The Housing Crisis and the Commercial Property Bubble

 

We’re in the middle of a bubble in commercial property in Dublin that’s bubblier now than it was in 2007. It’s being caused in part by…you guessed it…Fine Gael tax breaks for foreign investors!

Who cares? Every citizen, who sees vast taxes being missed that are sorely needed. Local businesses, who’ve seen their rents double in the past few years. And anyone who thinks we need more homes – because when you can make much, much more profit building offices than  homes, you build offices.

Yesterday in the Dáil Minister Coveney confirmed to me that only 4,000 homes are being built in the capital, in spite of planning permission being in place for 27,000. Time for a look at the impact of those tax breaks on the building of homes.