Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Nobody ever calls it a bubble until it bursts. I am not suggesting it is a bubble, but there is definitely an issue. There was logic in introducing this measure last year because there was next to no activity in the market. The measure aimed to encourage people to have a look-around. There is activity now, but there is also a supply issue. I agree with the Minister of State that we have several property markets, but let us focus on the capital city. It should not be the Government's objective to increase demand in Dublin at this time. The extension of this measure will increase demand because it provides for a gain. The view on the street is that we have reached the bottom and are starting to see prices rising once again. That is why people are jumping at the same time. Investors prefer to wait until a market hits the bottom in order to maximise profits. We do not need to give them additional incentives. I strongly suggest we do not continue the scheme this year. It may not have a major impact because much of the market is about confidence and feelings. While the number of individuals who gain from the relief may be limited, it sends the wrong signal in respect of the capital. I, therefore, suggest the Government reconsider section 42.