The establishment of a property price database will enable the publication of the cost of the transaction when a house is sold.
Estate agents hope that a new property price register will bring greater consumer confidence by allowing people to have factual information about the property market.
Data protection laws in Ireland mean that estate agents in Ireland can not currently reveal how much a property was sold for. The new property price database would change this.
Simon Ensor, Irish Auctioneers and Valuers Institute (IAVI), says that the property market lacks confidence.
It is very difficult for people to have confidence when they can't base their decision on actual factual information.
Business leaders say that the publication of the price register will have wider economic implications. Seán Murphy of Chambers Ireland says that the publication of prices may stimulate the property market which would provide a boost to the construction and related sectors. For the housing market to function correctly, current data is needed. Ronan Lyons, economist at Daft.ie, says that property price transparency is a welcome development for the housing sector.
The Property Services Regulatory Authority will be responsible for publishing the house price data.
An RTÉ News report broadcast on 10 August 2010. The reporter is Eimear Lowe.
