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Government considering ban on investment funds buying housing estates

May 6, 2021 13:05 By Shannonside News
Government considering ban on investment funds buying housing estates Government considering ban on investment funds buying housing estates
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The government is under fire after an entire housing development in Maynooth was bought by a so-called 'vulture fund'.

A full ban on investment funds buying up residential property is being considered, according to the Housing Minister.

However, Tánaiste Leo Varadkar has said an outright ban would be wrong and such funds have a place in Ireland.

Invited into Ireland by tax breaks from Michael Noonan in the last decade, investment funds buying up housing here is nothing new.

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However, the purchase of a full estate of houses in Kildare has triggered a backlash.

Housing Minister Darragh O'Brien says that's not the place of funds, and while they may have some role in developing apartments, the government is going to take action.

However, Fine Gael Finance Minister Paschal Donohoe has said such funds drive development and Tánaiste Leo Varadkar also doesn't support a full ban.

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This has the potential to drive the first major wedge between Fine Gael and Fianna Fáil since they entered government.

Ministers O'Brien and Donohoe are working to come to a solution that will likely involve reserving a portion of new developments for first time buyers.

But the Housing Minister has stressed the tax breaks for such investment funds also need to change.

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