January 8, 2024
Investment fund bulk purchase of Dublin homes ‘a slap in the face for ordinary buyers’ – Louise O’Reilly TD

Sinn Féin TD Louise O’Reilly has warned that the housing crisis is becoming worse and worse the longer the government remains in office.

Her comments follow a report by the Business Post that 85 per cent of the homes in a Dublin housing estate, that had been advertised on the open market for individual buyers to purchase, have instead been acquired by a British investment fund. 

Teachta O’Reilly said:

“This news will be a slap in the face to ordinary people who had hoped to buy one of these homes but have instead been priced out yet again by an overseas investment fund.

“Two and a half years after the Mullen Park controversy, it is clear that the investment funds are still at it. Despite government’s promises to support ordinary buyers, they have once again been badly let down and abandoned. They are now facing the shocking prospect of paying in excess of €3,000 per month to rent what should have been a permanent family home.

“These houses should be homes for people to build their lives and reach their dream of homeownership. Instead, media reports have revealed that the overwhelming majority of these houses have been acquired by a British investment fund.

“These homes are now being advertised for rent for €3,175 per month by a private rental company owned by a London-based property investment firm. This is totally unaffordable for people on ordinary incomes.

“Individual buyers and families who had hoped to buy these homes will be understandably devastated by this news. In 2021, following pressure from opposition parties including Sinn Féin, government agreed to introduce legislation to protect ordinary buyers from being priced out by investment funds block buying properties in housing estates. 

“People hit by the housing crisis feel abandoned and let down by government. Every day that they remain in office, the worse the housing crisis becomes. It is time for a change of government.

“Delivering affordable housing would be the number one priority of a Sinn Féin government.”

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