Apartment owners’ group warns of bailout time bomb

Apartment owners’ group warns of bailout time bomb

The Apartment Owners’ Network, which represents 470 multi-unit stakeholders, has warned Paschal Donohoe that a financial 'time bomb' is ticking in the apartment sector and that many owners’ management companies are 'grossly underfunded'

The representative body for apartment owners in Ireland has warned the Minister for Finance that management companies behind apartment blocks “will need to be bailed out by the state” in the near future.

The Apartment Owners’ Network (AON), which represents 470 multi-unit stakeholders, has warned Paschal Donohoe that a financial “time bomb” is ticking in the apartment sector and that many owners’ management companies are “grossly underfunded”.

The submission points out that there are over 204,000...

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