Real Estate Alliance
REAL ESTATE ALLIANCE WELCOME STAMP DUTY
PRESS RELEASE
9 DECEMBER 2010
REAL ESTATE ALLIANCE WELCOME STAMP DUTY
REFORM BUT FEAR FOR EXISTING INVESTORS.
Real Estate Alliance, the National Property Group based in 35 locations nationwide, welcome the stamp duty reform announced in the budget. The Group believe it will help the residential sector recover somewhat in volume and give the property sector a much needed boost.
According to Michal Boyd, “the reforms announced are the single most important measure in this year’s budget. Movement in the market effectively means recapitalisation of the banks”. He added, “as houses whose mortgages are in arrears are sold and the banks discharged the banks are being recapitalised the distressed borrower is being relieved either fully or partially and the property is transferred to a solvent buyer or borrower.
By way of an example, he stated, “If residential market transactions (new and second-hand) were in the order of €8 billion (that’s 16,000 houses at and average of €200,000 each) per year then it is fair to assume that about 50% of that would represent fresh capital into the banks for the market and not the taxpayer. This would represent a huge capital injection to the economy and may help Ireland recover more than any other measure in the budget”,
Mr. Patrick Riney, Chairman of Real Estate Alliance noted, “the detail of first time buyer reliefs is ameliorated by the new rate being a modest 1%. He believes the measure will also encourage a resumption of the very legitimate business of residential investment.
Although stamp duty reduction makes movement easier the Group are unsure if it applies to commercial property which is key for business flow . According to Board Member Michael Gavigan, “the u turn on s 23 expiring in 2014 has not factored in that most investors are heavily in debt on their investments which were made in good faith at inflated values to factor in the tax benefit . The government promoted these schemes which created much employment & revenue for the country and now announce that they expire in 2014 which will greatly reduce their value and lead to a far higher rate of default which the taxpayer will ultimately have to foot the bill. This u turn is ill considered and does not factor in peoples risk taking and debt”
Real Estate Alliance welcome the introduction of the National Property Price Register which should bring more transparency and certainty to the market. With the proposal of a property tax on the table, Real Estate Alliance member firms have a Nationwide Valuation Expertise and are in a position to provide this service for both Property and Site Valuations throughout the country”.
ENDS –
For further information contact
Eimer O’Keeffe
CEO, Real Estate Alliance
086 8249040
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