Opposition criticise Government over plans to tackle investment funds
The government's plans to tackle the influence of investment funds have been savaged by the opposition for not going far enough.
From midnight tonight stamp duty of 10% will apply to the purchase of 10 or more residential houses - but apartments are exempt from this.
While local authorities will be instructed by a circular not to allow bulk buying of houses and duplexes - with legislation to follow that will reserve up to 50% of new developments for owner occupiers.
However this will only apply to future planning permissions.
Finance Minister Paschal Donohoe has defended the decision to allow investment funds to still buy up apartment blocks.
"Were we to extend the measures that we are proposing here to apartments, we believe that will have a very serious effect on the building of apartments in the first place.
"It may be creating the situation that apartments would not be available either to rent or maybe at some point to buy."
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