‘Competition has definitely increased' – Europe's IPO drought stokes heated battle among exchanges
• Why European exchanges are struggling to catch up with their international peers
• How Euronext Dublin is fareing and what its boss wants the government to do to help
• Which big IPOs are the focus of intense competition on the continent
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The Irish Sun
14 hours ago
- The Irish Sun
I left frantic UK life to buy 85p home in sunny paradise – now I'm building property empire for cost of two pints
AFTER years of enduring the rat race as a jewellery dealer in the UK, George Laing took a gamble on a new life in Europe - with just 85p. With gruelling hard work and patience, the Brit is slowly transforming a derelict three-story building into his dream home - and he has another plan up his sleeve. Advertisement 15 George Laing, 32, bought his dream home for cheap as part of the €1 Houses project Credit: Instagram/george_laing_ 15 The property George bought for 85p Credit: SWNS 15 He snapped up the home in Mussomeli, Sicily - a sun-soaked region popular with those wanting the laid back European lifestyle Credit: Alamy 15 The Brit reveals his long and pricey renovation process - but insists it has been worth it Credit: Supplied 15 George has done all the renovation work himself Credit: Instagram/george_laing_ Advertisement He has just finalised the deal on a SECOND 85p house - and intends to purchase up to 15 more over the next three years. When The property was in desperate need of an overhaul, with a hole in the roof and no running water or electricity. Several wooden beams were rotting from both ends and worrying cracks lined almost every wall in each room. What started as a crumbling €1 house has now started to turn into a beautiful, liveable home George Laing The bathroom was a tiny box and the kitchen was simply a metal stove connected to a propane tank. Advertisement But beyond the gloomy exterior and lackluster interior, And even with no prior background in revamping anything close to a three-floored home, George was determined to get stuck in. He now spends two weeks a month at home in the UK and the rest in beautiful Sicily, working tirelessly to complete his George even plans to open up an antiques shop in Mussomeli at the end of the year so he can continue his jewellery business in Italy. Speaking to The Sun, the young homeowner has revealed just how far he has come in the past 12 months. Advertisement I left UK to buy 85p home - I get perfect weather, cheap booze & better neighbours He said: 'It's surreal to see the first house coming together - we've got water, electricity, and now we're onto the exciting part: fitting out the kitchen and bathrooms with marble from a local quarry. 'I want the finish to be as beautiful as the bones of the building. 'Once the first house is finished, we're throwing a huge celebration — the mayor's coming, the neighbours are invited. "It's not just a personal milestone, it's a community one. "What started as a crumbling €1 house has now started to turn into a beautiful, liveable home." Advertisement Just 10,000 residents live in George's new hometown of Mussomeli. The sun-soaked region of Sicily has long been known as a glorious haven for those wanting the laid back European lifestyle. George, who lives in Eastbourne and used to work to London, says the drastic change in vibes is one of the key factors behind why he purchased the home. He explained: "In Sicily, life is just a bit slower. "You've got a different quality of life, and obviously the weather is 25-30 degrees everyday. And it's a beautiful place." Advertisement 15 The first three-storey home is still far from finished but George is determined to see the project through Credit: Instagram/george_laing_ 15 The home was falling apart when George first bought it but he has managed to transform it into a dream home Credit: George Laing 15 The kitchen was simply a metal stove connected to a propane tank at first Credit: George Laing 15 George's rather uninviting front door when he first purchased the home Credit: George Laing Despite living in a foodie paradise, renovating the home hasn't been without its challenges. Advertisement He said: "It's been like a full-time job mixed with the most personal kind of DIY adventure. "I've overseen everything from rewiring and plumbing to sourcing materials locally and working with Italian builders who don't speak a word of English. "Navigating Italian bureaucracy without being fluent in Italian was definitely up there. "Also, understanding the true structural condition of the property - it's not always obvious what lies behind the walls until you start breaking them open. "And of course, doing all this on a tight budget meant I had to be hands-on with almost everything." Advertisement But George loves the lifestyle so much that he has just finalised the deal on a second 85p house. BIG PLANS He said: "It's a totally different challenge, and I'm already planning how to preserve what's special, while breathing new life into it. "And I'm planning to purchase another three to five in the next year, another 10-15 over the next three years. "I've learned so much and now I want to go even bigger and begin to grow my property portfolio. "There's also something incredibly addictive about rescuing these abandoned homes. Advertisement "I'm passionate about bringing life back to these forgotten places and helping others do the same." 15 The derelict home was so cheap as it was being flogged by the local authorities Credit: Instagram/george_laing_ 15 Fixing the home up has been a real challenge with piles of rubbish being left over from the previous owner Credit: Instagram/george_laing_ 15 George had the street filled with rubbish during the renovation Credit: George Laing From the first moment he arrived, George could tell he had entered into a tight-knit community. Advertisement The locals in Sicily are very different to what George is used to. He quickly became friends with his Italian neighbours - although he admits he still has to use Google Translate to chat with them. And being in his early 30s, George has been thrilled to find the price of alcohol is drastically lower in Italy. He said: "It's just nice to buy things that are a lot cheaper. "You get a beer or a cocktail in Sicily for €1.50 or a glass of wine for €2 - whereas it's £7.50 now in London for a pint. Advertisement "Even just living there day to day you spend less money, which is a nice bonus." 15 George's hilltop view from his new house Credit: Instagram/george_laing_ 15 George puts a lot of his impressive handwork down to YouTube videos Credit: George Laing Three spacious storeys of room to play with and a classic Italian balcony at the front were paired with a glorious marble staircase. George is proud of his bold choice and says despite his pals being nervy about the move he is now confident it was the right choice. Advertisement One of the main reasons he left was the struggle to find a home in and around London on the cheap. He said: "Financially getting on the property market in London or anywhere in the UK is incredibly hard. £5,000 in the UK isn't going to get you diddly squat." Another key factor is not having to pay an astronomical mortgage. Getting on the property ladder is notoriously hard in the UK due to the lack of available housing, surging house prices and rising bills. In 2023, 42,000 Brits left their lives behind and moved to a new EU nation. Advertisement For George, when he heard Italy was flogging homes for less than £1, the bold move made sense - something others are now getting on board with. He said: "Seeing something so neglected come back to life is incredibly rewarding. "Also, becoming part of the local Sicilian community sharing food, stories, and wine with neighbours has made this much more than just a renovation. "It's been a total life reset in the best way." How does the €1 house scheme work? DEPENDING on the region, a number of towns and villages across Italy have offered the cheap €1 properties to encourage people to move to the area. There are around 25 regions who are taking part, each with a number of properties. Many of the areas have a dwindling or aging population and hope to build the community again. The properties range from small houses to larger villas, but are all in a very rundown condition. The conditions for buying each property also vary, but the majority of them need large renovation works which are part of the scheme According to Maurizio Berti, who runs the website "We are talking about dilapidated or unsafe properties that need major renovations." Conditions include notary fees, paying an additional three-year buying guarantee policy of €5,000 (which is refunded when it expires) as well as starting the project within two months once permits are given. The houses are put to an auction where people can bid on them so they technically aren't all €1. While some do sell for €1, on average houses sell for around €5,000 euros, although some are up to €20,000. Some of the schemes even offer to pay you money for buying a home if you can boost the economy with a new business venture. 15 The main living space has been taken over by work tools for the past few years Credit: Instagram/george_laing_ Advertisement
The Irish Sun
14 hours ago
- The Irish Sun
Ireland is 2nd dearest spot in Europe & is getting more expensive – but consumers aren't powerless to hunt for value
ANYONE who has recently stood in a supermarket queue, filled up their tank or received an energy bill will tell you that Ireland is an expensive place. And now, new data from Eurostat confirms it. 4 Ireland is the second most expensive country in the EU Credit: Getty Images - Getty 4 Ireland has the second-highest alcohol prices in the EU Credit: Getty Images - Getty 4 Daragh Cassidy insists consumers aren't powerless despite the high costs In fact, we are the second most costly country in the entire Only But while the Danes at least benefit from generous public services, good public transport and clean streets, Here, Daragh Cassidy of comparison site asks why Ireland is so expensive – and considers what can be done to bring prices down. WHAT is quite striking about Eurostat's figures is how far we seem to be drifting from the European average each year. In 2015, our prices were 28 per cent above average, but the gap seems to be widening almost every year. And we're no longer just more expensive than our Mediterranean neighbours. We've leapfrogged traditionally costly countries like Finland, Let's start with the obvious — Ireland has the second highest alcohol prices in the EU — almost 198 per cent the average. Only REASON FOR HIGH COST Much of this is due to high government taxation and the recent introduction of minimum unit pricing. The cost of food and non-alcoholic drink is also relatively high in Ireland. Our However, this is actually an improvement on recent years. In 2020, our prices were over 21 per cent above average, but that's probably not much comfort to households. Dining out and hotel stays are pricey, too, with costs nearly 30 per cent above the EU average. 'HARVEY NORMAN EFFECT' Mobile and broadband services? A jaw-dropping 40 per cent higher. There are a few positives, though! Our clothing costs are slightly below the EU average, and the 'Harvey Norman effect' keeps the cost of household appliances and furnishings somewhat in check. These small wins, though, are dwarfed by the overall trend: Ireland is an expensive place to live. But why? NO EASY ANSWER There is no single answer. And some reasons are complex and structural. But factors which contribute to our high cost of living include a lack of competition in certain sectors and high taxation on goods such as tobacco, alcohol, petrol and Low government subsidies in areas such as public transport and childcare compared to our In addition, businesses are faced with high insurance and energy costs which then get passed on to consumers. MORE IMPROVEMENTS So what can be done? Ireland is unlikely to ever be a cheap country — nor should we aim to be. High prices often go hand in hand with high living standards. It should be noted that most of the countries with the highest standards of living in the world (such as INCOME ISSUE But the problem is that Irish incomes, while high, don't quite match the salaries in these countries. We have Danish prices, but wages closer to Taxpayers in more expensive countries tend to get back more from the government in terms of better and more affordable So what now? The SHOP AROUND Regulators such as ComReg and the CRU need sharper teeth and stronger mandates to tackle anti-competitive practices. And a Minister for Consumer Affairs could help ensure consumer interests are more consistently championed at government level. But consumers aren't powerless. By shopping around and switching providers for everything from electricity and insurance to broadband, households can claw back hundreds of euro a year. Ireland may never be a bargain destination, but that doesn't mean we can't find better value. 4 Grocery prices are the third highest in the EU, at nearly 15 per cent above average Credit: Getty Images - Getty
The Irish Sun
a day ago
- The Irish Sun
Iconic compact convertible hinted at return after 20 years away – and could compete with the Mazda MX-5
AN ICONIC convertible could be returning to the road - some 20 years after it was discontinued. Better yet, the compact roadster might produce some fair competition for the world's most popular little convertible, the Mazda MX-5. 6 Smart's iconic Roadster could return, 20 years after its discontinuation, to take on the Mazda MX-5 Credit: Getty 6 The compact convertible was once championed by F1 legend Gordon Murray Credit: Getty 6 Over 43,000 units of the Roadster were produced between 2003 and 2005 Credit: AFP 6 The brand is currently focussed on two models set for release in the near future Credit: Alamy According to Auto Express, Smart has left the door open for the return of the Smart Roadster - with the brand preparing a successor for its famous ForTwo city car. Indeed, back in March, we reported on how the much-loved ForTwo - the quintessential 'park anywhere' city car of the noughties - That could spell good news for the Roadster model too, a two-door, two-seater convertible that was Smart's sports car offering at the time. Introduced back in 2003, it was widely respected for its balanced mid-engined layout - with iconic F1 designer Gordon Murray a famous fan who used the Roadster as his daily driver. Read more Motors News The model was ultimately discontinued in November 2005, with just over 43,000 units produced. In a recent interview, Smart UK CEO Jason Allbutt talked fondly about the Roadster, saying: 'We used to have one of those in the family, and [it was] particularly good fun. 'For a country that has more rain than probably any other European market, we are lovers of coupés and roadsters. 'So yes, I could see a possibility for such a car in the UK.' Most read in Motors Allbutt did however reiterate that nothing is concrete and that the brand currently focussed on the launch of its biggest model yet - the all-new Smart #5 SUV - with an electric family hatchback called Smart #6 to follow. ELECTRIC FEEL As the industry continues to transition into electric power , several marques are lining up all-electric sports cars to replace their ICE counterparts. New Nissan Leaf tested - it's bigger, better and goes further An electric version of the universally acclaimed Alpine A110 is already in the pipeline, while Porsche is rumoured to be lining up some kind of Boxster/Cayman EV. Meanwhile, Lotus are waiting for battery tech to catch up - especially in terms of weight - before drawing up an exciting electric sequel to the Elise. Even the aforementioned MX-5 is being earmarked for an electric replacement in the coming years. But according to Auto Express, Allbutt appears to have reservations about whether petrolheads are ready to embrace electric convertibles. Smart Roadster history First introduced in 2002 43,091 produced between August 2002 and November 2005 Produced in Hambach, France Created following Smart's "reduce to the max" philosophy Coupe and Roadster introduced in 2002 were designed to be reminiscent of classic British roadsters like the Triumph Spitfire and MG B Roadster was powered by a 45 or 60kW version of the turbocharged 698cc 3-cylinder Suprex engine in the rear Roadster Coupe had the more powerful 60kW option only Car weighed as little as 790kg - creating the emotion of driving a sports car at an affordable cost Awarded Fun Car Of The Year by Top Gear in 2005 He said: 'I think a lot of people that drive these cars historically have been traditional car enthusiasts. 'Part of the joy of having the roof down, in case you have less hair to be ruffled nowadays, is also to hear the sound of the engine. 'Maybe there's a new audience that would be looking at [an electric roadster] in a different way. I'm not quite sure yet as to who the buyers of that car really are. 'It's too early to tell right now, but we'll see.' 6 Smart Roadsters were designed to give drivers the feel of a sports car but at an affordable price Credit: Getty 6 It is thought a new Smart Roadster could compete with the popular Mazda MX-5 Credit: Getty
