“The favourable tax treatment that the government offers international investment funds is squeezing first time buyers out of the market, which is pushing up the price of housing as fewer homes are available for owner occupiers.”

Dublin Bay North Social Democrats councillor, Cian O’Callaghan, has criticised the sale of an entire scheme of apartments at Clongriffin in north Dublin to an investment fund as further evidence of skewed government policy that is squeezing out first time buyers.

Councillor O’Callaghan said:

“The announcement that Tristan Capital Partners has acquired an entire scheme of 372 apartments at Clongriffin is further evidence that government policy is skewed towards supporting international investors and landlords – and not first-time buyers or households struggling to pay high rents.

“The favourable tax treatment that the government offers international investment funds is squeezing first time buyers out of the market, which is pushing up the price of housing as fewer homes are available for owner occupiers.

“We need to encourage sustainable mixed tenure communities – instead housing is steadily being transformed with the assistance of government policy into a commodity for international investors whose only goal naturally enough is to maximise their return.”

ENDS

17th October 2018