Pre-Budget 2021 Submission - September 2020 - IBEC
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Pre-Budget 2021
Submission
September 2020
1
PII Pre-Budget 2021 Submission
Contents
1. Summary .................................................................................................................................. 3
2. Introduction .............................................................................................................................. 3
3. An Equity Loan Scheme to support home ownership........................................................... 4
4. Enhancing Affordability and Viability of Housing Development .......................................... 6
5. Reduce VAT for new housing construction ........................................................................... 8
6. Commission for Housing ........................................................................................................ 9
7. Delivery of social housing....................................................................................................... 9
8. Modern Methods of Construction (MMC) ............................................................................. 10
9. Establish a Housing Delivery Cost index ............................................................................. 10
10. Support for Remote Working ................................................................................................ 10
11. Provide stability through Policy Certainty ........................................................................... 11
12. Facilitating Cash-Flow ........................................................................................................... 12
13. Resourcing of Infrastructure................................................................................................. 12
14. About Property Industry Ireland ........................................................................................... 14
2
PII Pre-Budget 2021 Submission
1. Summary
Given the on-going crisis associated with Covid-19 and the imminence of Brexit many of the
challenges facing the housing market remain to be addressed. Key policy recommendations
from Property Industry Ireland for Budget 2021 include:
• An Equity Loan Scheme to support home ownership
• Enhancing Affordability and Viability of Housing Development
• Reduce VAT for new housing construction
• Establish a Commission for Housing
• Delivery of social housing
• Utilise Modern Methods of Construction (MMC)
• Establish a Housing Cost index
• Support for Remote Working
• Provide stability through Policy Certainty
• Facilitating Cash-Flow
• Resourcing of Infrastructure
2. Introduction
Ireland needs more homes to solve the housing crisis. This is accepted by all commentators
and political parties. There is less consensus, however, about how this can be achieved.
The ultimate solution to supply is to get all housing functioning normally at the earliest
opportunity. Property Industry Ireland (PII) remain of the view that there is no single solution.
Homes will need to be supplied across the full range of tenures to meet demand from across
the full income distribution.
PII have estimated that annual new household formation is approximately 35,000. Figure 1.1
sets out how this housing need might be met – including demand supported by the Equity
Loan scheme proposed by PII in June 2020 and outlined later in this submission.
Figure 1.1
Ireland is now also facing additional challenges in a post-Covid world. Anecdotal evidence is
suggesting that people are less interested in living in urban locations, Dublin included. This,
3PII Pre-Budget 2021 Submission
coupled with a fall in interest in office space in many urban locations, is of serious concern for
the future of our city centres.
3. An Equity Loan Scheme to support home
ownership
A significant proportion of Irish households are caught in a situation where their borrowing,
and by extension, purchasing power is not sufficient to buy a new build home on key transport
corridors and in urban centres. This is evident when average CSO household incomes,
combined with maximum borrowing limits are compared to the entry level SCSI housing
delivery costs, particularly for apartments and urban centre locations.
Of the 21,241 new homes completed in 2019, just 4,334 (approx. 20%) became homes for
First Time Buyers. This relative lack of First Time Buyers’ presence reflects primarily those
individuals and families in this ‘Locked-Out Generation’ cohort who do not qualify for social
housing supports and cannot afford a new A-rated home of their own.
Based on Revenue data, the Locked-Out Generation accounts for approximately 440,000
households in Ireland. A State supported solution, striking the right balance of fairness, is
required for this cohort of society. This scheme, potentially self-financing, is focussed on
facilitating home ownership for those whose incomes mean that they are close to home
ownership but, because of increased costs of housing and restrictions on borrowing, are
unable to do so.
The challenges of the Locked-Out Generation are not unique to Ireland. Similar difficulties are
evident in many jurisdictions globally. From the research conducted in drafting this paper, we
have identified Homes England and its support schemes as the most relevant to the Irish
residential market. The English equity loan scheme has been operating successfully since
2013 with more than 250,000 new homes supported by the scheme to date, many of whom
were not able to purchase a new build home in advance of the scheme being implemented,
which is a testament to its success. While similar to shared equity, an equity loan scheme is
different and is demand-led.
The equity loan structure is modelled on the experience of the Homes England scheme.
However, the Homes England scheme has some shortcomings, particularly its lack of
qualifying criteria and that it is not focused on helping specific cohorts of household incomes.
Therefore, the suggested Irish structure includes additional qualifying criteria to ensure it is
appropriately focused on helping to create a fair society, while in parallel ensuring the
scheme does not drive house price inflation.
The equity loan scheme criteria can be summarised as follows:
o The scheme is for First Time Buyers looking to purchase a new build A-rated
home.
o These purchasers must have household incomes below €95,000 and can apply
to get an equity loan of up to 30% of the home value for the difference between
the purchase price and the sum of their maximum mortgage borrowings and
deposit.
o The purchasers must live in the home as their primary residence and cannot
rent the property out.
o Home price caps and equity loan caps will differ for houses and apartments in
recognition of the different development costs. This will also enable more
4PII Pre-Budget 2021 Submission
people to purchase apartments, driving urban living as targeted in Project
Ireland 2040.
o Home price caps and equity loan caps will also differ by region to ensure it is
focused on areas where the Locked-Out Generation are most impacted.
o The equity loan is a 2nd charge loan on the property linked to the % of the
home’s value on purchase. The % value is fixed and the actual value of the
loan moves, up and down, with the value of the property. This ensures an
appropriate balance of benefit and risk sharing between the State and the
citizen.
o There is no interest or mandatory principal repayment on the equity loan in
Years 1 – 5. From Year 6, interest only is charged at small annual rate [1.1%
suggested] on the equity loan’s value but this is not indexed.
o The purchaser can pay back part or all of the equity loan at any time.
o Each purchaser must have borrowed at the maximum loan-to-income (LTI)
threshold of 3.5 times income for their mortgage to then be entitled to an equity
loan for what they need.
o Table 1.1 details the suggested qualifying criteria. The home price caps are
based on 2016 and 2017 SCSI housing delivery costs for new homes and
apartments, adjusted for inflation.
Suggested Qualifying Criteria
Equity
Upper Income Home Price
Location and Home Type Loan %
Threshold Cap
Cap
Houses: Dublin €95,000 €425,000 25%
Apartments: Dublin and other city
€95,000 €485,000 30%
centres
Houses: rest of GDA, other main
€95,000 €350,000 25%
Cities, and other Growth Areas
Apartments: rest of GDA, and other
€95,000 €400,000 30%
Growth Areas
Table 1.1
A key benefit of this scheme is that mortgage lenders/state agency will be obliged to inform
First Time Buyers of their mortgage obligations and the long-term equity loan responsibilities
when selecting a home to purchase, including the possibility that the value of the equity loan
could decrease and increase. The varied preferences of households along with this
information will lead to a wide range of home prices and corresponding equity loans being
taken by purchasers, many of which will be significantly less than the capped amounts. In
parallel, the housing industry will need to provide units which qualify for the scheme.
Through this scheme, the State will facilitate the aspiration of home ownership for many of its
Locked-Out Generation citizens, many of whom would otherwise remain in the rental market.
It avoids placing excessive financial pressures on these households in the early stages of
home ownership and is structured to be consistent with the natural lifecycle of income
increments over time. Furthermore, this paper shows that many households are currently
paying significantly more rent than the combined cost of a mortgage and an equity loan.
5PII Pre-Budget 2021 Submission
The scheme carries no development risk and modest financial risk for the State. The equity
loans remain State assets which purchasers repay over time making it a much lower risk to
the State when compared to other housing support schemes. From the 1st charge mortgage
lenders’ perspective, the scheme has the advantage of getting more people into their own
home without placing further financial strain on purchasers and in-turn ensuring no additional
credit and lending risk is placed on the banks.
While the State has developed some affordable housing initiatives for State land, progress in
delivering homes to middle income households has been limited. These initiatives are limited
to State-owned lands and therefore will take considerable time to deliver homes at scale due
to the inherent challenges in mobilizing, procuring and delivering homes on State land.
In the short and medium term, a solution is required for the Locked-Out Generation. The
equity loan structure leverages the functioning private sector led housing delivery platform in
Ireland to give aspiring homeowners a time-realistic and credible pathway to home ownership.
We recommend that focus group research is also implemented with prospective purchasers in
parallel to obtain qualitative and quantitative input on the scheme.
We believe with equity loan funding of approx. €500m for an initial 2 years, 7,000 - 8,000
families from the Locked-Out Generation would be supported to purchase new homes who
would otherwise not be able to afford a new home. The VAT, Stamp Duty and development
levy contributions/returns from 4,000 units a year could total approximately €256m.
Equity loan transactions would remain a small part of the overall market. In 2019, there were
45,112 second-hand transactions and 21,241 new homes completed. Assuming a long-run
average of 40,000 second-hand transactions and achieving the target of 35,000 new home
transactions including the additional 4,000 annual sales supported by equity loans, the equity
loan sales would only represent 5.1% of the overall market. In parallel however, these 4,000
additional First Time Buyer homes annually would produce an impressive 92% increase on
the modest 4,334 First Time Buyer purchased homes in 2019.
In developing this policy, we have engaged across industry with a number of representative
bodies including Homes England, BPFI (Banking and Payments Federation Ireland), IIP (Irish
Institutional Property), IHBA (Irish House-builders Association) and SCSI (Society of
Chartered Surveyors Ireland).
PII discussion document June 2020
https://www.propertyindustry.ie/Sectors/PII/PII.nsf/vPages/Publications~the-irish-equity-loan-
29-06-2020!OpenDocument
4. Enhancing Affordability and Viability of Housing
Development
Viability and affordability of residential development remains a concern, in particular because
of the uncertainties caused by Covid-19. Covid-19 also poses a serious challenge for our
cities. Anecdotal evidence suggests that there is an exodus from our cities to suburban and
smaller communities, coupled with a fall in interest in commercial office space from
businesses who are promoting working from home as a way of tackling the spread of the
virus. If continued, this societal response will have a lasting and serious impact on the
attractiveness and liveability of our urban locations. This, coupled with the ongoing challenge
that new home and commercial property development is already more expensive than
greenfield development, ultimately adds to prices.
6PII Pre-Budget 2021 Submission
While the Equity Loan scheme can go some way to closing the affordability gap for
households with sufficient income to buy their own home, further measures can be taken on
the supply side to aid in overall housing viability. Each of the measures below would help
provide more homes.
1. Increase the threshold for cash receipts basis of accounting for VAT from €2m to
€5m to help small/medium builders.
2. Reform of section 83D SDCA 1999 with a practical focus.
Section 83 currently allows for a refund of 5.5% of the 7.5% of the stamp duty paid on
the purchase of a greenfield site which is later residentially developed. This has the
effect of giving the builder the overall 2% residential rate of stamp duty as an incentive
for increasing the housing stock on the market, but only if certain conditions can be
met.
Presently, construction must be commenced on the land pursuant to a commencement
notice within 30 months of the date of the instrument of transfer. Additionally, the
development must be completed within 24 months of the date of acknowledgement of
the commencement notice. In practical terms, 24 months can be a very short timeline
within which to complete construction of a site. This is particularly so when the site is to
be completed in phases, the builder encounters issues on the ground which require
time to resolve or the various county councils mays having differing approaches to
issuing site commencement notices.
o For example, if the builder gets one commencement notice for a site, the entire
site has to be completed within 24 months from the date of acknowledgement
of that commencement notice, regardless of the number of phases in which the
site is actually being developed. Yet, if a builder gets a commencement notice
per phase, each phase must be completed within 24 of the date of
acknowledgement of that particular commencement notice for that phase.
Further, if a particular phase won’t be completed within the 24 months and in
any event before 21 December 2023 - the refund is not available in respect of
that phase yet if there is one commencement notice and the construction is
completed in phases, if the final phase is not completed with the required 24
months, the entire site will lose out on the refund, with no apportionment for the
completed phases. It is understood that some county councils will issue one
commencement notice for the entire site, while some will issue a
commencement notice on a phased basis. The builder is at the mercy of the
particular county council issuing the notice. This section should be amended to
acknowledge the practical reality where a builder has to take a phased
approach to completion of a development, regardless of the number of
commencement notices issued.
o A further condition which can cause complications is that which states that 75%
of the total surface area of the land must be covered by the footprint of the
residential units or 75% of the gross floor space of the units must equate to
75% of the total surface area of the land . If there are a number of
commencement notices per site but it is not possible to meet the 75% test until
the last phase, if that last phase is not completed by 21 December 2023, the
refund is lost on the entire development even though the other phases where
completed within 2yrs. This complication arises as a “relevant residential
development” is defined as the entire development when you defer claiming the
7PII Pre-Budget 2021 Submission
refund until the completion of the development so as to meet the 75% test or
when the development isn’t built in phases pursuant to a construction notice for
ease phase.
From a public policy perspective, the builder is fulfilling the objective of the legislation
in increasing the availability of residential housing stock on the market to meet public
demand. The current conditions have the definite, albeit unforeseen consequence, of
penalising the builder, where, due to practical constraints the strict 24-month timelines
for the refund cannot always be met in line with the strict legislative definition.
A revision of the section to make the rules more practical to accommodate phased
construction on sites in line with the reality on the ground and increasing the timeline
for commencement of construction from 30 months to 48 months and for completion of
the development from 24 to 48 months would go a long way to meeting this public
policy objective and easing the burden on those in the construction sectorThe
Residential Stamp Duty refund scheme, currently limited to 30 months, needs to be
extended by at least a year. The timeline introduced was already a challenge in
particular for phased development of housing (the largest contributor to new housing)
and because of the delay in development caused by Covid-19.
3. Reduce stamp duty rate to 4%.
Finance Act 2019 increased the rate of stamp duty on non-residential property from
6% to 7.5%. In a period of lower capital appreciation, such high transaction costs are a
major disincentive to foreign and domestic investment in commercial property here.
Reducing the stamp duty rate to 4% in line with the average across the EU would likely
restore our competitiveness. Any cut to the rate of stamp duty is likely to stimulate
much needed market activity as an increased level of transactions has a direct
economic benefit that far outweighs the impact on tax receipts. In the present climate,
in the shadow of Covid-19, incentivising market activity is likely to be a more direct
route to much needed receipts boosting the exchequer requires.
4. The increase in the Help-to-Buy scheme for a period of 6-months is welcome but will
have limited impact on certainty and delivery because of the limited timeframe. The
enhanced scheme should be extended to the end of 2021 to help developers plan and
deliver more homes on the back of the certainty of this demand.
5. Decrease CGT for property transactions to increase activity in housing sales and
encourage property owners to sell properties to families.
6. Incentivise apartment delivery through tax incentives and / or grants for brownfield
sites as it is currently uneconomical to deliver apartments for individual sale or rental at
affordable levels for the majority of end users.
5. Reduce VAT for new housing construction
The interaction between affordability and viability is a key issue for the housing market. Data
from the recent SCSI report (reference) show that the cost a delivering a new 3 bed semi-
detached house in Dublin is just over €371,000. Their report also shows that the gap between
how much a couple can afford to borrow plus a deposit, and the cost of delivery is in the order
of €25,000.
8PII Pre-Budget 2021 Submission
The report shows that the overall construction cost (cost of building the house from foundation
to roof and completing the estate roads and drains etc.) is €178,902 which represents 48% of
the overall cost of providing the house. Thus, 52% of the cost of providing a home comes from
other costs.
The total VAT for an average house figure is € 44,164. All new homes will include a VAT
charge of 13.5%. The VAT take on an average 3-bedroom semi is 12% of the total delivery
cost. By way of comparison, new house sales in Northern Ireland and the UK attract zero VAT
rates. PII calculate that a reduction in the VAT rate from 13.5% to 9% would reduce the cost of
delivering a new home by €14,700.
Based on the SCSI report the gap between house delivery cost and affordability is €25,000.
This measure would significantly narrow the gap.
6. Commission for Housing
Dialogue between the public and private sectors will play a key role in helping address the
housing market crisis. PII supports the proposal in the Programme for Government to
establish a Commission for Housing to examine issues such as tenure, standards,
sustainability, and quality-of-life issues in the provision of housing. The Commission should
include private industry representation through Property Industry Ireland.
The format, remit and make up of this body is key to whether it can be successful. In addition
to the role identified in the Programme for Government, the focus of the Commission for
Housing should ensure that housing need is met:
• Government should set a housing delivery target by tenure for each of the next 5
years. This will create certainty and accountability, and the achievement of these
targets should be overseen by the Commission for Housing
• Population growth and core strategy of the NPF should be kept under continuous
review by the Commission on Housing
• In reviewing access to housing, the Commission for Housing should also review the
impact of the Central Bank lending rules on capable demand
• It should develop and make policy proposals and proposals on adjustments to existing
policies based on research, insight and knowledge
• It should review historical data but be forward looking and must include participation
from private sector development, planning and finance industries, civil servants from
housing and finance, key public sector and non-profit sector housing and planning
representatives
• The Commission should look to take on best practice globally and how it fits in an Irish
context
• It should use research to inform debate and not rule anything in or out from the outset.
It should enable trust and coherent collaboration to be built between public and private
sector institutions.
7. Delivery of social housing
The need for social housing provision remains as acute as ever. Government should fast-track
the social housing programme through:
9PII Pre-Budget 2021 Submission
• Housing First (for Homeless) prioritised through locally based multi-agency task forces
delivering coordinated action, with the LA using CPO powers to acquire and refurbish
homes.
• Capital Programme of investment to support delivery of Ireland’s ambition, including by
promoting the use of Modern Methods of Construction.
• Review Procurement to support the use of “all-of-life” standards. This will help with
improving the overall sustainability of construction and reduce waste.
• Develop a clear parallel investment plan to include social and productive infrastructure.
8. Modern Methods of Construction (MMC)
Supply chains for MMC homes are underdeveloped in Ireland. Government should take a lead
in aggregating demand for MMC products to encourage, support and underpin the necessary
investments in factory facilities, machinery and technology.
Sustainability and climate ambitions could be supported by linking National Climate Change
and Circular Economy targets to the delivery of new projects through offsite Low carbon
manufacturing solutions. A review of the access criteria to Government supported funds
available to the home building sector should be undertaken, with a view to introducing criteria
that supports the use of MMC and the deployment of innovative technology.
Procurement criteria should be reviewed and improved to mandate the use of innovative
technology and in particular BIM at an appropriate level, from concept to occupation phase.
This would support the longer-term maintenance of the buildings, would support an ongoing
drive for cost efficiencies and help to influence and inform stakeholders into the future.
Ensure skills programmes and apprenticeship schemes are set up that supports the attraction
and development of a young, diverse workforce towards a new modern, innovative and
digitally orientated industry.
9. Establish a Housing Delivery Cost index
Improving data and information will help understanding of how the housing system operates in
Ireland. With this goal in mind, PII urge Government to establish a Land Cost Registry without
delay.
In addition, Government should give CSO the role to publish all construction costs related to
all housing types and locations. As part of this, the CSO should research, categorise and
publish all costs associated with home delivery, including the cost of regulations on housing
costs, including:
• Planning Standards;
• Building Regulation Standards; and
• non-construction-related costs
10. Support for Remote Working
Remote working is likely to be a more permanent feature of the Irish Labour Market. The
overwhelming majority of all office-based work transitioned to employees’ homes during the
Covid-19 lockdown. With modern IT capabilities, many companies are examining how remote
working may become a permanent feature, given that the experience has been companies
10PII Pre-Budget 2021 Submission
continuing to operate remotely as efficiently as in the traditional office-based setting. Google
and Indeed have updated their policies to allow employees work from home (“WFH”) until
2021 while Facebook and Twitter have introduced permanent remote work.
The most significant benefits of WFH are environmental through reducing commuting journeys
(both in private cars and on the public transport system). Beyond environmental benefits,
WFH has a broad range of tangible social and health benefits. Reduced travel time means
people have more time for other responsibilities as well as pastimes. Furthermore, flexible
working and WFH are intrinsically linked: employees can choose from a broader range of start
and end times as well as more flexible break times.
In addition, Ireland’s regions would greatly benefit from an increased working age population,
this benefit would be both economic and social.
While recognising that it is important that staff spend some of their working week in an office
environment to ensure the collaborative side of work is enhanced and also to ensure that
younger employees benefit from direct interaction with their peers, Government should
support businesses through subsidies and tax incentives in facilitating WFH which will
continue for many Irish businesses while social distancing protocols are in place. In the
medium to long-term, it is likely that WFH will be a central pillar for businesses in their long-
term strategic planning.
For employees, additional costs arise as a result of working from home – suitable home
offices, space constraint solutions and daily home office running costs. The Irish tax regime is
currently not supportive of the cost of facilitating WFH or contributions by employers towards
the significant capital cost for employees of remote working on a (more) permanent basis –
loans by employers are subject to BIK rules which make them uneconomical for the employee
in many instances, while in certain limited instances an employer can make a €3.20 per day
tax-free payment towards remote working running costs.
Substantial taxation supports are needed to give our economy a competitive edge as global
work practices transition towards WFH. This should include a WFH tax credit for both
employees and self-employed who work from home for more than 50% of the time.
To ensure that homes are also suitable for work purposes, Government should re-introduce a
home renovation scheme. The scheme was successful in helping families enhance their
existing home and could be amended to encourage sustainability/energy efficiency
improvements and to alleviate costs related to Covid-19 such as in renovating home offices.
11. Provide stability through Policy Certainty
Many of the policies put in place over the past number of years – such as fast-track planning
and Help-to-Buy for first-time buyers etc - are helping to have a positive impact on supply with
the number of new homes being built increasing by 18.3% in 2019. An increase in supply is
needed in the private rented sector as well as for owner-occupiers.
Despite a welcome increase in apartment delivery, there has been much negative
commentary about the role institutional investors play in the housing market. Globally, private
funds play an important role in financing apartment construction. The challenging nature of
apartment development funding means most of these new apartments would not be built
without this finance. Strip out active investor demand for completed apartments and most new
11PII Pre-Budget 2021 Submission
apartment developments would not be built. There is plenty of evidence of their importance
across a range of European countries. Housing is regarded as a long-run asset so while
ownership may change the apartment (asset) remains in place.
Institutional investors are being unfairly accused of taking homes away from people. The
evidence suggests otherwise. In fact, new professional investors are facilitating the delivery of
much needed apartment accommodation into the Irish housing system by providing certainty
of end-purchaser demand. Without such certainty builders, developers and their lenders will
not engage in large scale, capital intensive apartment development, the consequence of which
will be lower supply.
The increase that we have seen in the supply of houses and apartments over the last few
years should not be taken for granted. Investing in the development of housing is sentiment
driven. Policy uncertainty will result in a slowdown in development funding and a pause in
supply growth.
Ireland is a small and open international economy. One of the most successful economic
stories in Ireland has been the ability to attract foreign direct investment (FDI). This investment
has delivered economic growth and jobs. Much of this new employment draws a young and
international workforce to our urban centres, for whom renting is the preferred form of housing
tenure. Long-run investment in the delivery of homes to the Irish housing market should be
welcomed. It is this investment that is helping to provide the homes for the jobs that business
is creating.
12. Facilitating Cash-Flow
Like many other industries affected by Covid-19, cash flow is key for many property and
construction businesses. Government can facilitate continued cash-flow through a number of
measures. These should be introduced in the form of low-interest loans, rather than
subsidy/grant/tax incentives:
1. How landlords pay tax need to be considered. Currently, if rent is due but not paid (and
the debt is not "bad") then the landlord has to pay tax on that income in the year that it
is earned (even though it may not be received for months/years). Government should
introduce a mechanism to offset this lacuna, particularly in light of the number of rent
holidays/breaks being sought from tenants in distress
2. Introduce a "borrow back" tax paid scheme, with the State providing a loan to
employers equal to 25% of tax paid in 2019 interest free. A similar scheme has been
introduced in Denmark.
3. Postpone the review of residential property tax to alleviate the burden on households
during these challenging times.
4. The planned reduction to 30% of EBIT in one year for interest limitation rules
disproportionately affect property companies because of the way that their assets are
leveraged. Government should postpone introducing these rules to 2022.
13. Resourcing of Infrastructure
Lack of responsiveness by Irish Water to new development is delaying home construction,
delaying the release of completed new homes into the market, and preventing developers
from planning ahead and submitting planning for future developments. This is because Irish
Water is not sufficiently funded to support its activities. In light of the policy decision not to
introduce a universal water charge based on polluter pays principle, Government should
12PII Pre-Budget 2021 Submission
commit additional funds to Irish Water to allow it to carry out its functions. This will lead to a
reduction in the length of time it takes to develop homes and bring them to the market.
13PII Pre-Budget 2021 Submission
14. About Property Industry Ireland
Property Industry Ireland (PII) is an independent and inclusive representative organisation for
all sub-sectors of the Irish property industry.
Vision – A sustainable Irish Property Industry which is creative, responsive, competitive and
well-integrated in meeting the socio-economic needs of all the stakeholders in the built
environment.
Mission - To be the trusted partner and provider of “evidence based” information, policies and
strategies for the property industry at National level, to the Oireachtas, Government, Local
Authorities and Agencies, and for the benefit of the people of Ireland
Objectives -
• To be the leadership forum in the Industry for the discussion of National property
issues
• To develop, propose and support a National Property Strategy, policies and solutions
to issues
• To be a research led organisation, which collates and commissions relevant and &
innovative research on Ireland's construction sector in order to promote & sustain a
competitive economy
• To be the go-to organisation for Government on all aspects of property
• To work with all stakeholders in the industry to restore it to a sustainable position in the
economy.
• To increase membership through demonstrating the achievements and outcomes in
relation to national strategy and policy
PII was established in 2011 and continues to grow its membership, which now totals almost
90 firms. The organisation is actively engaged in discussions with Government, decision-
makers, agencies including NAMA and investors to help achieve a better future for the
property sector.
PII is a sectoral association of Ibec.
14Property Industry Ireland
84 - 86 Lower Baggot Street
Dublin 2 Ireland
info@propertyindustry.ie
01 605 1666
www.propertyindustry.ie
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