Stamp duty hikes slammed

The decision by both the Irish and Welsh governments to increase stamp duty on commercial property has been criticised by industry leaders.

In Ireland, the government announced an increase in duty from 2% to 6% on all commercial property transactions, while in Wales stamp duty on commercial real estate valued at more than £1m will rise from 5% to 6%.

Agency firms in both countries have spoken out against the budget announcements, labelling them “own goals”.

Find out more

Irish stamp duty rise ‘may deter international investment’

Stamp duty changes in Wales will see average home exempt from tax

CBRE Ireland, HWBC and Savills Ireland said the tax hike in Ireland would have a direct negative impact on pension funds and international buyers’ appetite to invest in the country.

“Unexpectedly trebling transaction costs in this manner is clearly unwelcome considering the reputational damage it will do with institutional investors,” said Marie Hunt, CBRE Ireland head of research.

“It will certainly have a bearing on investors’ decision-making, not least the price they will bid and pay for real estate assets from this point forward.”

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