IRES Reit hoovering up a large apartment development in Kildare shows government policy continues to prioritise corporate landlords over those struggling to rent or desperate to buy a home, according to Social Democrats housing spokesperson Rory Hearne.
Deputy Hearne said:
“IRES Reit’s move to buy up 77 residential apartments in a development in Naas for €31.75m shows the government’s housing policies are working as intended – to benefit large investor funds and landlords.
“It’s clear that changes to rental laws planned to come into effect from March 1st will benefit the likes of IRES rather than working people and families who are looking for a home.
“The purchase of these apartments shows the State is still giving the green light to vulture funds to swoop in and bulk-buy housing stock – apartments are not included in restrictions which prevent Reits from buying in bulk.
“It’s becoming clearer and clearer that government housing policy is drawn up to placate the circling vultures, which have picked the bones of what’s left of existing housing supply – the Minister for Housing is not acting in good faith when it comes to tackling the housing crisis.
“IRES’s announcement coincides with the release of a Daft.ie report earlier today which shows market rents rose by 4.4% during 2025, 80% higher than they were ten years ago.
“Instead of focusing on measures to drive down rents and increase supply, the government has chosen to make wealth funds and institutional landlords even richer than they already are, abandoning those who aspire to be homeowners and those who cannot afford to rent in favour of these faceless entities.
“Over 15,000 people are homeless in Ireland – we are long past reaching a critical juncture in terms of the government’s approach to housing, yet things continue to spiral out of control on Fianna Fáil and Fine Gael’s watch.
“Enough is enough. The Minister for Housing must prove that he and his government can act in service of the Irish people, not just investor funds, when it comes to the supply and affordability of housing; otherwise, a change in government is urgently needed.”
February 24th, 2026