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Irish Real Estate Business — a 2008 Overview

Ireland is a country which relies in a very strong economy which has been developing and adapting in many sectors, especially in the technology and service sector. During the third and fourth quarter of 2007 the Irish economy didn’t seem to be doing very well which is what the housing or real estate market showed, recent studies show the price of apartments in Ireland fell nearly 17% in 2007, when it comes to house values these studies show a nationwide decrease of nearly 0.8% in February, this comes after a very weak fourth-quarter in 2007 when the housing sector declined 1.3% in October, 1.1% in November and 1.5% in December.

Property owners, sellers as well as financial institutions are the ones who seem to be struggling with a decrease in property values, in February 2008, the national average price paid for a house was of €283,650, this is a glaring decline compared to property values back in December 2007 which was of €287,887.

Not everyone in Ireland is suffering from the decline in prices this market has suffered, first-time buyers and savvy investors can still get good returns in the real estate market however, everyone should be aware of the changes in tax laws which will affect landlords, property owners and investors alike.

The value added tax or VAT as is commonly known in many European countries will soon be applied to properties in Ireland, the specs change is will come into effect in July 1, 2008 — many would think of this as the clear disadvantage given the current situation of the housing sector however many businesses who are partially exempt of VAT are being advised to wait until after these text changes come into effect so they can reclaim the previously nondeductible VAT.

When it comes to landlords who are managing constructions under the new value added tax laws they are given the option to tax the rant and at 21% if they wish in some part to avoid the effects of the new VAT. These changes will be put into place in order to regulate the lease of properties as well as to provide a capital goods system and make the Irish VAT on property similar to those of other countries within the European Union.

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