Dáil debates

Wednesday, 19 May 2021

Ceisteanna - Questions

Departmental Bodies

2:02 pm

Photo of Cian O'CallaghanCian O'Callaghan (Dublin Bay North, Social Democrats) | Oireachtas source

It is abundantly clear that the Government supports 100% of new build apartments being sold off to investment funds. That has been made clear by the Government over the past couple of weeks, especially with the proposals announced last night. Why does the Government not support home ownership for smaller households, individuals and older couples who may want to move out of a family home into an apartment but do not want to rent? Why is the Government opposed to home ownership for people who want it in our cities and in apartments? Is the Taoiseach aware that, this morning, the share price of the largest real estate investment trust, REIT, in Ireland increased by approximately 4% in reaction to the announcement last night? That is what the stock markets think about the Government's proposals. I do not think there is any indication that the Government is serious about tackling investment funds. If it is, then remember that last year, of the number of homes available for purchase to individual buyers, when one-off houses and various other schemes are taken out, approximately half of the new builds went to investment funds, with the other half being available on the open market. If the Government is serious about that, would it not tackle rents and rent levels for new builds so that investment funds do not get such a high return? It would give people a fair chance to rent and to buy.

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