Eoin Ó Broin (Dublin Mid West, Sinn Fein) | Oireachtas source

I absolutely accept what Ms Mulhern is saying about the difference between the market value and the transaction price but she should consider an example from Dublin 8 that involved residentially zoned land with planning permission for 35 residential units, with retail and a restaurant downstairs and owned by a mainstream developer. Another developer, The Collective, came in and paid twice the market value for the land, which had been purchased only recently by the previous owner. It was originally purchased for about €4 million and The Collective bought it for a much higher price. A figure of about €10 million was reported. The decision by The Collective to buy the land had a potential impact on the market value of the land immediately surrounding it because, all of a sudden, it changed the market value and, therefore, the land valuation. How does the register, as described by Ms Mulhern, capture that? The market value is what people are willing to pay on the market, and certain transactions can have a distorting impact on the market.