In a study by Dublin City Council, over 600 empty sites of prime development land, have been identified in the City Centre.
The study was carried out to audit these sites for an introduction of a new tax on vacant sites. The purpose of this tax is to combat “land hoarding”, according to Oisín Quinn, Lord Mayor of Dublin, where land owners are holding onto land with no intention of making it viable until values increase over the coming years.
The tax is being introduced as an incentive for land owners to sell or make use of sites as opposed to having intentions of collecting money.
Concerns surround the fact that these vacant sites are not being utilised by recent developments in the construction and property market, which is, in effect, driving up prices.