New commercial sales database to be developed

NAMA and the Central Bank are to co-fund the development of a commercial property statistical system to provide a comprehensive database on what's going on in the sector.

The initiative will be developed and maintained by the Central Statistics Office (CSO), but won't be up and running until 2018.

It will include prices and give a database of sales and lease transactions.

A NAMA spokesman said the agency has long recognised that there has existed a deficit of information on the Irish commercial property market.

"NAMA was in favour of the introduction of the residential property price register and is co-funding the CPSS as it will support the improved functioning of the commercial property market.

"It is relevant to NAMA's ongoing work and its benefits will extend beyond NAMA," he said.

The agency said the system will incorporate the existing commercial lease register, currently produced by the Property Services Regulatory Authority (PSRA).

"Details on the operation of the new system will be a matter for the Central Statistics Office (CSO)," the spokesman added.

The level of funding to be provided has not been disclosed.

Property Industry Ireland, the Ibec group that represents businesses working in the property and construction sector, has welcomed the creation of the new database.

Director of Property Industry Ireland Peter Stafford said: "This new record of commercial rents and sale prices will undoubtedly fill a huge gap in our knowledge about the Irish commercial property sector. Investors, landlords and tenants all need access to reliable, timely and accurate market data, and I hope this new dataset will help everyone make better and stronger investment decisions.

"Property Industry Ireland has been calling for an overhaul of how property market data is recorded and reported, and we hope that this new database for the commercial sector will lead to a review of the residential property price database where there is still work to be done to make it fit for purpose."

The PII Housing Manifesto, launched in December, calls for an increase in the types of information collected by the Property Services Regulatory Authority during housing transactions and to improve the datasets which are published on the national property price database to include the age, energy rating and number of bedrooms of all properties sold.

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