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Q I understand that I may now have to pay tax on my residential property income after the recent budget changed the rules on interest relief. Could you clarify the change? I own some buildings with mixed use. Does the change still apply?
Westmeath house prices have fallen by a quarter since their peak in 2007, according to the latest figures from property website Daft.ie.
The year 2008 will be remembered as a year of change for the global economy, the Irish economy, and the Irish property market. From a rapidly expanding Irish economy between 2002 and 2006, and in tandem a rapidly expanding property market, to rapid contractions in 2008. The transition from expansion to contraction has been very difficult for most involved in business, and the property sector in particular. Reformation of business structures, changing market conditions, and new realities in product market values, reduced profits, and in many cases substantial losses and significant job losses. These are some of the consequences of the change.
The correction in the residential housing market continued over the summer months; however the rate of decline moderated further on the quarter two results, according to Sherry FitzGerald, Ireland's largest estate agents.