Written answers

Tuesday, 17 January 2017

Department of Justice and Equality

Residential Property Prices Register

Photo of Seán HaugheySeán Haughey (Dublin Bay North, Fianna Fail)
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156. To ask the Minister for Justice and Equality if she will ensure that there is consistency in relation to the prices published for houses on the property price register under the Property Services (Regulation) Act 2011; if the published prices include or exclude VAT in all cases; and if she will make a statement on the matter. [41877/16]

Photo of Frances FitzgeraldFrances Fitzgerald (Dublin Mid West, Fine Gael)
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The Property Services Regulatory Authority (PSRA) was formally established on 3 April 2012, pursuant to the Property Services (Regulation) Act, 2011. The Residential Property Price Register, available at www.propertypriceregister.ie, is produced by the PSRA in accordance with the provisions of Section 86 of the Property Services (Regulation) Act 2011. The purpose of the Register is to bring transparency to house prices in Ireland. The Register is a list of property prices and it is not a "property price index". The details made available on the register are limited to price, address and date of sale and do not include such details as property size or number of rooms. It is simply designed to provide, on an ongoing basis, accurate prices of residential properties purchased at a particular date.

The Register contains information on residential properties purchased in Ireland since 1 January 2010, as declared to the Revenue Commissioners for stamp duty purposes, and forwarded by the Revenue Commissioners to the PSRA for publication. I am informed that VAT at 13.5% is only chargeable on new properties; it is not charged on second hand properties. Stamp duty in respect of new properties is paid on the property price exclusive of VAT. Accordingly, the prices given to the PSRA by the Revenue Commissioners for new properties are VAT exclusive. The Information Note on the first page of the Residential Property Price Register clearly states that if the property is a new property, the price shown is exclusive of VAT at 13.5%.

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