A report published by the Department of Finance highlights the extent to which investment funds are hoovering up new apartments, according to Social Democrats TD Cian O’Callaghan.
Deputy O’Callaghan, who is the party’s housing spokesperson, said:
“Last year, just 846 apartments were purchased by individuals and families, while 6,203 were bought up by investment funds to be rented out at exorbitant prices.
“That’s over half of all new apartments being snapped up by funds at the expense of people looking to get a place of their own.
“It’s no wonder homeownership is at its lowest level in more than 50 years.
“People have no chance of outbidding these massive funds who can match any price and pay in cash. This cannot be allowed to continue.
“The Social Democrats put forward an amendment to the Planning and Development Bill that would have ringfenced 50 per cent of new apartments for sale to individuals and families. The Government voted it down.
“This is not an extreme measure. Allowing homes to be swallowed up by investment funds drives up house prices, locks out first-time buyers and adds nothing to our overall housing stock.
“We should be building homes for people – not investment funds.”
October 24, 2024