The property market has become much more transparent in Ireland.
A new public database has been established which records the sales of residential properties and also details of letting arrangements and rent reviews in the Irish commercial property market. The database includes such information as the address of the property, the price at which it was sold and the date of the sale.
The database is maintained by a new statutory body called the Property Services Regulation Authority which was established on 4 April 2012. The database can be accessed at www.psr.ie.
The commercial leases database contains considerable detail relating to every commercial lease entered into on or after 3 April 2012, including:
1. The rent payable on the property;
2. Any capital consideration (“premium”) paid by the tenant or landlord;
3. The frequency of rent reviews; and
4. Particulars of who is liable in respect of rates, insurance, service charges and repairs in respect of the property.
The onus is on the tenant to submit this information to the Authority. Failure to comply will be a criminal offence, punishable by a fine of up to €5,000.00. There is a further provision, not yet in force, which makes it an offence to provide false information, punishable by a fine of up to €5,000.00, and/or imprisonment for up to 12 months.
The full effect of the database will become apparent once there is a critical mass of information available. It will certainly lead to greater transparency in the market.