Thursday, September 23, 2010

Developers renting new homes lose exemption

Laura Noonan from the Independent writes:

CASH-strapped developers who rent out newly built apartments and houses are forfeiting the chance to ever sell the properties as "new" units with stamp duty exemptions, the Irish Independent has learned.

As developers battle to make loan repayments, renting out completed projects that aren't selling has become an increasingly popular option, with Bernard McNamara recently offering several units in his landmark Elm Park development on 12-month leases.

However, when these ex-rental properties are eventually sold, they'll be considered "second-hand", meaning stamp duty will be payable by everyone bar first-time buyers.

See the full article here.

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