Dáil Éireann Debate, Friday - 16 September 2016
339. Deputy Pearse Doherty asked the Minister for Finance the types of residential property sales that are included as cash purchases in figures released by the Central Bank; and if he will make a statement on the matter. [26189/16]
View answerIn its Quarterly Bulletin 3 of 2016, the Central Bank of Ireland published an article estimating the level of cash buyers in the Irish residential property sector since 2000 (link:Estimating Cash Buyers and Transaction Volumes in the Residential Property Sector in Ireland, 2000-2014). I am advised by the Central Bank that this was a once-off research exercise to improve information on housing transactions not financed through bank mortgages.
For the purposes of that article, cash sales are defined as all residential property transactions where there is no recourse to mortgage finance from an Irish resident bank. This would include purchases 'downsizing' and using cash to re-purchase, private investors, domestic and international institutional investors (e.g. REITS) and some social and voluntary housing providers.
