The Budget speech highlighted the need to ‘build on progress’ and to ‘rise to the challenges’. With this in mind, the focus of the Budget was to maintain a positive outlook while creating the roadmap for the years ahead.

There was a particular focus on property related measures including a significant increase in the rate of stamp duty applying to non-residential property and an increase in the vacant site levy. Various other measures were introduced to address the housing crisis with a view to stimulating supply, including a reduction in the holding period from seven to four years to avail of the seven year congratulations tax exemption. It is hoped that this measure will encourage property owners to dispose of their properties and increase the housing supply.