You must charge VAT, at the reduced rate (13.5%), if: [1]

• You are in the property development business and you sell a new property you have built and reclaimed the VAT on. Such a sale is always subject to VAT irrespective of the five year rule and the two year rule. This is regardless of when development is complete. [2] 
• You sell a property within five years of completion. This includes subsequent supplies of that property within five years of completion but no VAT applies if the property has been occupied for an aggregate of at least 24 months following the initial supply. 
• You sell a property together with an agreement to develop that property. [3] 

Example

Builder constructs a newly built house and uses it as a showhouse for three years.

VAT applies to the sale.

Example

Farmer sells land (€200k) with an agreement to develop such land (€500k).

VAT is charged on the €700k.

References

[1] VATCA 2010 Sch 3 para 14, 15(1)

[2] VATCA 2010 s 94(8)

[3] VATCA 2010 s 94(3)