“The Government needs to be commended in the promptness with which it responded to industry approaches on this matter. Following industry concerns the REIA first approached the Government on this issue in mid October with a result in a little over a month.”
The changes already apply and the regulation change will be made soon to enable developers to acquire New Dwelling Exemption Certificates for foreign buyers of these recycled off-the-plan homes.
“By eliminating an element of risk, this change will encourage developers to continue to add to the supply of housing which is much needed and the intent of the FIRB arrangements”, added Mr Sanders.
"The Government has addressed an anomaly in the FIRB rules in a pragmatic way. It is a common sense approach to not treat a dwelling that has just been built and for which the title has not changed as an established dwelling”, concluded Mr Sanders