If passed, this Bill will create transparency around land prices and developers’ profit margins
Social Democrats Housing Spokesperson Cian O’Callaghan has advanced legislation that would create a new land price and ownership database.
Speaking ahead of today’s Dáil debate on the Bill, Deputy O’Callaghan said:
“Issues with land ownership, control and costs have haunted Ireland for generations. This evening, my Land Price Register Bill goes before the Dáil. This is a substantial piece of legislation that would help create much-needed transparency around land transactions.
“If the Government is serious about tackling land hoarding, land speculation and land price inflation they must publish data on who is buying development land, how much they are paying for it and how long they are holding it.
“The Bill creates a new publicly accessible, searchable, electronic register that will capture and make freely available information on land transactions, including the date of the sale, the location, the size of the site, the zoning, the price paid and the ownership details.
“If passed, this Bill would create much-needed transparency around land prices and developer’s profit margins.
“When it comes to construction costs, we have precise data on labour costs, building materials and professional fees. However, without knowing the price developers pay for land, we cannot independently assess the breakdown of construction costs and developers’ profit margins.
“This Bill would also help to tackle the cost of delivering housing. The cost of development land is one of the key reasons that housing in Ireland is so expensive. However, we have no clear independent data on land prices and the rate of land price inflation. It is a massive black hole.
“If we want to tackle the cost of land, and implement effective policies to tackle land speculation, we need accurate data. A Land Price Register would provide that.
“Land hoarding and land speculation are two of the key causes of the housing crisis. According to the Government, 8,000 hectares of zoned land is sitting unused. That is enough land to build 250,000 homes. A land price register would provide the data required for setting a land hoarding tax at an effective level.”
“The Bill also broadens and updates the current Residential Property Price Register to include the size of the property and ownership details, where these properties are not a principal primary residence.”
26 May, 2022