Earlier at lunchtime.

Members and supporters of the group Dublin Tenants hold a picket outside the headquarters of Ires REIT, Ireland’s biggest landlord, on Grand Canal Dock, Dublin.

It follows Ires launching The Maple – an apartment complex in Sandyford.

In May, Fiona Reddan in The Irish Times, reported that two-bed apartments in the complex were set to be rented out for €2,750, thus setting a new rental price record in the area.

Last night, Dublin Tenants released a statement about their planned picket, stating:

The protest has been called in response to escalating rents, IRES’ treatment of tenants and the wider issue of government supported vulture fund activity in Dublin’s crisis hit housing market. IRES was established in 2014 but has already amassed 2378 properties, making it Ireland’s largest landlord, and plans to double its portfolio over the coming years. 67% of its assets were acquired from NAMA. As a Real Estate Investment Trust it enjoys specific tax breaks, REITs are not subject to tax on rental income or on capital gains arising from the disposal of assets.

Previously: REIT It And Weep

Pic: Anthony Flynn

25 thoughts on “IRES My Case

  1. Ultan

    The government say they don’t want to interfere in the market, but then they invite in Zero tax paying Vultures to charge us tax payers exorbitant rents. When we have sold enough of Ireland to be but rack rent tenants in it…

      1. Owen C

        They’re a publicly listed company on the Irish stock exchange. Any Paddy can get involved.

      1. realPolithicks

        The photo seems to show the protesters in relative close proximity to the door….false imprisonment charges all round.

  2. Sheik Yahbouti

    Hurrah for CETA!! This outfit will be the first to avail of the secret Courts if any Government action should threaten their rack renting and profiteering.

  3. GenerationScrewed

    Shares can be bought on the Irish Stock Exchange and any dividends paid to shareholders are taxed at the shareholder’s marginal rate. Capital Gains tax also applies. Likely though that many of the shareholders are foreign or tax exempt – pension funds/charities/dubious charities etc.

    1. MoyestWithExcitement

      “Likely though that many of the shareholders are foreign or tax exempt”

      Bingeaux.

  4. Ron

    It’s disgusting. A truly disgusting way to treat people. The Irish electorate are the only ones that can change it and they won’t.

    1. nellyb

      [nod], and they might as well be standing on the side of M50 – same non-effect. But I feel for them, regardless.

  5. Stephen

    this is f’ing disgusting, Michael Noonan enabled this, a gravy train on the backs of society of the highest order

  6. dav

    I think blushirts want to get back to the glory days of Landed Estates with their “Big House” and evicted tenants left on the side of the road..

    1. MoyestWithExcitement

      We’re already there. Really. We just have nicer mod cons to distract us.

    2. Anomanomanom

      Dav I normally disagree with, but on this your right. How any company can buy up so many properties(at cut rate prices) then just bang up rents is ridiculous. Basically we own all the rentable property so fupp off if u don’t like it.

  7. Junkface

    Let the brain drain continue. The youth will end up fleeing the country. Ireland as it is, is not sustainable or realistic. The youth get punished the most.

  8. Frilly Keane

    we should all buy a single share
    currently €1.38 ea
    and cause murder at the agm

  9. Truth in the News

    Well over 130 years ago rents were controlled by the British through the Irish
    Land Commission, now we have Irish Government in control and are unwilling
    and unable to do anything, and whats going on now is the equilavent to handing the
    land back from the tenant farmers to the landlords…..the Blueshirt version of the
    “Just Society Manifesto”

  10. Termagant

    “REITs are not subject to tax on rental income”

    Whose fupping idea was that? How could that possibly make sense as a law in any context?

    1. Kolmo

      Who then pays the tax that they’re supposed to be paying? – You an I.

      …revolutions have started for less…

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