Dublin: Incidents of estate agents demanding bribes from intermediaries for priority in housing developments have surged, prompting action from the Property Services Regulatory Authority (PSRA). Amid Ireland’s housing shortage, some agents have allegedly taken advantage of prospective buyers by extorting money to secure priority placements on waiting lists for properties.
In a recent case, the PSRA issued a warning to an agent accused of accepting €2,000 to prioritise a buyer on a waiting list. Though estate agencies do not officially accept deposits to guarantee properties, the PSRA’s investigation revealed that the agent had indeed solicited €2,000 for a priority spot. Last year, the PSRA received 67 complaints about irregular practices by property service providers, with misconduct confirmed in 44 cases (66%), according to the authority’s report.
In another incident, an estate agent was barred from applying for a new license for six months after misappropriating client funds—a decision later upheld by the High Court on October 23, 2023. The PSRA also investigated a property services provider offering sales and letting services, ultimately fining the company following an audit. Inspectors found violations of the Client Money Regulations Act in 14 cases, leading to penalties totalling €10,000, split across two separate charges, and an additional €5,000 in investigation costs.
The PSRA has appointed audit inspectors to strengthen oversight, ensuring compliance with regulations and accountability among licensed property service providers.
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