Fintan Warfield (Sinn Fein) | Oireachtas source

I move amendment No. 3:

In page 8, between lines 22 and 23, to insert the following: “(8) Within six months of the passing of this Act, the Minister shall lay before the Houses of the Oireachtas a report on the creation of a real time land transaction register similar to the Residential Property Price Register.”.

I urge the Minister of State to support this amendment. At the moment, there is a real-time registry of property prices, the property price index. If you are interested in a house that is for sale, you can check the property price register to get a range of information on other properties in the area. By contrast, the land market is the most opaque market we have, despite the huge costs that are associated with such purchases. Land costs vary widely depending on location and other factors. Indeed, land speculation is a huge factor in the ever-increasing cost of housing. There is a need for greater transparency in this regard. The location of such a register in Tailte Éireann is another recommendation that the Oireachtas committee made in its report. I would welcome the Minister of State’s response and I ask him to accept this amendment.