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Forfas plans review of property market.

Advisory group Forfás plans review of property market

Ian Guider – Tribune Business

FORFÁS, the state policy advisory body, is planning a review of the property market. The agency said while the cost of property has fallen in the past few years, it wanted an in-depth probe of the reasons why Irish land prices, building costs and rents had been high, and to ensure prices do not rise unsustainably again in the future. “Structural changes are necessary to ensure that prices in Ireland will not escalate and erode competitiveness when the economy returns to growth. The purpose of the project is to assess what structural changes are required in the property market to improve cost competitiveness,” it said in a tender document seeking consultants to help carry out the review.

The agency said the review was part of its annual audit of the competitiveness of the country. It said property prices were a major cost for internationally trading businesses and falling prices benefit new and expanding enterprises.

Forfás said it will also look at residential property as this affects wage costs. The study will focus on how inputs compare to those in competitor countries, why costs are higher in Ireland and if the property market is functioning correctly.

The objective of this project is to provide policy-makers with an accurate, up-to-date and detailed understanding of the markets for the key business inputs and to identify policy recommendations to improve cost competitiveness in these markets,” it said.

 

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