There has been a strong welcome for the significant overhaul in the stamp duty regime announced in the Budget.
Banks, the construction industry and estate agents reacted positively to the reforms.
However, the ESRI said it was opposed to cutting stamp duty to help construction. It said the property industry had been slowing to more sustainable levels after a decade of escalating prices.
Previously, when buyers reached a threshold they would pay a higher rate on the entire purchase price, but now the tax will be tiered and buyers will pay less.
On a €400,000 home the reduction will be €10,750.
The construction industry federation said the measures should re-activate the sector while estate agents Douglas Newman Good said the reforms would go some way to restore buyer confidence.
Bank of Ireland and National Irish Bank also both welcomed the move.
However the Irish Auctioneers and Valuers Institute said the 9% rate would continue to apply to most commercial transactions, which it described as a missed opportunity to stem the flow of commercial investment out of Ireland.
