It looks as if it will still be a few months before we get the much-anticipated new residential property sales register in Ireland. The body responsible for the new register , Property Services Regulatory Authority is not answering questions on the precise date for the introduction of the register – we’ll get it as soon as we get it, seems to be the attitude of the State agency whose chairperson is Geraldine Clarke. Separately, the NAMA chairman Frank Daly two weeks ago called for the introduction of a register of sales prices for commercial property. Speaking at the prestigious RICS meeting in Dublin, the NAMA chairman said “We favour extending this proposal to commercial property sales transactions because we believe that transparency would enhance the efficiency of that market also”
So NAMA, in which we have invested €30bn, calls for a commercial property sales register. And what does the Minister responsible for NAMA feel about it? Minister for Finance Michael Noonan was asked about it in the Dail yesterday by the Sinn Fein finance spokesperson Pearse Doherty and the response might be characterized as an unconvincing shoulder shrug. The full exchange is here.
“Deputy Pearse Doherty: further to calls by the National Assets Management Agency chairman (details supplied) for the introduction of a public register of commercial property sales prices, if he will set out the consideration he has given to such a register and confirm if there are any plans for such a register and if he will further set out the detail of any such plans..
Minister for Finance Michael Noonan : I understand that a Commercial Leases Database and a database of residential property sales prices is currently being considered by the newly-established Property Services Regulatory Authority, which does not fall under the auspices of the Department of Finance.
I understand the primary purpose of the Commercial Leases Database will be to ensure that accurate information will be available to assist in ensuring that rent review assessments are based upon true comparisons of rent levels and that the availability of such information should favourably impact on the conduct of rent reviews and also on the operation of the letting market itself.”