Property consultants Savills Ireland has welcomed the decision by Government in Budget 2015 to remove the 80% windfall tax on the sale of rezoned lands.   

Savills’ Director of Research Dr. John McCartney commented;

“We welcome the abolition of this tax on the rezoning of land which had been an obstacle to the development of new housing. Bringing this tax into line with standard Capital Gains Tax rates will facilitate the disposal of land banks and allow sites to be sold to developers who are keen to supply new homes”.

Savills also says that the extension of the Home Renovation Incentive scheme will help to boost the supply of housing;

“In our pre-Budget Submission we noted that approximately 6,000 pre-63 bedsits had effectively been removed from circulation by tightened regulatory standards. Today’s announcement that renovation incentives will be available to landlords should accelerate the return of these upgraded units to the market. This will provide much needed supply to the rented market and will help to dampen the rapid rates of rental growth that we have seen in recent months.”