Developers could get tax breaks to build apartments
The government is considering financial incentives to activate 70,000 idle planning permissions, but any such tax breaks would not apply to houses
Tax breaks for developers who build apartments, rather than houses, are being examined by the government in an effort to tackle the slowdown in residential construction.
The soaring price of timber, steel, concrete, fuel and energy is making it unviable for many construction firms to build, while labour shortages are another persistent problem.
Tax breaks for developers are now being considered as part of plans to activate 70,000 idle planning permissions for residential developments. The Business Post understands that the government is looking specifically at tax breaks for apartments rather than houses.