IAVI SAYS LONG AWAITED STAMP DUTY REFORM A MAJOR BOOST TO RESIDENTIAL PROPERTY MARKET
Today the Irish Auctioneers & Valuers Institute has welcomed the announcement by the Minister of Finance to reduce the level of stamp duty on residential property to 1% on properties valued up to €1million and 2% on sums in excess of this figure.
According to Simon Ensor of the IAVI National Council:
“The reduction in stamp duty will afford people greater opportunities to trade up and down in the market and will offer people greater mobility and improve efficiency in the use of the national housing stock.
“Stamp duty reform is long overdue and we hope it will provide an impetus to the market. While these reductions will be good for the market they may prove to be a disincentive for first time buyers who were exempt from stamp duty on all new homes and up to €150k on second-hand homes. The Minister indicated that all stamp duty related reliefs were being abolished.
“The development of a National Property Price Register is crucial to ensure transparency in the market and we welcome the Minister’s commitment to this critical measure. Today’s measures together with the recent National Recovery Plan to introduce an annual property tax will provide the market with greater certainty,” he said.