NewsIncrease in development levies paid is good news for house-hunters

April 22, 2014

Buyers Broker - For Property Buyers

Buyers Broker – For Property Buyers

According to The Irish Times Commercial Property section yesterday, levies paid by property developers to Dublin City Council last year increased by a significant 70 per cent. This is great news for house-hunters and would-be property buyers who have been tracking the progress of new planning applications in their areas.

The need for new housing in the Dublin area is well established and immediate properties are required to stop the bubble-type situation that is currently brewing in Ireland’s capital city. Just short of €13.5 million euro was paid to DCC in 2013 in development contributions compared to less than €8 million in 2012. This is significantly lower than the boom year contributions, which in 2007 totalled the highest annual figure of €51.6 million in 2007.

It remains to be see what other local authorities have seen increases and what those increases will be. What is clear is that buyers in the Dublin area can now decided if they are willing to wait 18 to 24 months for their new home, if so, it might just be worth the wait.

Carol Tallon