Fianna Fáil Seanad Group Leader and Dublin South Central General Election candidate, Senator Catherine Ardagh has said prospective first time buyers in Dublin can’t catch a break and are now up against large corporate investors in the struggle to own their own home.
Speaking on the matter in the Seanad this month, Senator Ardagh said, “We recently learned that over 280 properties currently under construction in Dublin South West have been put up for sale en masse in an attempt to appeal to large institutional investors such as Cuckoo and Vulture funds, as they have become commonly known.
“Elsewhere in the North County, an investment company purchased close to 120 much needed family homes last month in a single transaction.This is a dubious practice, essentially being facilitated by Government and that is depriving first-time buyers of the opportunity to purchase an affordable home in an already crowded market.
“This is not just a recent phenomenon here in Ireland; other jurisdictions such as New Zealand and Germany have introduced radical measures to curb foreign investors from snapping up clusters of properties.
“Every week I meet countless young families and others throwing away well-earned cash paying high rent to live and completely hopeless in the prospect of ever owning their own home.
The Crumlin based Senator concluded, “I believe we have to do something to make it easier for hardworking Dubliners to purchase homes in our city and to stop speculative investment from large scale landlords.”