Rents Surge 4.4% Amid New Controls; Aer Lingus Cuts Costs; Medtronic Adds 85 Jobs
Irish rents rose 4.4% from December to March, the largest quarterly increase on record, as new rent controls took effect. Aer Lingus will cut flights after Q1 losses hit €103 million. Medtronic is creating 85 new software jobs in Galway for cardiac devices.
Ireland saw a 4.4 per cent surge in rents between December and March, the largest quarterly increase on record, coinciding with the government’s new rent control system allowing landlords to reset rents to market rates between tenancies, according to Daft.ie.
Aer Lingus plans to cut flights next winter and summer to boost returns for owner International Airlines Group, following a review prompted by losses almost doubling to €103 million in Q1 this year.
Medtronic is establishing its first European software team in Ireland, focusing on implantable cardiac devices. The team will initially employ 85 people at its Parkmore cardiac centre in Galway, with further growth expected over three years.
Taxpayers' unsuccessful appeals against Revenue assessments generated €605 million for the exchequer last year. Corporation tax accounted for €423 million (70 per cent) of this yield, despite representing only 5 per cent of cases. Irish jobs increased by 355,332 to 2.8 million from 2019 to 2024, with migrant workers comprising 61 per cent (218,261) of this growth, per CSO research. A Longford shopping centre, developed for €25 million in 2009, is now for sale at €3 million, and Newcastle Aerodrome in Co Wicklow is on the market for €16.2 million.