New figures reveal the number of homes bulk-bought by investors has significantly increased over the past three years, despite an additional 10% tax to discourage the practice by funds.
Data supplied to Sinn Féin's finance spokesman Pearse Doherty by Minister for Finance Michael McGrath show there were 623 properties bought by 16 investors in 2023, which resulted in stamp duty of €22m.
The figure shows a 71% increase in the amount of properties bought when compared to 2022, when 395 were bought by 15 investors with €14.3m paid in stamp duty.
It is a 233% increase on 2021 when there were 187 properties bought by 16 investors with €4.7m paid in additional stamp duty. The tax was introduced in May of that year.
The additional tax means the investment funds that bulk purchase more than ten residential units have to pay a 10% stamp duty.
In the parliamentary reply, Minister McGrath said: "It is not currently possible to determine the number of newly built properties in respect of which the 10% rate of stamp duty tax has been paid.
"In some cases it may have been charged on the sale of second-hand properties or properties sold by one institutional investor to another such investor."
Mr Doherty said: "Three years ago we told the Government their proposals would not work.
"These new figures show that the purchase of family homes by vulture funds has accelerated.
"Over 1,200 homes have been snapped up by these funds. Last year alone, over 620 homes were bought from under struggling home buyers."
Sinn Féin has called on the Government to support a motion to raise the tax on a single buyer purchasing ten or more homes to 17%.
Mr Doherty said that unless Sinn the Féin proposals to increase the stamp duty were introduced, funds will continue to buy homes that should available for families.
He said: "Government have a decision to make - they can allow this to continue or they can support Sinn Féin's motion in the Dáil tonight to stop it."
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Private Members' Bill
Sinn Féin has this evening tabled a Private Members' Bill on housing.
It calls on the Government to increase stamp duty on the bulk purchase of homes from 10% to 17% as the current level "is so low" it "cannot act as a deterrent".
Spokesperson on finance Pearse Doherty said that, since the Government had claimed that it has solved the acquisition of homes by vulture funds in 2021, such funds have bought 1,205 homes.
They were "facilitated and encouraged by Government policy", he said, which has "provoked outrage and a demand for action".
Sinn Féin wants to "tip the scales decisively in favour of struggling home buyers" - but the Government will once again vote against the party's bill.
A fund recently bought 85% of Belcamp Manor estate in Ballygriffin Dublin, "a slap in the face for workers and families".
