Dublin, 13th October 2020 - Property consultants CBRE Ireland have welcomed Budget 2021 and in particular the commitment by the Irish Government to invest in bringing people back to work and stimulating employment creation, which is so vital to economic recovery as the country faces the grave challenges of Covid-19 and Brexit. The property consultants broadly welcomed the introduction of additional supports for businesses that have been forced to close as a result of the Covid-19 pandemic. CBRE also welcomed the extension of wage supports to the end of 2021 and a reduction in the VAT rate from 13.5% to 9% from November 1st to the end of 2021 for the hospitality sector, which has been particularly negatively impacted by Covid-19.
The extension of the Extended Help to Buy scheme for first time buyers until the end of next year was also welcomed - a measure which CBRE say will encourage developers to continue to deliver much-needed housing for those aspiring to own their own home. CBRE described changes to the Residential Development Stamp Duty Refund Scheme as sensible.
“One of the most welcome announcements in today’s Budget was a commitment to an increase in capital spending and in particular an intention to facilitate the delivery of additional social and affordable housing as well as the retrofitting of existing social housing stock. When we consider the volume of social housing delivered in recent years, it is clear that there is a severe imbalance, which urgently needs to be addressed. It is hoped that today’s commitment will see a meaningful improvement in the delivery of much-needed social housing, in terms of units built, acquired and leased”.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie