As predicted in early November by Vincent Finnegan, the government has taken this obvious opportunity to reduce stamp duty to 1% on properties purchased below one million euro and 2% for properties above one million euro (watch out for some fancy footwork with deals on the borderline of the one million euro mark).
The previous stamp duty rates system is entirely scrapped. The new rate system will only apply to transfers on or after the 8th of December 2010.
Since early September, the market completely stalled due to several factors, one of which being the possibility of a reduction of stamp duty and prices falling further due to the IMF moving in. Agents noticed a large number of sales falling through and people moving into a 'holding pattern' regarding purchasing property. Well, the reduction in stamp duty is welcomed and the IMF is here, so what will this mean for you? If you are a vendor, this will simply mean an increase in activity that should lead to a successful sales campaign in the new year. If you are a potential purchaser that has been holding off it means that on a purchase of a property of say, €500,000 you will save a net figure of €21,250.00.
In general terms, any increase in activity will result in an increase in successful sales.
Vincent Finnegan Limited offer a free consultation to discuss any property queries you might have, call our offices or contact us by email for an appointment - We're looking forward to your call.
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