Thomas Gould
Question:359. Deputy Thomas Gould asked the Minister for Housing, Local Government and Heritage the total value of investment in property in Cork by foreign direct investment in 2020 and 2021. [9565/22]
View answerTuesday, 22 February 2022
Questions (359, 360)
Thomas Gould
Question:360. Deputy Thomas Gould asked the Minister for Housing, Local Government and Heritage the number of units purchased by institutional investment funds and foreign direct investment in Cork in each of the years 2016 to 2021, in tabular form. [9567/22]
View answerWritten answers
I propose to take Questions Nos. 359 and 360 together.
My Department does not collect data in relation to the ownership or construction of individual housing units purchased and sold in the housing market.
The Government is cognisant of the potential impact of institutional investment on the housing market but recognises there is an important role for such investors in financing the much needed increase in supply of housing in the coming years. Increasing supply is at the heart of Housing for All and without appropriate institutional investment, activity in the housing market would be much reduced and the significant pressure already facing renters and prospective home-owners would increase further.
That said, the Government took action last year to ensure institutional investors do not inappropriately purchase homes better suited for individual buyers. It did so through a significant stamp duty increase, which has now been fully legislated for, and planning permission changes. This combination of measures is a balanced approach, which supports home ownership in lower density type developments, while maintaining and supporting finance for additional supply in high density projects where viability is an issue.
Question No. 360 answered with Question No. 359.