New revelations shock the Irish community as they learn foreign investment funds buying Irish homes outbid public housing bodies “on more than 400 homes” in the last 4 weeks
Last month, the Irish community were informed of the purchase of almost all the residential homes in Maynooth, Co Kildare by a foreign investment fund with a budget of €1 Billion in their investment fund.
There was the usual uproar from the politicians, but so far no emergency legislation has been tabled to limit or ban these foreign investment companies buying residential properties. Germany banned these types of investor back in 2007, whilst Leo Varadkar rejected calls for them to be banned last month.
Many in the Irish community are asking how emergency legislation can be introduced for banning the opening of hairdressers and pubs but not banning these residential vulture funds who are buying up Ireland’s residential homes in their 100’s and 1000’s causing home prices and rents to soar beyond any form of affordability.
In a new revelation, according to Newstalk, affordable housing bodies were outbid by property funds “by up to €80,000 per house” in some cases over the past four weeks.
The Housing Minister Darragh O’Brien said he is considering a range of measures to tackle the ‘cuckoo funds’. They could include more than half of units in residential developments being ring-fenced for private buyers.
The foreign investors who are buying Irish residential homes see these as long term investment as they can rent them to local authorities for public housing at massive rents over a long lease period of 25+ years, guaranteed to be paid for by the Irish taxpayer.
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