Figures released by Revenue prove that measures introduced almost three years ago by the Government to deter the bulk purchasing of homes by investment funds are completely inadequate, according to Social Democrats TD Cian O’Callaghan.
Deputy O’Callaghan, who is the party’s housing spokesperson, said:
“Under new stamp duty measures introduced in 2021, investors purchasing more than 10 houses in a 12-month period were subject to a 10 per cent stamp duty rate. However, figures show that this has failed to act as a disincentive, with more than €200 million spent by investors bulk buying 630 homes since the increased rate came into effect.
“These figures come just days after reports of an investment fund buying 85 per cent of properties in one Dublin housing estate.
“It is clear that these tokenistic tax measures are ineffective and have failed to scare off investment funds, which continue to cash in on the highest rents this country has ever seen.
“When will the Government realise that we need homes that people can afford – not investment opportunities for speculators?
“Nothing less than a complete ban on investment funds bulk buying homes is now required.”
January 10, 2024