Investment funds can buy unsold Croí Cónaithe apartments after one year

No provision has been made in controversial scheme to make developers sell unsold apartments to state or reduce prices

Property industry experts have predicted that many apartments in the scheme would be likely to remain unsold after a year because there would be a limited cohort of buyers for the units. Picture: Getty

Investment funds can buy apartments that are part of the state’s Croí Cónaithe scheme, which is meant to deliver thousands of homes in cities for individual buyers, if the apartments are unsold one year after completion.

A sample Croí Cónaithe contract, seen by the Business Post, shows there is a clause that allows developers to sell the homes “on the open market to any purchasers”, but they would then not receive the subsidy.

The contract, ...