Steven Battle

This is one of the reasons why the housing system is broken in Ireland. Deutsche Bank's €800 billion investment arm fund has acquired 85% (46 homes) in Belcamp Manor, Dublin 17 for €24.5 million. Originally intended for individual buyers, these properties are now being advertised for rent at €3,175 per month (€38,100 per year) by a London-based real estate investment fund on Draft.ie daft.ie/for-rent/house-4-bed… It is no surprise that in the past 13 years, rent in Ireland has doubled, and house prices have increased by 55%, making it the fastest growth in any major EU economy. Currently, vulture funds own 1 in 6 mortgages in the Irish housing market, while Cuckoo funds and the State purchase 42% of new homes. This leaves a record number of first-time buyers competing for the lowest supply of housing stock nationwide in over a decade. There are just over 11,000 homes available for purchase nationally, the fewest since 2012 when 60,000 homes were on the market. The 2022 Census reveals that there are 166,752 vacant homes and 66,135 vacant holiday homes across the country. Out of the vacant homes, almost a third (48,387) have been vacant long-term since 2016 and remain unused. Additionally, the current salary required to buy a new home in Dublin is €127,000, which exceeds even a TD's basic salary of €108,987. Meanwhile, in December 2023, there were 18,648 entire houses/apartments available on the short-term letting platform Airbnb in Ireland. This includes 4,666 listings in Dublin City whilst there is a record-breaking number of 13,514 people, including 4,105 children, who are currently accessing emergency accommodation. #Dublin #Ireland #HousingCrisis #DerelictIreland #VacantIreland #homeless #Airbnb