Minister for Justice Alan Shatter said today he is establishing a new property regulator to provide greater transparency to the property market.
Mr Shatter said in a statement that he signed orders yesterday to establish the Property Services Regulatory Authority, whose functions will include the publication of residential property sales prices and establishment of a commercial leases database.
The authority will also have a mandate to set and enforce standards in the provision of property services by auctioneers, letting agents and property management agents and to provide redress mechanisms for consumers of those services, the statement said.
“The lack of transparency in the residential housing market and the absence of proper consumer protection standards, have contributed in no small way to the problems of recent years,” the Minister said. “I am confident that publication of residential property sales prices and information provided in the new Commercial Leases Database will help to restore much-needed confidence and revive property markets.”
Under related legislation, estate agents will be required to publish a realistic “advised market value” of property for sale rather than offering a “guide price”.