The Department of Finance says that investor roadshows, intended to attract “sustainable investment in residential accommodation” and targeted at financial institutions and funds, will go ahead.
The proposed events, reported in the Irish Daily Mail at the weekend, have been strongly criticised by Sinn Féin.
Department of Finance officials have suggested that the Minister for Finance Paschal Donohoe and the Minister for Housing Darragh O’Brien should attend an event for institutional investors aimed at reassuring those who may have been alarmed by moves to limit bulk buying of housing estates.
The department said the events were envisaged as part of moves to encourage investment in homebuilding under the Housing for All plan and would go ahead.
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“An event has not yet taken place, but is envisaged to take place in line with the commitment set out . . . in Housing for All,” said a spokesman.
The housing plan states that the Department of Finance should: “Lead communication and engagement with institutional investors, including trade show events, to communicate policies and encourage sustainable investment in residential accommodation.” The measure is described as “ongoing” in the plan. It is expected that an event will take place in the new year.
Earlier in 2021 the Government said it would move to ban investment funds and other institutional investors from bulk buying housing estates after it transpired that entire developments had been purchased by funds, squeezing out individual homebuyers. It later introduced a special 10 per cent stamp duty on the purchase of 10 or more units.
Sinn Féin reacts
Sinn Féin was fiercely critical of the plan for investor roadshows.
“The public was rightly angered when large institutional investors, availing of enormous tax breaks, were outbidding working people . . . [for] new homes. Darragh O’Brien and Pascal Donoghue promised to take action and clip the wings of these funds,” said the party’s housing spokesman Eoin Ó Broin.
“Now it has been revealed that both Ministers intend to go on a roadshow to reassure these very same investors that Ireland is open for business. Minister O’Brien must reveal the details of this roadshow. Who do they intend to meet? What new sweetheart deals are they promising behind closed doors to attract these funds to Ireland?” said Mr Ó Broin.
“Crucially, Minister O’Brien must explain how more of this kind of investment will deliver good quality affordable homes.”
