It’s claimed so-called cuckoo funds will begin setting their sights on properties in regional cities and towns, including some in Kerry.
That’s according to Sinn Féin’s housing spokesperson Eoin O’Broin, who was speaking as senior government ministers consider how to prevent investment funds from bulk buying in new housing estates.
Later today, Sinn Féin will bring a motion before the Dáil calling for all tax breaks given to these international investors to be scrapped.
Deputy O’Broin claims institutional investors have huge, unfair advantages over private buyers, such as having to pay low stamp duty rates and avoiding dividend-withholding tax in cases.
He adds investors’ attention will not be confined to Dublin in the future.
Kerry TD Pa Daly has called on the Government to end tax breaks for investment funds to ensure fairness in the Kerry housing market.
Deputy Daly said reports of entire estates being purchased, before they’re put on the market, is very frustrating.
He pointed to the sale of a 42-house estate in Sneem to the company Remcoll, which relies on private rent for profit.
The Sinn Féin TD said areas like Sneem are becoming denuded of young people and their families as result of the government’s housing policy.
