Housing

Property investors spend €200m bulk buying homes since introduction of stamp duty deterrent

Some investors are paying ten times the normal stamp duty rate to bulk buy homes despite government rules to discourage practice, new figures show

Pearse Doherty: new figures released to the Sinn Féin finance spokesperson by the Revenue Commissioners show that at the end of March 2023, the 10 per cent stamp duty levy was applied to the price of 630 residential units. Picture: PA

Property investors spent more than €200 million on bulk buying 630 homes since the government put in place new rules to limit this practice.

New figures released to Pearse Doherty, the Sinn Féin finance spokesperson, have shown some property investors are paying ten times the normal stamp duty rate to bulk buy homes.

The details of property investors paying the higher stamp duty rate come after the Business Post revealed a fund has acquired 46 new homes in a Dublin housing estate, which were advertised on the open market for individual purchasers.