Paul Donnelly (Dublin West, Sinn Fein) | Oireachtas source

The buying up of homes by international vulture funds in Balgriffin is not a new phenomenon. I was in this Chamber in 2021 when a similar-style fund took 121 homes off the market in Bay Meadows in my constituency of Dublin West. That was 121 homes taken out of the reach of any first-time buyer wishing to purchase a family home. Words are important here and I use the word "home" because that is what most normal, hard-working people want to acquire. These funds acquire houses for purely financial greed and have bought over 1,200 in 12 months.

People are looking at housing developments in my constituency, including those in Tyrellstown, Bellingsmore, Hollywoodrath and the Phoenix Park. They are worried about whether they will get a chance to buy one of those, assuming they manage to save the enormous deposit and pay the exorbitant cost. I am out canvassing every single week. There are young people, families and parents. What are they talking about? They are talking about the inability of children and young people to move out and access housing. They did the right thing by getting an education or a trade, going to college, getting a job and saving their money, but they see the chance of buying a home slipping out of their hands every single day.

The Department of Finance revealed that by the end of March 2023, some €21 million in stamp duty had been paid by investment funds bulk-buying 630 homes worth €205 million in less than two years. Department officials admitted the 10% figure is not enough to tackle this problem. Since this Government took office, house prices have risen by 28%, with a first-time buyer in Dublin now needing an income of €127,000 to buy a new home. That is absolutely outrageous. We already know that prices have forced thousands out of the market and that the lack of legislation to protect homes being bought by vulture groups is exacerbating the housing crisis. The Minister knows we need action. He knows the measures he has put in place have failed because his own Department is telling him and because the statistics do not lie. People cannot afford to buy a home in their own city or county.

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