Daft Property - Irish Property News

Homeowners' guide to calculating and paying the new tax... From next week 1.9 million homeowners will start getting letters from the Revenue outlining how they are to pay a new local property tax which is to replace the household charge that was introduced two budgets ago. Property tax? But I paid a fortune in stamp duty when I bought my house at the height of the boom. Surely I can’t owe more money on a property that is now worth half of what I paid for it? Yes you can. The Government, has decided to ignore the massive amounts of money it collected from us in property-related stamp duty over the last decade or so and start on a blank page when it comes to property tax. The good news (for the Government) is that it should raise €500 million a year from the new tax. How much will this one cost me?  Well it depends on where you live, but the good news is that the majority of people will be expected to pay less than €500 a year thanks to the all but total collapse of th...

Property price register pushed out until late September... THE LONG-AWAITED property price register, detailing the sale price of residential properties here, looks like it’s now going to miss its expected summer deadline. Despite being eagerly anticipated by estate agents, homeowners and buyers, and a recent call from the head of Nama to develop a commercial equivalent, the property price register has yet to materialise. So why the delay? The property price database first made the headlines in early 2010 and since then there has been much talk but little action. In December of last year, the register was provided for by legislation, and at the time, it was understood that the register would appear six months later. However, according to Tom Lynch, chief executive of the Property Services Regulatory Authority (PSRA), the register was never going to be ready for June, despite this date being widely reported at the time. “I never said it was June,” he says, adding that the register was s...

HOUSE prices in Dublin have gone into a 60pc freefall from their peak and are now at levels last seen in 2002. The cost of buying a home in Dublin fell by 16pc in June compared to the same period last year. In real terms, Dublin house prices have fallen by 60.2pc, from the peak of the market in 2006, according to Sherry FitzGerald estate agents. The national market has corrected by 55.2pc and the average cost of a second-hand house in Ireland dropped by 15.3pc. First-time buyers remain the most active sector in the market, accounting for almost one-third of the properties traded in the year to date. Chief economist Marian Finnegan with Sherry FitzGerald said the falls placed the Irish property recession as one of the most significant recessions in the post-war era. "Accelerating deflation in the property market cycle is somewhat contradictory as the factors underpinning the market have strengthened with improved affordability and relatively tight supply, particularly for...

Dublin Property Market Draws Low Marks for European Investment... Feb. 2 (Bloomberg) -- Dublin, capital of the first euro-region country to report an economic recession, offers the worst real estate investment prospects among Europe’s major urban markets, Pricewaterhouse Coopers LLP said. The Irish capital ranked last among 27 European cities judged for their property investment and development opportunities, according to the annual survey of 520 real estate professionals. Dublin also came second to last, after Moscow, as the riskiest market. Irish commercial real estate values declined almost 24 percent in the 12 months ended Sept. 30, according to London- based researcher Investment Property Databank. The collapse of the housing market and restricted lending by banks contributed to Ireland’s slower economic growth, which in turn curtailed demand for commercial space. The Irish “were the longest at the party and now have the biggest hangover,” John Forbes, PwC’s head of real estate, s...