In a report published recently by The Construction Industry Federation (CIF) they have warned that 95% of the apartments built in Ireland in 2019 were purchased by institutions and investors commonly known as “cuckoo funds”.
The report is full of gloom for Irish first time buyers who plan to buy a home to escape massive rents for their entire lives and to start a family with some security of tenure.
The CIF report also highlighted that just 4 new homes in every 10 newly built homes in 2019 were ever offered for sale on the open market.
Speaking in the Dail last week, the Tánaiste Leo Varadkar said he doesn’t believe an outright ban is the best way forward reports Newstalk.
“The solution is not to try and ban types of housing of ban types of housing investment,” he said.
“While it might be the case that there are too many of these investment funds and they are too active in the market in Dublin, it doesn’t mean there is no place for them at all Varadkar said.
In 2007, Germany banned residential Real Estate Investment Trusts from buying up homes or apartments altogether
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