Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Yesterday the Central Statistics Office published the latest property price report that shows property prices are continuing to spiral out of control. In the past year house prices have increased by 14.4% across the State. The Border region is seeing crazy house price inflation at prices increasing by up to 24% in the past year. This is scandalous. House prices are almost at a Celtic tiger peak, and as a result of Government policy, ordinary people, ordinary families and workers simply cannot afford to buy a home. First-time buyers in this city would have to have income of over €130,000 to get a mortgage to cover a house in Dublin.

This week the Minister for Finance, Deputy Paschal Donohoe, told the Dáil that he wants to see more cuckoo funds. These are the funds that are pricing ordinary workers and families out of the market. Does the Minister, Deputy Ryan, agree with the Minister for Finance that more cuckoo funds is the solution? Is it not time to clip their wings and to end the tax advantages enjoyed by these funds? These funds are distorting the market. Is it not time to increase stamp duty on them?

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