Paul Melia: Rents and prices on the rise once firesales began
SOLVING any crisis takes time, but it seems to be manifestly wrong that investors can buy up housing when a country's citizens cannot purchase or rent a home to call their own at an affordable price.
The figures outlined today show that the wheels of commerce continued to turn when the country was experiencing its darkest hours. Spotting an opportunity, property funds went on a spending spree. They were investing billions of euro when the government was desperately trying to ramp up delivery of social houses and kick-start the construction industry.
But these figures are only one part of the story. It is understood that on top of the 9,000 units purchased since 2010 across most counties, property funds also bought more than 30,000 mortgages on buy to let properties - meaning they control in the region of 40,000 houses and apartments.