Ministers Will Be Up-Date On Plans To Curb Influence Of Property Investment Funds.

Tuesday, 11 May 2021 09:26

Kildare among the counties in which block-purchase of new homes has taken place.

Senior Ministers will be updated on proposals to curb the influence of property investment funds in Ireland at a meeting this morning.

Ministers Darragh O'Brien and Paschal Donohoe have been working on changes to planning and tax laws to stop investment funds buying up new housing estates.

In April, Round Hill Capital, an investment fund, purchased 135 out of 170 homes at Mullen Park, Maynooth.

While the formal proposals are not expected until later this week the Cabinet will be updated on progress this morning with the Taoiseach having said it's an immediate priority for his government.

This evening the Dáil will debate a motion by Sinn Féin on the impact of investment funds as political pressure mounts for Ministers to act.

Housing Spokesman Eoin Ó Broin explains his party's proposal:

Deputy Ó Broin expects it will get broad support on the opposition benches:

This is an important story. HBFI loan finance has been going to builders who don’t need it for some time.

When SF tabled amendments to the HBFI Bill to ensure €€€ went to SME builders delivering affordable homes FF & FG voted them down! https://t.co/p3FmEAIA3I
— Eoin Ó Broin (@EOBroin) May 11, 2021

While The Taoiseach says housing remains the Government’s number one priority.

Kildare Senator, Fianna Fáil's Fiona O'Loughlin, raised the challenges facing young first time buyers in the Seánad on Tuesday afternoon.

In the Seanad today I raised the challenges facing young people who are pitted against local authorities, approved housing bodies and institutional investors in this country. We have to take the financial advantage away that has been given to international investment funds. pic.twitter.com/XcITxVpzYB
— Senator Fiona OLoughlin (@Fiona_Kildare) May 11, 2021