WALL, D3   & other properties (17,099,496 EURO)
  • CEDAR LODGE, 98 MERRION RD, BALLSBRIDGE DUBLIN 4 (9,400,000 EURO)
  • 1-37 Northgate Hall, Kilcarbery Grange, Clondalkin (929,0748 EURO)




 


Daft trends

The number of properties on Daft tends to be increasing, while still quite far behind the number of pre-pandemic level (approximately 25000 in 2019)



Recent CSO report on New Dwelling Completions Q2 2022



There were 7,654 new dwelling completions in Q2 2022, up 53.4% from Q2 2021, and up 58.8% from Q2 2019 (pre-pandemic). 

Apartment completions rose 88.1% in the last year to 2,415 with scheme dwellings up 53.3% to 3,905 and single dwellings rising 15.1% to 1,334.

Just over half (51.0%) of all completions in Q2 2022 were scheme dwellings, 31.6% were apartments. while 17.4% were single dwellings.

Completions increased by more than 50% in Dublin, South-West, Mid-East, Mid-West, and the Midlands.

More than a third (34.3%) of scheme completions were in the Mid-East (Louth, Kildare, Meath, Wicklow).

Nine of the ten Local Electoral Areas with the most completions in the quarter were in Dublin, with the most completions in Ballyfermot-Drimnagh.


Recent mortgage data

Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for June 2022 [8]. The following are the key elements:

  • There were 5,960 mortgage approvals, valued at €1,666 million in June 2022.
  • Mortgage approval activity increased in volume terms by 14.5% year-on-year and increased in value terms by 30.6% over the same period.
  • There were 3,947 purchase mortgage approvals, valued at €1,153 million in June 2022.
  • Purchase mortgage approval activity fell in volume terms by 5.3% year-on- year and increased in value terms by 8.0% over the same period.


Recent news about the housing market of Ireland


Ireland Property Price Trends - June 2022

Regarding sold properties from Property Price Register

 

5197 sold properties have been registered for 2022-6
This is 25.56% change from last month
This is 10.88% change from the same month of last year
 
 
The mean price of sold properties is 362069.33 EURO for 2022-6
This is 0.53% change from last month
This is 8.48% change from the same month of last year

The most expensive sold property is 
Block 6 Griffith Wood, Griffith Avenue  Dublin 9 (35,466,419 EURO)





* The data is retrieved from Property Price Register Ireland


Daft trends on the number of properties


The number of properties on Daft tends to be increasing, while still quite far behind the number of pre-pandemic level (approximately 25000 in 2019)
 
 

 

 















The recent Property Price Index form CSO (Central Statistics Office)




In Dublin, house prices increased by 11.9% and apartment prices were up by 11.3%. The highest house price growth in Dublin was in Dublin City at 14.1%, while Dún Laoghaire-Rathdown saw a rise of 9.2%.


Outside Dublin, house prices were up by 16.8% and apartment prices rose by 14%. The region outside of Dublin that saw the largest rise in house prices was the South-East at 21.5%, while at the other end of the scale, the Mid-West saw a 11.4% rise. 


Table 1.1: Residential Property Price Index
MonthPrice Index (2015=100)Monthly % change Annual % change
February 2022159.10.715.1
March 2022159.90.515.1
April 2022160.50.414.5
May 2022161.80.814.4
The latest three month's RPPI results are provisional and subject to revision.

Ireland Property Price Trends - May 2022

 

Regarding sold properties from Property Price Register


4139 sold properties have been registered for 2022-5
This is 45.28% change from last month
This is -0.93% change from the same month of last year



 


















The mean price of saled properties is 360,150.76 EURO for 2022-5
This is -3.2% change from last month
This is 16.8% change from the same month of last year

The most expensive saled property is
1-12 and 14-59 Elmwood, Johnstown Road, Dun Laoghaire (21,682,649 EURO)










































* The data is retrieved from Property Price Register Ireland


Daft trends on the number of properties


The number of properties on Daft tends to be increasing, while still quite far behind the number of pre-pandemic level (approximately 25000 in 2019)
 
















The recent Property Price Index form CSO (Central Statistics Office)

 

 
Table 1.1: Residential Property Price Index
MonthPrice Index (2015=100)Monthly % change Annual % change
January 2022158.10.914.8
February 2022159.10.715.1
March 2022159.90.515.1
April 2022160.20.114.2