TRADITIONALLY THE last three months of the year are a time when investors seek out Section 23 properties, which allow them to offset rental income against their end-of-year tax bill.
The tax shelter scheme, which offers relief for construction expenses on property, ran out this summer after more than two decades in existence.
While the scheme has been criticised by some in later years for fuelling an overheated market, there is no doubt that it proved very popular with investors keen to reduce their tax liability.
In boom times Section 23 properties commanded a premium, now as the scheme draws to a close in a stalled market, prices are keen and deals can be done.
Des Donnelly from Hooke MacDonald says that interest in "section properties" has increased in the last 10 days. "Investors make a move when their accountant tells them to," he says.
As long as the property can be bought, closed and let by December 31st investors can write off any rental income for that year, he explains.
Just like any other investment property, lettability is the most important factor, according to Donnelly.
He points to Greeg Court on Parnell Square in Dublin 1.
Units at this scheme were being let on the day that sales closed.
The remaining two-bed units at this scheme are for sale at €345,000, fully furnished.
Donnelly is selling two-bed fully furnished units in Bastion Court in Athlone for €295,000.
These units come with a guaranteed rental income of €50,000 for the first five years.
Also for sale through Hooke MacDonald are units in Windmill Court in Limerick priced at €197,000 for a two-bed unit.
Last year Gemma Lanigan from DNG New Homes says that well-placed section properties sold well.
Kevin Harmon from Savills is selling tax relief properties with a difference in Druid's Glen Golf Course in Co Wicklow.
When launched in 2006 these homes, which come under the holiday home tax shelter scheme, were priced at €899,000.
Now in leaner times the price has been scaled back significantly to €595,000. The houses come with a four star Bord Fáilte-approved fit-out and a guaranteed rent of €31,500 per year for five years. Buyers are entitled to life membership in the golf club.
