The Taoiseach has told the Dáil that legislation to deal with questionable practices in the property sector is due before the Oireachtas shortly. Bertie Ahern said the legislation would reflect the recommendations of a review group report on the property sector.
As a result of last night's RTE Prime Time programme on the subject, the Data Protection Commissioner has met some of the companies believed to be involved in practices such as false bidding.
He said some investigations had already been launched into the exchange of private information from mortgage companies to estate agents.
Last night Prime Time Investigates revealed a litany of questionable practices in the property industry - most working to the disadvantage of the public. Among the complaints were problems surrounding property management companies for communal properties like apartment blocks.
The programme highlighted how some companies failed to produce accounts, justify payments or invoices, and carry out maintenance services.
The programme also revealed that around 75 management firms are awaiting strike-off from the Companies Registration Office for failing to file accounts.
Today, the Director of Corporate Enforcement said thousands of apartment owners risked losing millions on the value of their property if deficiencies in the operation of property management companies were not addressed.
Launching a consultation paper on the governance of property companies, Paul Appleby said that so far this year his agency has received 19 complaints about such firms. This is up from 11 last year and he said he believed this was just the tip of the iceberg.
Mr Appleby said that if properties are not adequately maintained because of disputes over management services they can become dilapidated and lose value .
In some instances, disputes involving management companies had even left owners unable to sell their properties he added.
The Office of the Director of Corporate Enforcement is inviting submissions on the consultation paper by March 30 with a view of tightening up the rules on the operation of management companies.
