Investment funds outbid affordable housing bodies on more than 400 homes in the last month
The Business Post reports the bodies have been outbid by up to 80 thousand euro per house in some cases
The government is working on plans to stop international funds buying up completed housing estates.
That could include more than half of units in residential developments being ringfenced for private buyers.
Business Post reporter Killian Woods says first-time buyers are being frozen out at the moment:
"These funds are coming in with huge mess money that can actually be a big deal because you're taking such a long term view, they're probably not even taking a 25 year view looking to get their money back from the state by leasing it back and taking your 50 even longer term view first time buyers and housing bodiess can't compete the sheer war chest the phones are coming in with billions of dollars each."
More from Cork
-
Lord Mayor Of City Felt Privileged To Represent Cork During Such A Difficult Time As He Faces Into Last Month In Office
Councillor Joe Kavanagh will be handing over the mayoral chains outside of City Hall for the first time ever on June 18th due to the pandemic
-
Expert calls for people to reduce meat intake
Eating too much meat can increase the risk of serious illnesses by as much as 30%.
-
International Care Day Is Being Celebrated At The Bessborough Centre In Blackrock Today
The event highlights the positive impact of the experience of young people in care
-
UPDATE: Teenage Girl Killed And Three Teenage Boys Injured In Knocknaheeny Crash
It's understood the teenage driver of the car fled the scene on foot
-
Angry Farmers To Stage Protest Outside Aldi in Mitchelstown Later
They're appealing to retailers to come to the talks table
-
UPDATE: Toddler Who Was Injured At Her Home On The Boreenmanna Road Has Died
The two year-old was rushed to hospital with traumatic head injuries