Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

We are now seeing new building happening all over the country. It is almost certain that we will build between 20,000 and 25,000 new homes and apartments this year.

Given that the picture has changed so much, it is now time for us to review the tax treatment of property investment funds. The Minister for Finance, Deputy Donohoe, is doing that in advance of the budget, which will be in October. That is the prudent thing to do. Tax incentives are brought in at a time to stimulate particular activity but are then removed at a later time when they are no longer necessary. That work is being done at the moment by the Minister and the Department of Finance.

In relation to consumer protections, one of the things that we have done as a Government, with the co-operation of this House, is to extend regulation to property investment funds. That is a positive thing. We have also enhanced consumer protections for mortgage holders so that mortgage holders have the same consumer protections regardless of who owns those loans. In addition to that, the Deputy will be aware of legislation going through the Seanad in the next couple of days to extend protections for tenants; to increase notice to quit periods so that people are given much more time to find a new place to live or rent if they need to; to extend the rent pressure zones and work out how they are calculated differently; and to extend protections to new entrants to the property market in recent years. They are all good pieces of legislation and I thank Members for their co-operation in getting them through both here and the Seanad.

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