A huge purchase of housing estates by investment funds are completely against the government policies, said Taoisech Michael Martin

Taoisech, Michael Martin, asks the county councils not to engage in long term lease contracts with global investment firms because the purchase of all estates and houses by them cannot be accepted. The talk on this matter was raised as ar result of a huge takeover by two investment funds firms in Maynooth, Co Kildare for rental purposes.

Michael Martin states that this move by the investment firms are against the government policy. The first time buyers cannot compete with these firms and the government always give priority to the first time buyers. The investment rules was made in the country to add more supply instead of displacing the supply. Sinn Fein President Mary Lou McDonald pointed out the criticism that the Kildare incident is a consequence of the government policy.

According to her view, the ordinary buyers who meet their money needs for paying mortgage couldn’t compete with the investment funds firms. These funds are outplaying the common public in the real estate markets as they have the extra cushion of state advantage. A limited degree of lease agreement between the funds and County Councils are healthy but a long term agreement will be toxic to the common first time buyers.

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