Official Property Database for House Prices

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The Government recently announced plans to publish an official property database to reach greater transparency on house prices inside the Republic of eire.

The Property Services Regulatory Authority now has the ability to acquire the required information on house prices and the initial results and statistics on house prices needs to be released by the dept of our surroundings in early 2011.

The database should allow potential property buyers to check house prices across each sector of the Irish housing market. However, it has yet to be revealed as to what spatial scale and detail the info could be available at.

Presently information on house prices is acquired through surveys of estate agents and auctioneers. A survey by the Irish Independent newspaper showed that relative to the asking price on the peak of the housing boom of “435,000, the typical price of a brand new detached 4 bedroom home has dropped by “180,800 to “255,000 in mid august 2010.

As of writing, it still continues to be seen if this plan will actually go ahead, given the unstable nature of the current Government. It also includes proposed that the scheme must be paid for by a levy on estate agents, on the way to doubtless raise concerns among that already beleaguered component of the Irish property industry. Besides, problems arising as a result of data protection issues will even should be addressed.

This database would even be invaluable in assuring a completely transparent commercial rent review process. It is going to aid in raising confidence within the rent review process and help in fixing rents which might be in line with the real market values for comparable commercial properties.