The overseas property sector has long been criticised, very rightly, for being unregulated. In a sector where members of the public are spending tens of thousands, and even hundreds of thousands of euro, sometimes even their whole life savings, it is absurd that people are not protected by a government regulator. Thankfully this about to change.
The Irish government is due to regulate the whole of the Irish property sector via the new National Property Services Regulatory Authority (NPSRA). For the first overseas property will come under the remit of government ombudsman that will govern all property sold and managed in Ireland.
In December 2006, the government approved proposals for legislation to establish the NPSRA. The bill is expected to be published become law later this year. A website is already established and more information can be found at www.npsra.ie
The NPSRA authority has drafted a code of practice for companies in the property sector. At present the code is voluntary but once legislation is finalised the statutory powers granted to the authority will make this code of practice legally binding.
TO DOWNLOAD THE CODE OF PRACTICE FOR AUCTIONEERS AND ESTATE AGENTS click here .