What exactly is the Residential Zoned Land Tax (RZLT)?

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A contentious and topical issue for some time now, the Residential Zoned Land Tax (RZLT) will impact a range of stakeholders across the development land sector. The RZLT, which was introduced in the Finance Act 2021 effectively replaces the Vacant Site Levy, with a similar objective of increasing the supply of residential accommodation.

As an annual tax charge, it will be calculated at 3% of the market value of land zoned suitable for residential development which is or can be readily serviced. Each local authority is obliged to generate a residential zoned land tax map, with draft maps published from the start of November 2022.

Land suitable for residential development from the 1st of January 2022 and development not commenced prior to the 1st of February 2024 will be liable for taxation. Landowners seeking to be omitted from the tax have until the 1st of January 2023 to make an appeal to their Local Authority. Impacted landowners will be expected to self-assess or engage with a registered valuer to conclude the market value of their land in anticipation of the 23rd of May 2024 tax return date.

The limited circumstances under which the RZLT may be deferred include the following:

– Planning permission has been granted in respect of the residential land and a commencement notice, in respect of the residential development, has been lodged with the relevant Local Authority.

– If an appeal relating to the inclusion of the site on the register has not yet been determined.

– Judicial review or appeal to An Bord Pleanála is brought by a third party in relation to the planning permission that was granted.

For more information on the potential implications of RZLT contact nbrereton@bannon.ie.

 

Mullingar religious lands with residential potential guiding at €2.75m

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The combination of current and expected future demand for housing in Dublin’s commuter belt counties should see strong interest from investors and developers in the sale of a 12-acre land holding in Mullingar, Co Westmeath.

The lands, on the Dublin Road and just 700m from Mullingar town centre, are being offered to the market by joint agents Bannon and James L Murtagh & Sons on behalf of St Finian’s Diocesan Trust at a guide price of €2.75 million.

The subject holding surrounds the diocesan office, which the trust is retaining for its continued use, and is distributed across two parcels of land extending to a combined area of about 4.85 hectares (12 acres). The entire holding is zoned “Proposed Residential” in the Mullingar Local Area Plan 2014–2020 (as extended). An architectural feasibility study prepared by Altu Architects indicates potential (subject to planning consent) for the development of a housing scheme of about 116 units, comprising 27 two-bedroom houses, 35 three-bedroom houses and 54 four-bedroom houses.

While the lands have a sylvan setting adjoining St Paul’s Catholic Church, St Colman’s National School and Clonard House, they are near all the amenities of Mullingar.

Mullingar is a well-established commuter town and sits about 80km or a one-hour drive from Dublin via the N4 and M4 motorway. The town is also served by mainline rail services.

Niall Brereton of Bannon says: “This is a rare opportunity to acquire a development site in one of the most desirable residential locations within the Dublin commuter belt. Mullingar is a highly accessible town given its proximity to the N4 as well as Mullingar train station offering daily services to and from Dublin city centre. The subject land has terrific development potential, subject to planning permission, and will appeal to developers seeking opportunities to deliver new housing units in an area of high demand.”

Article by The Irish Times

Residential property prices rise by 1.1% in the year to September

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Residential property prices increased by 1.1% nationally in the year to September. This compares with an increase of 2.0% in the year to August and an increase of 8.5% in the twelve months to September 2018.

In Dublin, residential property prices decreased by 1.3% in the year to September – house prices decreased by 1.5% and apartments decreased by 0.2%. The highest house price growth in Dublin was in Fingal at 1.5%, while Dun Laoghaire-Rathdown saw a decline of 6.8%.

Residential property prices in Ireland excluding Dublin were 3.6% higher in the year to September, with house prices up by 3.4% and apartments by 4.8%. The region outside of Dublin that saw the largest rise in house prices was the Border at 11.8%, while the smallest rise was recorded in the Mid-East at 0.2%.

Overall Decline

Overall, the national index is 16.9% lower than its highest level in 2007. Dublin residential property prices are 21.4% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 20.0% lower than their May 2007 peak.

Recovery

Property prices nationally have increased by 85.3% from their trough in early 2013. Dublin residential property prices have risen 94.7% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 84.0% higher than at the trough, which was in May 2013.

CSO reports

South Dublin site with planning permission for 203 homes seeks €14m

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Bannon are guiding a price of €14 million for a ready-to-go development site with full planning permission for 203 homes at Carrickmines, in south Dublin.

Extending to an area of 10.38 acres (4.2 hectares), the land is located off Glenamuck Road South, and 900 metres from the Park Carrickmines retail park. The site is highly accessible to both the M50 motorway and the Luas green line service at Ballyogan, offering easy access to both Dublin city centre and beyond.

While planning permission was obtained in June 2019 for a residential scheme comprising 173 apartments and 30 houses, a feasibility study prepared by Ferreira Architects in advance of the sale indicates the site’s potential for a private rented scheme of 333 apartments.

Full details of the existing permitted development can be accessed at the dedicated strategic housing development (SHD) website, www.glenamuckshd.ie. In addition to the residential units the permission also provides for 299 sq.m of communal/amenity space, a 480 sq.m creche facility and an 84 sq.m retail unit.

A further full suite of information which includes site investigations, drawings and planning permission details can be found in the data room, www.glenamuckroad.com.

Contact Niall Brereton today on 01 6477900 to discuss.

Published Article

Residential property prices rise by 3.1% in the year to April

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Residential property prices increased by 3.1% nationally in the year to April. This compares with an increase of 3.8% in the year to March and an increase of 13.3% in the twelve months to April 2018.

In Dublin, residential property prices rose by 0.5% in the year to April, with no change in house prices and apartments rising by 2.2%. The highest house price growth in Dublin was in South Dublin at 4.0%, while Dun Laoghaire-Rathdown saw the greatest decline in house prices (1.5%).

Residential property prices in Ireland excluding Dublin were 5.6% higher in the year to April, with house prices up by 5.8% and apartments by 5.9%. The region outside of Dublin that saw the largest rise in property prices was the Border at 11.4%, while the smallest rise was recorded in the Mid-East at 1.5%.

Overall Decline

Overall, the national index is 18.5% lower than its highest level in 2007. Dublin residential property prices are 22.5% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 21.8% lower than their May 2007 peak.

Recovery

Property prices nationally have increased by 81.9% from their trough in early 2013. Dublin residential property prices have risen 91.9% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 79.9% higher than at the trough, which was in May 2013.

CSO reports

Residential property prices rise by 3.9% in the year to March

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Residential property prices increased by 3.9% nationally in the year to March. This compares with an increase of 4.3% in the year to February and an increase of 12.6% in the twelve months to March 2018.

In Dublin, residential property prices rose by 1.2% in the year to March, with house prices rising by 0.7% and apartments by 2.5%. The highest house price growth in Dublin was in South Dublin at 3.4%, while the lowest growth was in Dun Laoghaire-Rathdown at 0.4%.

Residential property prices in Ireland excluding Dublin were 6.8% higher in the year to March, with house prices up by 6.7% and apartments by 8.6%. The region outside of Dublin that saw the largest rise in property prices was the Mid-West at 11.9%, while the smallest rise was recorded in the Mid-East at 1.6%.

Overall Decline

Overall, the national index is 18.6% lower than its highest level in 2007. Dublin residential property prices are 22.3% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 22.3% lower than their May 2007 peak.

Recovery

Property prices nationally have increased by 81.6% from their trough in early 2013. Dublin residential property prices have risen 92.5% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 78.8% higher than at the trough, which was in May 2013.

CSO reports

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