{"id":7880,"date":"2024-10-24T11:28:23","date_gmt":"2024-10-24T10:28:23","guid":{"rendered":"https:\/\/www.socialdemocrats.ie\/?p=7880"},"modified":"2024-10-24T11:28:23","modified_gmt":"2024-10-24T10:28:23","slug":"just-7-of-new-apartments-being-sold-to-individuals-and-families","status":"publish","type":"post","link":"https:\/\/www.socialdemocrats.ie\/ga\/just-7-of-new-apartments-being-sold-to-individuals-and-families\/","title":{"rendered":"Just 7% of new apartments being sold to individuals and families"},"content":{"rendered":"<p>A report published by the Department of Finance highlights the extent to which investment funds are hoovering up new apartments, according to Social Democrats TD Cian O\u2019Callaghan.<\/p>\n<p>Deputy O\u2019Callaghan, who is the party\u2019s housing spokesperson, said:<\/p>\n<p>\u201cLast year, just 846 apartments were purchased by individuals and families, while 6,203 were bought up by investment funds to be rented out at exorbitant prices.<\/p>\n<p>\u201cThat\u2019s over half of all new apartments being snapped up by funds at the expense of people looking to get a place of their own.<\/p>\n<p>\u201cIt&#8217;s no wonder homeownership is at its lowest level in more than 50 years.<\/p>\n<p>\u201cPeople have no chance of outbidding these massive funds who can match any price and pay in cash. This cannot be allowed to continue.<\/p>\n<p>\u201cThe Social Democrats put forward an amendment to the Planning and Development Bill that would have ringfenced 50 per cent of new apartments for sale to individuals and families. The Government voted it down.<\/p>\n<p>\u201cThis is not an extreme measure. Allowing homes to be swallowed up by investment funds drives up house prices, locks out first-time buyers and adds nothing to our overall housing stock.<\/p>\n<p>\u201cWe should be building homes for people \u2013 not investment funds.\u201d<br \/>\n<em>\u00a0<\/em><br \/>\n<em>October 24, 2024<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A report published by the Department of Finance highlights the extent to which investment funds are hoovering up new apartments, according to Social Democrats TD Cian O\u2019Callaghan. Deputy O\u2019Callaghan, who is the party\u2019s housing spokesperson, said: \u201cLast year, just 846 apartments were purchased by individuals and families, while 6,203 were bought up by investment funds [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2065,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[278,10,7],"tags":[],"class_list":["post-7880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cian-ocallaghan","category-housing-crisis","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Just 7% of new apartments being sold to individuals and families - Social Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.socialdemocrats.ie\/just-7-of-new-apartments-being-sold-to-individuals-and-families\/\" \/>\n<meta property=\"og:locale\" content=\"ga_IE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Just 7% of new apartments being sold to individuals and families - Social Democrats\" \/>\n<meta property=\"og:description\" content=\"A report published by the Department of Finance highlights the extent to which investment funds are hoovering up new apartments, according to Social Democrats TD Cian O\u2019Callaghan. 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