MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
  • Mortgages
  • Property Report
MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
    • Mortgage Learning Center
    • Calculators
    • Best Mortgage Table
  • Property Report
    • All Properties
    • Houses For Sale
    • Apartments For Sale
    • Available To View
    • Overseas Holiday Homes
      • Properties For Auction
      • Upcoming Auctions
      • BER Assessors
      • Property Conveyancing Solicitors
      • Pre-Purchase Surveyors
    • Find Agents
    • All Properties
    • Houses To Rent
    • Apartments To Rent
    • Available To View
    • Share
      • Irish Holiday Homes
      • Overseas Holiday Homes
  • New Homes
    • For Sale
    • To Rent
    • Auction
      • Residential Land
      • Commercial Land
      • Farm Land
      • Farms
      • Sites
    • MyHome Living
    • Buyer Advice Hub
    • Property Report
    • Property Price Register
    • Price Changes
  • Mortgages
    • Rental
    • Holiday Homes
    • Commercial
    • Sharing
Advertisement
  • Home
  • Uncategorized
  • Government urged to get off the fence regarding upward-only rent
Uncategorized
Nov 22, 2011 - 16:58

Government urged to get off the fence regarding upward-only rent

MyHome Content Studio
By MyHome Content Studio
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share
Government urged to get off the fence regarding upward-only rent

There has been a near 100% collapse in activity in the commercial property market since the peak in 2006 and the government needs to get off the fence regarding upward-only rent and make a decision, according to Savills Ireland.

The property consultants said that the government needs to end the current uncertainty regarding rent review legislation and clarify one way or the other as to its plans on the potential changes.

Savills say this will allow investors looking at the Irish market to actually complete deals.

"We have seen a 100% drop in market activity since the peak of market in 2006 when over €3 billion worth of commercial property transactions were completed. This figure compares to €270 million of turnover in 2010, but only €10 million this year, with the drop between 2010 and 2011 largely a result of the rent review issue," said Joan Henry, Director of Research at Savills Ireland.

Advertisement

The property experts say that the uncertainty that the proposed legislation on rent reviews has brought this year has resulted in the stagnation of the investment market.

"Clarity on this issue is urgently needed as on-going uncertainty has destroyed market activity to date in 2011 and has made it impossible for investors to make decisions to complete transactions. We are seeing clear evidence of demand from investors for prime opportunities in the Irish market, however a lack of supply coupled with uncertainty over the rent review legislation are acting as a drag on actual activity. We expect that clarity on the issue would enable NAMA, receivers and banks to bring properties to the market, bringing a much needed increase in supply and therefore allowing more normal market activity to resume again."

Savills say commercial property values have fallen by an estimated 65% from peak to estimated current values.

"Clarity on the rent review legislation would allow transactions to complete - which would in turn provide evidence as to where prices actually are - which is critical for NAMA and other key holders of stock," said Ms Henry.

Subscribe to our weekly MyHome Living eZine today

Processing your request...

You are subscribed now!

<

  • Tags
  • commercial
  • government
  • NAMA
  • property market
  • Savills Ireland
MyHome Content Studio
By MyHome Content Studio
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share

Helpful Links

Find your home on MyHome
Read more Articles
Calculate what you can afford to borrow
Welcome to the Retrofit Hub
Advertisement
Advertisement

Related News

What is a Heat Pump?
Uncategorized

What is a Heat Pump?

Feb 27, 2025
Living Cities Initiative
Uncategorized

Living Cities Initiative

Jan 14, 2025
Digital Services Act
Uncategorized

Digital Services Act

Mar 31, 2024
Avant Money and Finance Ireland announce new rates
Uncategorized

Avant Money and Finance Ireland announce new rates

Dec 09, 2021
Average deposit of first-time buyer was €52,000 in first half of the year
Uncategorized

Average deposit of first-time buyer was €52,000 in first half of the year

Dec 07, 2021
Frequent And Popular Searches
MyHome.ie Blog
Help
Jobs
About
Equality Guidelines
Brand Safety
Contact
Terms & Conditions
Cookie Policy
Privacy Policy
Digital Services Act
Sitemap
© Copyright MyHome.ie 2025
Advertisement