Daft Property - Irish Property News

Building ban on rezoned land leaves taxpayer with huge bill... THE taxpayer will be forced to pick up the tab as councils ban housing on massive banks of land -- bought for billions by property speculators at the height of the boom. The value of development sites has plummeted by more than 90pc, after councils rezoned land which is no longer needed for housing. The Irish Independent has learned that 12 of the country's 34 local authorities have already dezoned or banned development on lands. The remainder will do so by the end of the year, under a radical shake-up of planning system countrywide. But the move will have serious implications for taxpayers. Banks lent billions for speculative deals on those lands which have since collapsed -- with the State now forced to pick up the bill. Housing will now no longer be allowed to be built on 8,000 hectares previously earmarked for development in 12 local authorities alone. At the height of the boom, this land could have sold f...