Cllr Deasy Calls For Ban On Bulk Buying To Give Young Corkonians A Chance Of Owning A Home

Cllr Deasy Calls For Ban On Bulk Buying To Give Young Corkonians A Chance Of Owning A Home

Cllr Deasy Calls For Ban On Bulk Buying To Give Young Corkonians A Chance Of Owning A Home

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‘Census 2022 figures showed that 41% of people aged between 18 and 34 were listed at their parents’ home on census night. (CSO database table: F3052).

The role of Commercial Institutional Investment Funds that bulk buy homes in new developments is a disaster for this age cohort particularly. A report in the Sunday Business Post, dated 12th March 2024, headlined with: ‘Home Buyers Purchased just 523 of the 9,100 Apartments Built in Dublin Last Year.’
The 10% tax put in place by the Govt. in 2021 has not proven effective in deterring commercial institutional investors, considering that bulk purchasing has increased by 233 percent since 2021. In addition, the tax levied only applies to houses, not apartments. Furthermore, homes leased back to the State for social housing are exempt from the tax. (McDonald Report, September 2024). Connect With Cllr Deasy
Building on the example of Wicklow County Council, which recently  voted to ban bulk purchase of apartments in the county , Cllr Deasy calls on Cork City Council to amend the existing City Development Plan, such that the bulk sale in all developments of residential units, whether houses, duplexes or apartments, to commercial institutional investment bodies shall be prohibited. The motion will be discussed at the Ordinary Meeting of Cork City Council on 11th November, 2024.