Ireland could convert 40,000 retail properties into homes

A new report suggests that up to 40,000 retail properties in Ireland could be turned into homes. This idea is backed by the Hardware Association of Ireland (HAI), which represents hardware and builders' merchants. The HAI believes that offering financial incentives could encourage property owners to make these changes. The HAI proposes waiving the capital gains tax, which is currently set at 33%, for three years. This would allow owners to convert their retail spaces without a financial burden. Additionally, they suggest expanding a grant program that helps renovate empty properties. This could bring about 20,000 more homes into the market. Currently, there are 5,746 vacant commercial properties and over 2,100 mixed-use premises in Dublin. The HAI notes that many "above-the-shop" spaces could easily be transformed into living units. A survey conducted by the HAI found that 93% of participants supported the capital gains tax waiver. Many believed that there were numerous commercial properties suitable for conversion. The survey also revealed that half of the respondents owning "above-the-shop" properties reported them as empty. Furthermore, a significant number thought that their property values would drop if no action was taken. The HAI is collaborating with DublinTown, a group that advocates for commercial businesses in Dublin, to support this initiative. HAI CEO Martin Markey emphasized the importance of revitalizing these vacant spaces as a way to support local economies and address housing shortages across the country.