Changes to stamp duty for the bulk buying of houses and duplexes came into effect overnight.
Purchases of 10 houses or more will now incur a 10 per cent stamp duty rate after the Dáil passed the resolution without a vote.
Local authorities including those in Sligo, Leitrim and Donegal will also be instructed not to allow bulk buying of new developments.
They will be instructed to reserve between 0% and 50% of new planning permissions for owner-occupiers.
It’s also expected that a circular will be sent to local authorities preventing the sale of homes to cuckoo funds based on the density of developments.
It would mean funds would be unable to buy homes in suburban developments, where the number of homes per hectare is below a specified amount.
Opposition parties have said the move doesn’t go nearly far enough and won’t stop investment funds bulk buying property here.
Finance Minister Paschal Donohoe hit back at Sinn Féin criticism during last night’s debate:
