Fianna Fáil housing spokesman, Darragh O'Brien, demanded the move after warning hard-pressed families are being squeezed out of the property market by investment firms. Mr O'Brien said he is deeply concerned about the rise of "cuckoo funds", the name used to describe foreign property investment firms which purchase houses in Ireland before ramping up rental costs. Mr O'Brien said:"We're calling for a full review of the tax treatment of these cuckoo funds. Noting housing market figures released last week by Savills, Mr O'Brien said "the impact of cuckoo funds" means that "first-time buyers are being squeezed out of the market, by investors on the one hand and by the State on the other". "I think we need to see a full review of the tax payments [from cuckoo funds], we need to look under the bonnet on this," he said.

Source: Irish Examiner April 09, 2019 15:33 UTC