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Wednesday 7 December 2016

Families squeezed out in €2bn property firesale

Paul Melia, Mick Kerrigan, Shane Phelan and Peter Flanagan

Published 23/04/2016 | 02:30

Property funds have spent more than €1.9bn snapping up thousands of houses and apartments as the country grapples with the deepest housing crisis in its history. (Stock photo)
Property funds have spent more than €1.9bn snapping up thousands of houses and apartments as the country grapples with the deepest housing crisis in its history. (Stock photo)

Property funds have spent more than €1.9bn snapping up thousands of houses and apartments as the country grapples with the deepest housing crisis in its history.

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Entire streets and apartment blocks have been bought in multi-million euro deals as families struggle to buy a home and rental costs soar due to the lack of new homes coming onto the market.

A special investigation by the Irish Independent shows that almost 9,000 units have been bought in some 300 deals since 2010, with properties purchased for as little as €6,000 each.

The properties were sold despite the Government committing to tackling the growing housing crisis, including pledging to maximise delivery of units "owned by Nama or its debtors" for social housing and launching two major policy documents in 2014 aimed at solving the crisis.

An analysis of the Property Price Register shows €1.906bn was spent, with the vast bulk of the homes - 7,500 in Dublin, Cork and Galway - bought in areas where demand is highest.

Who's buying Ireland, Pages 4-5

Irish Independent

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