Something we should be looking to do (along with stopping vulture funds buying properties).
I always said those foreigners would be trouble!
It’s a supply problem ! We are a country that’s always emigrated and now one that runs off the fact theirs so many skilled foreigners that call this home. Banning them and trying to bend their hand to leave won’t make the situation better it would make it worse .
Does this mean immigrants who have residency will be unable to aswell?
It will have no effect and it nothing more than handwaving to placate the public
Horse already bolted there
The problem with laws like this is it doesn’t fix the fundamental underlying issue. Vulture funds and hedge funds already have a way around this by starting up domiciled shell companies in a country. Which in a common law system for all intents and purposes are treated the same as citizens. The only people this will stop is individuals using their own personal cash to buy a property.
How is this related to Ireland?
What would such a ban do here? How many non residents are purchasing property to sit idle as investments here?
Ireland’s lucky the Chinese have set their eye on Ireland yet in any meaningful manner like they have in the Pacific Northwest. Once they do, there’ll be a snowball effect and property will be snapped up left right and center. House prices in Ireland could be easily double what they are if there is significant Chinese investment.
For reference I’m Irish, but leaving in Bellevue, Washington – a tech suburb of Seattle that is only two hours drive south from Vancouver BC. There’s substantial foreign investment here in real estate, all cash offers, and Bellevue is now the most expensive city (population over 100k) in the US. You need at least $2M to buy a single family home here now.
This is totally pointless and would just be performative nonsense.
We need to build more, end of story.
I haven’t read into it enough, but is this not aimed at foreign INDIVIDUALS (i.e. Chinese in Vancouver)? I don’t think we have a big problem with that do we?
Anyways, average house prices in both Toronto and Vancouver are approaching €1 million, so a bit late for anything tbh.
Even if targeted, this would make a meaningful and positive impact for certain rural areas where the volume of stock is so low – certainly West Cork & Kerry; far too many non residents crowding out locals who for 9 months of the year see no lights on in so many potential homes in their own communities
Market socialism on the horizon ¿
You’ll do nuttin
I feel like very few people who commented read the article.
The nature of the problem is somewhat different in Canada to what it is here. A large amount of their problem in the west (Vancouver) are wealthy Americans and Asians buying second, third, fourth opulent homes in the city. Been going back years and is well documented.
It does not apply to basically anyone that is currently living in the country.
It’s of interest to Ireland because something thematically similar could be interesting here. If you were to set a 2-4 year period where investment companies couldn’t buy from existing stock but could build new developments, I feel like that could have really positive impacts on supply. Allow them to invest and bring their cash, but only in a productive way, at least for a while.
Won’t help much as it’s too little too late. Even if we implement it here, the hedge funds from the US or Canada or any other foreign country have loopholes to set local corporations and funnel money in that way. Using housing as a tool for investment needs deterrent not only for foreign buyers but also for local hoarders. Unfortunately far too many politicians are their in pockets. So don’t hold your breath.
Considering land is going to be at a premium going forward with humanity, allowing people to buy it when they are not a citizen of the state it is in and have no intent to live there full time just seems wasteful. If not a betrayal, at least in Irelands housing market.
Foreigners living here should have every right to buy homes as citizens do.
18 comments
Something we should be looking to do (along with stopping vulture funds buying properties).
I always said those foreigners would be trouble!
It’s a supply problem ! We are a country that’s always emigrated and now one that runs off the fact theirs so many skilled foreigners that call this home. Banning them and trying to bend their hand to leave won’t make the situation better it would make it worse .
Does this mean immigrants who have residency will be unable to aswell?
It will have no effect and it nothing more than handwaving to placate the public
Horse already bolted there
The problem with laws like this is it doesn’t fix the fundamental underlying issue. Vulture funds and hedge funds already have a way around this by starting up domiciled shell companies in a country. Which in a common law system for all intents and purposes are treated the same as citizens. The only people this will stop is individuals using their own personal cash to buy a property.
How is this related to Ireland?
What would such a ban do here? How many non residents are purchasing property to sit idle as investments here?
Ireland’s lucky the Chinese have set their eye on Ireland yet in any meaningful manner like they have in the Pacific Northwest. Once they do, there’ll be a snowball effect and property will be snapped up left right and center. House prices in Ireland could be easily double what they are if there is significant Chinese investment.
For reference I’m Irish, but leaving in Bellevue, Washington – a tech suburb of Seattle that is only two hours drive south from Vancouver BC. There’s substantial foreign investment here in real estate, all cash offers, and Bellevue is now the most expensive city (population over 100k) in the US. You need at least $2M to buy a single family home here now.
This is totally pointless and would just be performative nonsense.
We need to build more, end of story.
I haven’t read into it enough, but is this not aimed at foreign INDIVIDUALS (i.e. Chinese in Vancouver)? I don’t think we have a big problem with that do we?
Anyways, average house prices in both Toronto and Vancouver are approaching €1 million, so a bit late for anything tbh.
Even if targeted, this would make a meaningful and positive impact for certain rural areas where the volume of stock is so low – certainly West Cork & Kerry; far too many non residents crowding out locals who for 9 months of the year see no lights on in so many potential homes in their own communities
Market socialism on the horizon ¿
You’ll do nuttin
I feel like very few people who commented read the article.
The nature of the problem is somewhat different in Canada to what it is here. A large amount of their problem in the west (Vancouver) are wealthy Americans and Asians buying second, third, fourth opulent homes in the city. Been going back years and is well documented.
It does not apply to basically anyone that is currently living in the country.
It’s of interest to Ireland because something thematically similar could be interesting here. If you were to set a 2-4 year period where investment companies couldn’t buy from existing stock but could build new developments, I feel like that could have really positive impacts on supply. Allow them to invest and bring their cash, but only in a productive way, at least for a while.
Won’t help much as it’s too little too late. Even if we implement it here, the hedge funds from the US or Canada or any other foreign country have loopholes to set local corporations and funnel money in that way. Using housing as a tool for investment needs deterrent not only for foreign buyers but also for local hoarders. Unfortunately far too many politicians are their in pockets. So don’t hold your breath.
Considering land is going to be at a premium going forward with humanity, allowing people to buy it when they are not a citizen of the state it is in and have no intent to live there full time just seems wasteful. If not a betrayal, at least in Irelands housing market.
Foreigners living here should have every right to buy homes as citizens do.