Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

As the Deputy can see, I have been digging into the issue, which is always what I or any Minister would do in seeking to fully understand the detail of what is happening behind individual transactions that amount to a certain level of activity overall. It is worth making the point that the homes do not disappear; they are occupied, be it by an individual or family renting or by a first-time buyer. That is important to note by way of context.

The Deputy’s party leader raised a wider issue in the Dáil today that seems to conflate the issue with much forward-commitment purchasing in the apartment sector, where many institutional investors are entering contractual commitments before a sod is turned. That accounts for the vast bulk of the role of institutional investors in the property market in Ireland. Without them in these instances, the developments would simply not happen. We are going to need tens of thousands of apartments in the years ahead, costing tens of billions of euro. Institutional capital has an important role to play. I do not make taxation changes lightly, and that is why it has always been my view that they are best made as part of the budgetary process. We have just come through a detailed consideration of the Finance Bill. The Deputy and others have had many opportunities to raise this issue. I do not believe it was raised by anyone at any stage in the Dáil or Seanad, or on Committee Stage. I will continue to do my job, examine the issue and keep it under review.