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...

Land rezoned for 800,000 more homes than needed... Glut highlights role councillors played in fuelling the boom. COUNCILS have rezoned enough land to build almost 800,000 new homes that the country does not need, an Irish Independent investigation has found. Local authorities have rezoned enough land to construct almost 1.1 million houses and apartments across the country at a time when thousands of homes lie empty in 'ghost estates'. But official projections received by the Government have found fewer than 300,000 new units are needed between now and 2016. The revelation highlights the extent of the role councillors and planners have played in fuelling the property boom which collapsed with devastating consequences. Some councils including Meath rezoned up to 60 times more land for residential use than was needed. Just two out of 34 councils -- Limerick and North Tipperary -- under-zoned land. Councils who designated too much land for housing will now be forced by the Governme...