From top: Most houses on the new Mullen estate, Maynooth, county Kildare were purchased by Round Hill Capital; Minister for Housing, Local Government and Heritage Darragh O’Brien
Proposals that could lead to changes in the tax treatment of institutional investors in property in Ireland could be considered by Government ministers as early as next week, RTÉ News understands.
….The indications from the Government this morning are that an outright ban on investors buying homes in housing estates would raise constitutional difficulties.
There is a view that the biggest part of addressing the issue will centre on changes to current tax incentives.
Tanaiste Leo Varadkar defended the role of investment funds in the wake of revelations of them buying up large numbers of houses in some new estates.
…He said a lot of the apartment buildings in Dublin would not have been built without investment funds which would mean fewer homes in the capital. Mr Varadkar said these funds run apartment complexes well and they are often better managed than if apartments are leased by 30 or 40 different landlords.
However, the Tánaiste said it was never envisaged they would buy whole housing states “over the heads” of first-time buyers or an approved housing body.
Former FG, TD Noel Rock, was drafted in by the Irish Venture Capital Association before the budget last year
Paudie Coffey, a former FG TD & junior minister for housing, lobbied current housing minister Darragh O’Brien on behalf of social housing developer RediResi Ireland.
— Mick Caul 😷 (@caulmick) May 5, 2021
Last night: No Bay? No Meadows? We’ll Take It
Here's Pat Cox's wealth management outfit Appian last December launching a €100m fund to buy 400 homes.
And Appian is just a bit player in this.
If Eamon Ryan thinks the ceiling of the problem is "200 homes", he's deluded as to the scale and more importantly, the govt may be. pic.twitter.com/SzzyByAEcK
— nwl (@nwl88444048) May 6, 2021