'Vulture investors are part of the solution' to housing shortage
Published 09/04/2014 | 02:30
FINANCE Minister Michael Noonan has claimed that 'vulture capitalists' who invest in failed economies are helping to resolve the housing shortage.
He said international firms were helping to rebuild this country and providing the additional accommodation that is desperately needed in Dublin and other cities.
Speaking in the Dail, Mr Noonan said: "They will buy whole blocks of apartments and invest to upgrade them. They are investing in the economy and providing the accommodation we need."
Apartments blocks have been bought here and renovated by investors from the US and the Middle East and are now being rented for premium prices.
Responding to questions from Independent TD Richard Boyd Barrett, the Finance Minister said: "The collapse was so profound it will take a while to get the housing situation back on an even keel again."
However, Mr Boyd Barrett said there was a "dangerous property bubble" emerging. He added: "To incentivise speculation in property, after our economy was beggared because of precisely that activity, seems to me crazy beyond belief."
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