Call for action as Cork awaits first major apartment project in 13 years – Irish Examiner

Regeneration and rejuvenation of city centre areas will fail to occur without major Government intervention, according to leading figures in the construction and business sector.

Cork Chamber, the Construction Industry Federation (CIF) and KMPG have published a report on private apartment development in urban locations, highlighting that Cork has not seen the creation of any private apartment schemes of scale since 2008.

The report proposes a reduction to the rate of VAT on residential construction activity to 5%, the creation of an urban housing investment fund and the utilisation of the Urban Regeneration and Development Fund.

It also proposes a minimum tax depreciation of 4% per annum for apartment developments and for private investments in the build-to-rent and private rental sectors to be recognised for gift/inheritance tax purposes.

Lack of viability

Cork Chamber chief executive Conor Healy said they recently saw a very significant apartment development in Cork Docklands fail to get off the ground

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