Retrospective ban on upward only rent a 'substantial risk'
THE Government's plans for a retrospective ban on upward only rent reviews poses a "substantial risk" for legal actions and could prolong the stagnation in the property market.
This warning came from Frank Daly, chairman of NAMA at the launch of the newly formed Society of Chartered Surveyors Ireland (SCSI) yesterday.
Mr Daly said sales of NAMA properties had not been affected by the proposed ban but some prospective buyers had raised the issue.
He warned that legal actions between landlords and tenants over the issue “could prolong the current stasis in the market at a time when stability and certainty is needed to attract foreign investors.”
Mr Daly said that there was merit in many of the arguments made by opponents and supporters of the proposal and pointed out that he was not commenting on Government policy.
“One way or another, the current uncertainty needs to be removed as quickly as possible so that we can maintain and capitalise on the appetite of those with funds for investing in Irish property.”