A red carpet for ‘cuckoo funds’
Sir, – Micheál Martin is aghast at the news of the audacity of institutional investors purchasing the bulk of an estate of houses in Maynooth being made public this week. It is no surprise that they have made this move. Institutional investors have it made; sky-high rents, and for some, real-estate investment trusts (Reits) in particular, little if any tax on that income. This paper noted previously that €89 million profit was made by one Reit in 2019 with not one cent paid in tax on it. There is no fairness or equality in this situation, merely a motivation for profit, with the average person paying for it.
We are also seeing a lack of supply to the market in terms of purchase options, with in some cases bids on second-hand properties going up by the tens of thousands in a single bid. It is very familiar for those of us who bought in the middle part of the last decade, and we all know how that ended. It’ll be “different this time”, but there is always a shock down the road and many people will find themselves put to the pin of their collar once more.