Independent Senator Sharon Keogan has called for new laws to restrict the purchase and ownership of residential property by foreign corporations and non-EU nationals.
Speaking in the Seanad today, Keogan said that it is “high time” Ireland implemented measures similar to those already in place in countries like Denmark, Switzerland, Canada, and Hungary.
“It is high time we introduce new laws to restrict the purchase and ownership of residential property by both foreign corporations and non-EU nationals,” she said.
“Many countries have similar restrictions, such as Denmark, Switzerland, Canada, and Hungary. In our own country, we already allow restrictions in the Gaeltacht areas.”
Keogan argued that housing debates in Ireland have been unproductive, focusing solely on supply while neglecting demand, particularly regarding foreign ownership.
“The simple fact is that we cannot address housing without tackling the Irish Government’s open-door policy towards the purchase of residential property,” Keogan said.
“It often seems like anyone from anywhere in the world is welcome to buy any amount of residential property here. This policy — or lack of it — applies to both individuals and, more often, to foreign corporations.”
She also highlighted concerns about foreign investment in Ireland’s housing market, particularly from “Canadian vulture funds.”
“Members of the House, in what other nation would it be acceptable for the biggest landlord to be a Canadian vulture fund?” she said.
“Given that members of our governing parties are often landlords themselves, and some have invested in vulture and cuckoo funds, it is hard to imagine this isn’t by design.”
Keogan added that migration has significantly impacted housing demand.
“We must also consider migration, and increasing housing demand without expecting stable rents is unrealistic,” Keogan said.
“No state policy or housing market can keep pace with the mass immigration we’ve seen in the past 20 years.”
She also pointed to specific examples of new housing estates in Lucan and Citywest, where she said “as few as 9% of residents and owners are Irish.”
Keogan urged the Government, particularly the Minister for Housing, to take immediate action.
“We have precedents and best practice to draw on, and it is of utmost importance that the Government — especially the Minister for Housing — looks into this.”