Mr. Andrew Prior:

In terms of regulation everything we have spoken about is interlinked. The property price register plays a huge part because the market will set its own values and prices on property. As Deputy Ó Broin pointed out, a levy on the construction industry will absolutely work because people will still not pay more than they should for their property. Not only should the developer be levied but also people, architects and main contractors should have that bond in place that is then held by the OMC.

People will not like this as it will hit their profit margins because the market does set its own price. A starter house cannot be sold for more than €500,000 because nobody will buy it. That is the way it is and the way to get more houses on the land is to build starter houses. The regulation will work and it will help with the invisibility issue. People are scared to put their heads above the parapet because if they do, the value of their apartment might drop and they might not be able to sell their asset. They cannot sell it in any case because whether they are invisible or visible, the purchaser will find out. They might as well be visible and try to get something done about it. Staying invisible plays into people's hands and continues to make it a private contractual matter.