Cowen praised for phasing out tax reliefs

PROPERTY investors got a soft landing yesterday with a three-year phased removal of tax reliefs, instead of them being axed next July as previously expected.

Investors can also expect a surge in demand for crèche spaces following yesterday’s Budget. That was one of the upbeat assessments last night of Finance Minister Brian Cowen’s property-neutral Budget 2006.

“Crèche facilities are included in almost all mixed-use schemes being developed in Ireland. The Budget will further boost demand for these crèche facilities and improve the sustainability of many mixed-use developments across Ireland,” said Marie Hunt, of CBRE Gunne property advisers.