The Irish Government is about to bring in a property tax covering only residential property and excluding land holdings. This is the market for real estate investment that the Government is about to hammer even more:
All permissions for new residential construction are down 87.6% in 2012 (based on estimated full year figure using actual data through Q3 2012) relative to peak. The levels are so low, we are at a historical low now and 2012 was down on 2011. Declines in permissions were recorded every year since 2008. For dwellings - full houses - planning permissions are down whooping 91.8% in 2012 compared to peak attained back in 2005!
Overall planning permissions are down 77.5% on peak. Again, historical series low in 2012 (based on estimate):
This is the same Government that has attempted to 'revive' the property markets via various tax breaks in 2011-2012. Talking about 'policy consistency' then...
All permissions for new residential construction are down 87.6% in 2012 (based on estimated full year figure using actual data through Q3 2012) relative to peak. The levels are so low, we are at a historical low now and 2012 was down on 2011. Declines in permissions were recorded every year since 2008. For dwellings - full houses - planning permissions are down whooping 91.8% in 2012 compared to peak attained back in 2005!
Overall planning permissions are down 77.5% on peak. Again, historical series low in 2012 (based on estimate):
This is the same Government that has attempted to 'revive' the property markets via various tax breaks in 2011-2012. Talking about 'policy consistency' then...
2 comments:
you couldn't expect economic illiterates and the political sociopaths to do any else surely?
Property tax is good for the buy-to-let sector, the fastest growing econ sector this past decade in UK, Ireland and probably US too.
Dublin/city rents scarcely fell since 2007 while apt. prices fell 61% so yields are way up over 10%, and cap gains will come with no newbuild as pension funds and banks join the Wall St. and hedge fund guys snappin' up distressed property they can rent out. 'Same as it ever was..' (They used to record their rental portfolios and mortgages on clay tablets c.3000BC!) LVT would make it transparent so no way hosey.
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