Finally, after repeated requests by all sectors of the property industry, Minister for Justice Dermot Ahern has pledged to table amendments to the Property Services (Regulation) Bill 2009 and the Data Protection Acts during the next Dáil session to facilitate the publication of sale price data for the first time in Ireland. The Property Services Regulatory Authority will have responsibility for the creation and maintenance of this register.
The idea is that real sale price data will be used to identify market trends and actual house prices rather than the hearsay information that is currently available. If run effectively, this will have the effect of improve market transparency. Buyers will no longer need to rely on data collected from property sales websites, which record merely asking/guide prices rather than achieved prices. This will bring our market valuation procedures in line with other similar jurisdictions and give buyers greater confidence when making offers and sale agreeing properties.
As always, the devil will be in the detail, so any effective register will need to include the verified achieved sale price and it must be published/available in real time to be of genuine benefit to active homebuyers.
The Minister was sketchy at best about how such a register will deal with commercial property so we must watch this space…

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