European Property Federation

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Improving Affordability and Supply

The EU's European Semester analysis and recommendations were issued at the same time as detailed and comprehensive guidance from Property Industry Ireland: Better housing: improving affordability and supply. The PII work goes far deeper than the European Commission's analysis but when the the same topics are covered by both, they seem to be broadly in line, including on the central problem that persistant supply shortages coupled with increasing demand continue to fuel property price increases that both agree are not a bubble, but that have created a serious affordability issue. The PII Report contains many proposals for tackling affordability.

On taxation, the Commission voices doubts about the viability of the vacant sites levy (Country Report, p. 48) and the PII Report suggests its replacement with a Site Value Tax (p. 36). Or again, the longstanding Commission view/Council Recommendation is that stamp duty should be downgraded and recurrent property tax promoted so as to facilitate mobility. PII holds the exact same view (p. 35).