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Counter Culture / May 19, 2021

New 10% stamp duty for those bulk buying property in Ireland

Photo by Brett Jordan
Counter Culture / May 19, 2021

New 10% stamp duty for those bulk buying property in Ireland

Words: Dylan Murphy

The Dàil is set to approve a new 10 per cent stamp duty today, however, as it stands apartments would be exempt from the higher duty.

Last night, the cabinet came to an agreement around a higher stamp duty rate for those buying more than ten houses within a 12 month period.

Additionally, new planning guidelines will entail that all new build houses should be available for at least two years after they are built.

Minister for Finance Paschal Donohoe said last night that the new stamp duty is to “provide a very significant disincentive” to those buying large parts of housing estates in bulk.

The new measures should come into place on Thursday following a vote today in the Dàil, however, according to the Irish Times, there were concerns expressed by members of the Green Party because apartments will be exempt from the higher rate.

Moreover, the new measures would not apply in cases where a contract has already been signed. The government’s plans for housing came up against significant backlash in the Dàil as Sinn Féin leader Mary Lou McDonald said stamp duty should be set at at least 15 per cent and Eoin Ó Broin described the plan as “an absolute cop out”.

Elsewhere on District: Extraterrestrial: Exploring alienation and identity in Ireland.