In what has been a momentous week for Mná na hÉireann, the Institute of Professional Auctioneers & Valuers (IPAV) has moved to make a little history of its own by appointing its first woman president in its 50-year history.
It's hard to believe in an industry with so many women members that one of its biggest members’ organisations has taken so long to hand the chain of office over to a woman. And no better woman to take the reins than Kilkenny woman Ella Dunphy of DNG Ella Dunphy.
A popular and well-known estate agent up and down the country, Ms Dunphy left an early career in banking to pursue a property qualification and set up her own business in Kilkenny in 2003.
In her new role Ms Dunphy has committed to prevail on the powers that be to address the current residential rental crisis, warning that it will worsen unless radical action is taken in the forthcoming budget.
Blatantly unfair
“The private landlord is taxed at a much higher rate than commercial landlords or vulture funds, which is blatantly unfair. If vulture funds and the like continue to receive disproportionate favour from public policy we’re in danger of rents being set in the boardrooms of multinationals where the bottom line will be profit margin with little or no consideration for tenants.”
Ms Dunphy refers to the recent acquisition by the Irish Residential Property Fund of a 262-unit apartment scheme in Churchtown, Dublin, currently under construction by Park Developments.
All of these units will now be rented, taking them out of the potential new homes stock in the area. “Renting at a rate of about €1,650 a month for one-bedroom apartments, to €2,000 for two-beds, and €2,750 for three-beds, this is more than an average mortgage,” Ms Dunphy says, adding that she plans to appeal to Government, and in particular, the Minister for Finance Paschal Donohoe, to introduce realistic tax incentives for the private landlord in Budget 2019.
