President Michael D Higgins has signed into law measures that will allow for the taxation of institutional investors who buy homes in bulk.

In a bid to clamp down on the bulk purchase of homes, a stamp duty of 10% will be applied to institutional investors that buy ten homes or more.

Apartments will not be subject to the 10% stamp duty levy.

Investors who intend on leasing property back to local authorities will also be exempt.

Opposition parties felt the measures did not go far enough, with Sinn Féin describing the exemptions as a tax break for Cuckoo Funds.

However, the Finance (Covid-19 and Miscellaneous Provisions) Bill, 2021 was passed by the Dáil and Seanad earlier this month and signed by the President this morning.