NAMA PROPERTY PRICES AND THE PROPERTY SERVICES REGULATORY AUTHORITY
Finally, after years of waiting, Irish property buyers and sellers will have an official property price register, allowing the general public to find out exactly how much neighbouring houses in their location actually sold for.
This price register may act as a guide to estate agents selling NAMA property on behalf of the receivers appointed by NAMA over the coming years.
The register will include full property addresses, dates
of sale and the all important selling price. It is hoped that the register will be published around September 2012.
Currently, data protection laws forbid estate agents from
disclosing house selling prices without the consent of the
owner. By June 2012, the establishment of the Property Services Regulatory Authority (PSRA) should allow greater transparency in relation to actual selling prices achieved from private property sales across Ireland, going back over the last two years.
The PSRA, along with publishing property sales prices, also has the task of regulating the property industry, setting up a licensing system for estate agents, renting agents, auctioneers and property management agents.
How will this price register affect the prices set by NAMA for their vast stock of property, a large amount of which consists of newly constructed apartments? It is intended that information going back over the last two years will be included in the register, which is of limited relevance in today's housing market.
However, unless the new register is updated regularly and allows for prompt incorporation of newly sold properties, it will be useful only as a historical record, and will not act as an accurate guide to the current rapidly falling property market.
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