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Real Estate Investment Trusts

Dáil Éireann Debate, Tuesday - 18 May 2021

Tuesday, 18 May 2021

Questions (284, 285, 286)

Peadar Tóibín

Question:

284. Deputy Peadar Tóibín asked the Minister for Finance the number of properties purchased by REITs in Ireland in each year since 2013. [25712/21]

View answer

Peadar Tóibín

Question:

285. Deputy Peadar Tóibín asked the Minister for Finance the profits accrued by REITs since 2013 in Ireland by year. [25713/21]

View answer

Peadar Tóibín

Question:

286. Deputy Peadar Tóibín asked the Minister for Finance the number of REITs incorporated in Ireland since 2013. [25714/21]

View answer

Written answers (Question to Finance)

I propose to take Questions Nos. 284 to 286, inclusive, together.

I am advised by Revenue that due to the small number (less than 10) of REITs that operate in Ireland and Revenue’s obligation to maintain the confidentiality of taxpayer information, specific quantitative information in relation to these entities cannot be provided.

However, in relation to PQ 25712/21, I am advised that Revenue has recently undertaken a review of Stamp Duty data to identify property purchases by entities such as trusts, partnerships and companies, including REITs and Irish Real Estate Investment Funds (IREFs), as well as other purchasers of multiple properties. It is tentatively estimated that the number of residential properties purchased by such entities was 2,070 in 2019 and 1,330 in 2020.

I would like to reiterate that I do not support the bulk purchase of completed homes by institutional investors. I am currently working together with the Minister for Housing to develop targeted measures to address this issue.

Question No. 285 answered with Question No. 284.
Question No. 286 answered with Question No. 284.
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