Tax breaks for private landlords in the residential property sector
The 2019 Budget by Finance Minister Pascal Donoghue made for interesting reading for investors in the residential market in Dublin. Several government departments have teamed up to introduce remedial measures to address the issues. Housing supply along with new tax breaks are both aimed at retaining private landlords within the sector.
Minister Donohoe confirmed that landlords would be entitled to relief of up to 100% of the interest paid on loans for the purchase or refurbishment of residential property. Undoubtedly a solid move which allows a good standard of accommodation to be more readily available to renters.
This measure was scheduled to be introduced by 2021 but the Minister decided to bring it forward. It will now come into effect on 1st January 2019. Housing Minister Eoghan Murphy welcomed the move saying that the measure would “incentivise landlords to remain as landlords.”
Strong demand for quality rental property in Dublin
Representative group the Irish Property Owners Association (IPOA) has also welcomed the announcement. “Like every normal business, landlords have to cover costs and make it worthwhile to continue,” said IPOA Chairman Stephen Faughnan. “I hope this small start will represent a real decision to make it possible for landlords to continue playing a full part in providing quality and affordable accommodation to the 20% of the population living in rental properties.”
Recently, it has been suggested that landlords are exiting the market, however Henry Wiltshire offices have witnessed a different trend of late with significant enquiries, and indeed purchases, from private landlords. With strong demand for rental properties in Dublin and Kildare, there are excellent returns in the residential investment market.
Do you have property to let in west Dublin?
In addition to our fully comprehensive letting and management services, Henry Wiltshire deliver sound advice and up-to-date knowledge on market trends and new incentives like this one from Budget 2019. Click on the links below or give one of our team of experts a call.