Ireland’s landlords are set to be given a tax break if they commit to staying in the market for the long haul.
If landlords agree to a five or 10-year lease they will reportedly receive a tax credit based on the term, under measures considered for next month’s Irish Budget on 27 September 2022,
The number of homes available to rent in the country reached an all-time low in the second quarter, which has pushed rents to record levels.
Tenants in Dublin saw accommodation costs surge by 12.7% in the year to the second quarter of 2022, a report by property website Daft.ie found.
This has driven the average rent in the capital to €2,170, up 112% from its lowest point in 2011.
It remains to be seen if Irish measures designed to keep landlords in the sector shifts over to the UK, where landlord profitability has been hit by higher mortgage costs.
Such a move to help landlords could be a controversial one, so the UK government will surely keep a close eye on how the picture develops across the English channel.