Buyers can flip state-backed apartments and keep profits

New details of Croí Cónaithe scheme show that purchasers cannot be stopped from quickly reselling the homes with only a small clawback of the subsidy required

Under the Croí Cónaithe scheme, which subsidises developers, purchasers will be able to keep as much as 80 per cent of profits on resales Picture: Getty

A clause in the new €450 million state subsidy plan for developers will allow people who purchase apartments through the scheme to pocket as much as 80 per cent of any profit from a quick resale if they choose to flip the property, the Business Post has learned.

It comes as fresh pressure is placed on the government to scrap the scheme by the opposition, who labelled it a “bonanza for developers” and the “craziest ...