https://www.businesspost.ie/news/uk-fund-snaps-up-85-of-dublin-17-housing-estate-originally-aimed-at-individual-buyers/
I though they banned this from happening?!
No it wasn't banned unfortunately. Stamp duty was just increased on such transactions in an attempt to make it less attractive. Clearly not working.
Crazy , FTB are getting screwed
Everyone is screwed by this
I think we all see this coming....
This government **** hell !!!!!
Lots of clapping at FFG HQ. Well done Leo...
Think of all the rich Tories in England that are cleaning up out of the sky high rents in Dublin !
Renting out for €3,175 per month. Surely that's beyond taking the piss now at this point? Who the **** has over 3 grand to pay for rent?
I have no words for the fuckwits under whose 'government' things are allowed to develop into this sort of sh1tshow.
Councils and Government.
Insanity. Corrupt insanity.
Plantations.
The only ones paying this rent is government. Rather then build and rent out their own housing, this massive spending is what they have been doing for years.
it's disgraceful.
I don't know how this can be legal in the middle of a serious housing crisis. It's something the government should be looking at emergency legislation to prevent from happening again.
Charities do the same thing as these funds but use tax payers money instead.
Either way. Many people get screwed.
Most of these beautiful new houses r then given away for free or nominal rent for life!!
A new stamp duty rate of 10% was introduced from 20th May 2021 onwards on cumulative purchases of 10 or more residential units (houses) in a 12-month period. However, the new legislation provides for the potential for a partial refund of the 10% stamp duty paid where the relevant residential units are leased to a local authority within 24 months for at least 10 years and is executed in favour of a housing authority/approved housing body. The refund results in an effective rate of between 1–2% rate applying.
Singapore effectively doubled the stamp duty on foreign investment funds to 65% last year. We went the other way.
. .
Only a 25 year lease now, I believe.
I really hope that there are no takers at that rent and this fund loses their shirt on this investment but that's way above the limits for HAP and even Homeless HAP in Fingal, perhaps you should stop with the misinformation.
3.5 times my mortgage on a similar house in Dublin bought in 2010. Imagine coming up with an extra 2 grand plus every month to rent a house.
they won’t loose their shirt. they will make massive profit. these houses will be rented by council and a mix bag of people will get them.
I've said it before and I'll say it again. The worst excesses of the 'housing crisis' in this country could be solved overnight if the government banned the sale of new builds to anyone but owner occupiers. You'll never see it happen as the current government have no intention of fixing this problem.
Misinformation? 😂 I wish. They may be above the official figures for HAP, but so are most of the apartments built to rent in Dublin and they are full of HAP or council tenants. Councils lease them at massive rents for years for social tenants.
how does that make sense?
There are more options that HAP. It's a couple of years since DLRC locked themselves into long terms rents ranging from 2k-3k per month
Our tax money will be pumped into them via local authorities. Interestingly, the fund has Irish directors. Something is rotten here.
In other threads people say that the rental market is more dysfunctional than the house purchasing market and the high prices are due to lack of availability.
Here are some houses moved from the purchase market to the rental market. If there was more of this, would the rental price come down? Does this compensate for private landlords selling their properties?
My own view is that the problem with the rental market is that landlords are scared out of it as they have little or no redress when they have a problem tenant. If this was addressed, people would let out their properties. I think the high tax is a lesser issue.
How many houses do you think are out there, lying idle, that people are just hanging onto, with no intention of renting out, but who would otherwise have rented them out?
And more to the point, why would you think they are hanging onto them? I am sure there are a few edge cases, but give me the average case.
Who aŕe the directors?
When we see evidence of similar with these houses, that will be relevant, right now they're on open market.
You have evidence to support this claim that build to rent apartments are 'full of HAP or council tenants', why are you trying to label people like this?
Label people? I'm not labelling anyone. If someone is a social housing tenant, then that is what they are. I never suggested there is anything wrong with being a social housing tenant.
There's probably a lot of them.
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