Property sector - Law must be enforced stringently

Legislation not just governing management companies of apartment developments but outlawing any sharp practices that exist in the property sector, must be enforced stringently.

It is at least good news that Director of Corporate Enforcement Paul Appleby has launched a consultation paper on the governance of property companies, especially in the light of what was exposed by the recent RTÉ Prime Time Investigates.

The programme showed that 75 property management companies are waiting to be struck-off by the Register of Companies because they failed to file accounts. This has obvious implications for apartment owners and investors because properties can become dilapidated and lose value, if they are not maintained.