While Finance Minister Paschal Donohoe has announced an "unprecedented level of funding" of €2.5 billion to the Government's Housing Programme in Budget 2020, there was significant changes for commercial property that may not be welcomed.

The budget introduces a 1.5% increase in stamp duty for non-residential property bringing the stamp duty to 7.5% for commercial property. Some say this could bring a level on uncertainty to the commercial property market.

Other significant implications of the budget are that Irish Real Estate investment Trusts (REITs) will no longer be able to rebase their properties to current market value when they exit the REIT regime.

Additionally, Irish Real Estate Funds (IREFs) will be subject to interest deductibility limitation which will impose a direct tax obligation on the funds.

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