The Dáil will have to vote before midnight tonight on a proposed increase in stamp duty for investment funds to deter them from gazumping first-time buyers, the Irish Examiner understands. In what is technically a mini-budget, ministers will today approve measures that will seek to deter and limit the ability of investment funds from buying up large numbers of family homes in estates, ahead of young families. Finance minister Paschal Donohoe is to table what has been described as a significant increase in stamp duty which, as a financial resolution, requires an immediate vote of the Dáil, as would normally only happen on budget day. The Cabinet will also sign off on plans to ensure that up to 50% of future housing estates be reserved for first-time buyers. This will prevent housing estates in suburbs from being “swallowed up” — but it is not intended to prevent funds from continuing to bulk-buy new apartment blocks, ultimately for rent, in large urban areas.

Source: Irish Examiner May 18, 2021 05:30 UTC