Ireland to Raise Real Estate Tax to Fend Off Funds
- Move aims to clamp down on funds buying up homes amid outrage
- Finance Minister Donohoe to bring plan to Irish parliament
Photographer: Aidan Crawley/Bloomberg
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Ireland will increase a tax on the bulk buying of homes, amid growing outrage over investment funds hoovering up real estate and squeezing out first-time buyers.
The government will raise stamp duty to 10% on purchases of 10 or more residential houses, Finance Minister Paschal Donohoe said late on Tuesday in Dublin. The current levy is 1% on homes of below 1 million euros ($1.2 million) and 2% above that level.