Stamp duty of 10 per cent will apply to the purchase of 10 or more residential houses, from midnight.
The government's plans to tackle the influence of investment funds have been savaged by the opposition for not going far enough.
A recent such purchase was the acquisition of 80% of Mullen Park, Maynooth, by a fund.
Round Hill Capital purchased 135 out of 170 homes in the North Kildare estate.
Excluding Apartments - planning laws not retrospective - nothing to stop long leases as opposed to purchases by Councils/AHB - Public won’t be fooled https://t.co/r0MjVH8pwB
— Catherine Murphy (@CathMurphyTD) May 19, 2021
From midnight tonight stamp duty of 10 per cent will apply to the purchase of 10 or more residential houses - but apartments are exempt from this.
While local authorities, including Kildare County Council, will be instructed by a circular not to allow bulk buying of houses and duplexes.
Legislation that will reserve up to 50 per cent of new developments for owner occupiers is to follow, but this will only apply to future planning permissions.
Finance Minister Paschal Donohoe has defended the decision to allow investment funds to still buy up apartment blocks:
What a cop out. Govt plan will do nothing to stop investment funds from bulk buying family homes.
— Eoin Ó Broin (@EOBroin) May 18, 2021
🚨Planning changes won’t apply to existing permissions or to future apartments.
🚨Tax changes are minimal & won’t apply to apartments.
🚨Bulk buying & sky high rents will continue. pic.twitter.com/rP7Ru9M89p
Chief economist with Davy, Conall MacCoille, believes the move to increase stamp duty on the bulk-buying of houses will put some funds off:
Experts are split on whether new plans to crack down on bulk buying of homes will be effective.
It comes as the government moved to stop investment funds outbidding ordinary buyers.
Paul O’Donoghue reports.
Meanwhile the housing debate has been headlining the Dáil agenda again today.
Our Political Correspondent Seán Defoe reports:
Sinn Féin claims this will have little impact on the bottom line for such funds.
Party leader Mary Lou McDonald says the measures don't go nearly far enough:
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