It has emerged from Irish press reports that the parliamentary committee on the Constitution is set to tell the Taoiseach, Bertie Ahern, that he should use taxes to recoup some of the proceeds from property developers’ windfall profits.
The report also recommends that local authorities be given the power to compulsorily buy back land from developers at a significant discount to the land’s market value.
The recommendations are the result of a year-long review into the country’s property market which has seen prices rocket in recent years. Many accuse developers of artificially inflating prices by hoarding rezoned development land.
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