Just €198.6 million was collected in stamp duty last year in Ireland – a huge drop from the €3 billion that was gathered at the height of the property boom in 2006.
New figures released by the Department of Finance show how big a drop the property market has taken in the last five years. They also revealed that Dublin took in 43.4% of the stamp duty with €86.2 million generated in the capital.
Cork came second to Dublin in the figures, generating 10.5% or €20.86 million in stamp duty, with Galway third with €9.34 million or 4.7%.
The figures also showed that counties adjoining Dublin generated higher levels than counties containing regional capitals such as Limerick and Waterford.
They reveal that Kildare generated €9m or 4.16% in stamp duty, while Wicklow generated €7.75m or 3.39% in 2010. This compares to Limerick generating €5.96m or 3%, along with Waterford at €3.38m or 1.7%.
Minister for Finance Michael Noonan also outlined a number of counties that failed to generate €1m in stamp duty last year, illustrating the depressed state of those markets.
He confirmed that Co Leitrim and Co Longford each generated just €600,000 in stamp duty last year.
Sherry Fitzgerald chief economist Marion Finnegan said that while Dublin had 30% of the property stock, it achieved 43% of the property sales last year through prices dropping quicker there than around the country.
However, Ms Finnegan expected that the regional counties will account for a greater chunk of sales this year, adding that Government receipts from stamp duty are up this year on 2010.
She said: “The figures for 2010 do show that there is some level of activity out there.”
Ms Finnegan said that the split would be one third residential and two thirds commercial in how the stamp duty would be broken down.
She said: “During 2006, the Government would have taken in €100m per week in stamp duty.”
She added that with current uncertainty in the general economy, the pace of deflation in house prices has picked up once again.