Amid the much anticipated austerity measures in Budget 2012 were
significant provisions to re-activate Ireland's property
market. The Minister for Finance announced:
- That the Irish Government's proposal to abolish upwards
only rent review provisions in existing commercial leases has been
dropped;
- That stamp duty on non-residential property has been reduced to
a flat rate of 2%;
- Capital Gains Tax relief for property purchased prior to the
end of 2013; and
- Mortgage Interest Relief is available as an incentive for
purchase of homes in 2012.
Upwards only rent reviews
In response to the hardship being faced by many tenants
since the beginning of the economic downturn, and strong lobbying
from the retail sector in particular, legislation was enacted in
2009 that prohibited upwards only rent review provisions in
commercial leases granted after 28 February 2010. When the
current Government took office it gave a commitment to
retrospectively abolish upwards
