Government indulgence of investment funds threatening disaster for Kerry housing market - Pa Daly TD
Sinn Féin TD for Kerry, Pa Daly, has called for urgent action by the government to ensure fairness in the Kerry housing market.
Teachta Daly said:
“Reports of entire estates being purchased before they are put on sale, meaning first time buyers are being outbid by investment funds, is very frustrating.
“In Kerry we are facing the exact same issues, as Remcoll, who were involved with Skellig Star in Caherciveen, purchased an entire estate of 42 houses in Sneem. Remcoll’s business model relies on private rental for profit.
“Areas like Sneem are becoming denuded completely of young people and their families as consequence of the government’s housing policy.
"The government’s response this week that they would seek to limit the amount of housing an investment fund could buy in one estate to 70%, is not good enough. The tax breaks these funds enjoy must end, and end urgently.
“This greed will continue to distort the market for housing for many years to come.
"Young people in Kerry should be confident they can buy a home, set down roots and contribute to the economic and cultural life of towns such as Sneem.”