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