SINCE REGULATIONS WERE brought in last year to restrict bulk purchases by institutional investors, a total of 15,883 residential units have received planning permission with conditions attached, Cabinet will be told today.
The Government came under pressure last year to act after it emerged that a large number of houses in a new estate in Maynooth, Co Kildare were to be purchased by investment funds.
New planning measures to mitigate against the bulk purchases of houses and duplexes were introduced which earmarked homes in certain developments for owner-occupiers.
The aim of the planning conditions for new residential developments is to prevent multiple housing and duplex units being sold to a single buyer for market rental purposes.
Under these guidelines, this is done by applying a planning ‘condition’ when granting planning permission.
Housing Minister Darragh O’Brien will bring a memo to Cabinet on the measures since their introduction.
This comes as the minister said there will be no delay in building social and affordable housing due to the ongoing rise in construction costs.
Speaking to reporters yesterday, he said the rise in inflation and material costs has been slowing down, while supply chains “have improved”.
“We are targeting this year 24,600 new builds which will be substantially more on last year when just 20,000 (were completed),” he said.
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